satellite seminar on financial inclusion held in conjunction with the 61st world statistics congress opening remarks by mr. abdellatif jouahri governor of bank al - maghrib marrakech, july 14, 2017 “ while data is important, the right data is essential ” albert einstein honorable chair of the irving fisher committee, honorable governor of the beac, distinguished guests, ladies and gentlemen, it is with great pleasure that i welcome you to morocco on the occasion of this international seminar on financial inclusion, which will focus on data and their important role in developing policies and strategies that take into account on - the - ground realities and then measuring and assessing the impact of these policies. first of all, i would like to thank our partners, the irving fisher committee on central bank statistics and the center for latin american monetary studies for their valuable contribution to the organization of this event, held as usual on the sidelines of the 61st world statistics congress. the topic of our meeting further underscores the importance that central banks and international standardization bodies attach to financial inclusion. it is a subject that is of increasing interest to them, particularly with regard to its interactions with financial stability, resulting in hindering the policies put in place to develop access to and use of financial services. a sustainable and efficient financial inclusion requires a long - lasting balance between innovation and the safeguards that need to be developed in order to ensure the soundness of the financial sector. ladies and gentlemen, as you know, financial inclusion has become an important factor in economic efficiency and social equity, and international organizations have, for nearly a decade, underlined its importance and the need for public authorities to adopt national strategies for financial inclusion. the world bank considers financial inclusion as a key factor for poverty alleviation and has set itself the goal of achieving universal access to financial services by 2020. under this framework, it targets 25 priority countries, including morocco. to this end, it launched in 2012 the financial inclusion support framework ( fisf ), aligned with the maya declaration, to support the implementation of country commitments. for its part, the g20 has made financial inclusion one of its working themes, and in 2009 established an expert group who drew up the nine core principles for innovative financial inclusion. in 2010, the g20 launched the global partnership for financial inclusion, including all g20 countries and interested non - g20 countries. this partnership helps strengthen coordination and collaboration between the various national and international stakeholders through its three key implementing partners : the

see 12 u. s. c. § 1820 ( d ). the amendment would raise this asset cap to $ 500 million, thereby potentially allowing approximately an additional 1, 100 institutions to qualify for an extended examination cycle. 6. permit the board to grant exceptions to the attribution rule concerning shares held by a trust for the benefit of a bank holding company or its shareholders or employees the amendment would allow the board, in appropriate circumstances, to waive the attribution rule in section 2 ( g ) ( 2 ) of the bank holding company act ( bhc act ). this attribution rule currently provides that, for purposes of the bhc act, a company is deemed in all circumstances to own or control any shares that are held by a trust ( such as an employee benefit plan ) for the benefit of the company or its shareholders or employees. the amendment would allow the board to waive the rule when, for example, the shares in question are held by a 401 ( k ) plan that is widely held by the bank holding company ’ s employees and the bank holding company does not have the ability to control the shares held by the plan. 7. modification of the cross - marketing restrictions applicable to merchant banking and insurance company investments amendment allows the depository institution subsidiaries of a financial holding company to engage in cross - marketing activities with portfolio companies that are held under the merchant banking authority in the gramm - leach - bliley act ( glb act ) to the same extent as such activities are currently permissible for portfolio companies held under the glb act ’ s insurance company investment authority. the amendment also would allow the depository institution subsidiaries of a financial holding company to engage in cross - marketing activities with a portfolio company held under either the merchant banking or insurance company investment authority if the financial holding company does not control the portfolio company. 8. allow insured banks to engage in interstate merger transactions with savings associations and trust companies the amendment would allow an insured bank to directly acquire, by merger, an insured savings association or uninsured trust company in a different home state without first converting the target savings association or trust company into an insured bank. as under current law, the insured bank would have to be the survivor of the merger. 9. authorize member banks to use pass - through reserve accounts amendment permits banks that are members of the federal reserve system to count as reserves the deposits in other banks that are “ passed through ” by those banks to the