decades : the ecb ’ s monetary policy at 20 ”, ecb mimeo ; and bottero, m., minoiu, c., peydro, j. - l., polo, a, presbitero, a., sette, e. ( 2019 ), “ negative monetary policy rates and portfolio rebalancing : evidence from credit register data ”, imf working paper 19 / 44 and wu, c., xia, d., ( 2018 ), “ negative interest rate policy and the yield curve ”, nber working paper w25180. [ 16 ] for a summary of the potential complementarities between negative rate policy, forward guidance, asset purchases and tltros see the respective matrix in chapter 6 of rostagno et al. ( 2019 ), op. cit. [ 17 ] see, for example, ryan and whelan ( 2019 ), “ quantitative easing and the hot potato effect : evidence from euro area banks ”, research technical paper, central bank of ireland, vol. 2019, no 1 on the hot potato effect. [ 18 ] for an overview on the working of tltro, see european central bank ( 2017 ), “ the targeted longer - term refinancing operations : an overview of the take - up and their impact on bank intermediation ”, box in economic bulletin, issue 3. [ 19 ] see, e. g., bauer, m. d. and rudebusch, g. d. ( 2014 ), “ the signalling channel for federal reserve bond purchases ”, international journal of central banking, 10 ( 3 ), pp. 233 – 290. see also broadbent, b. ( 2018 ), “ the history and future of qe ”, speech given at society of professional economists, london, 23 july 2018, and christensen, j. and krogstrup, s. ( forthcoming ), “ transmission of quantitative easing : the role of central bank reserves ”, economic journal, who argue for another channel emphasising the relevance of reserves for the balance sheets of commercial banks. [ 20 ] in addition to the press conferences following governing council meetings the events also include other public communication by ecb president mario draghi. at the press conference following the september 2014 governing council meeting, the first in the event cluster, the president explicitly answered a journalist ’ s question with the words “ yes, it was discussed

our countries and it is well within your reach to do so. concluding remarks to sum up, ladies and gentlemen, i want to acknowledge the vital role played by the credit union movements in meeting the needs of our people. the benefits derived from credit unions are manifold as seen from the improvements in the living standards of members. assets are accumulated and savings are encouraged to help improve the livelihood of members. credit unions need to take on board good governance and risk management practices so as to minimise losses to capital and hard earned earnings. the legal framework needs to be reformed to allow for modernisation and innovation. the governance structure is very critical to the success and growth of credit unions. fit and proper guidelines should be followed in the election of committee members. members need to be kept fully informed of the operations of their credit union. data collection through a centralised data system will help in better positioning the credit union industry. lastly, credit unions need to be innovative in diversifying products and use of technology. we believe that the credit union movement is an ideal vehicle to reach the poor and less privileged and i wish to again reassure the movement in fiji that the rbf will partner with you to outreach microfinance development to this sector of our population so as to make a positive impact on the lives of our people. the reserve bank values the contribution made by the credit unions in fiji and hopes that the movement will grow and expand in the future with the right kind of governance framework. i know that you will have a lot to discuss and share in this congress. one of the better ways of success is to learn from one another ’ s experiences and with the attendance, like the one we have here today, i am sure that the outcome of this congress will be a success. with those words, i wish the congress well and it is my privilege and honour to now declare the 2009 credit union pacific congress officially opened. thank you.