four presidents ’ report1. in this process we should always ask ourselves : in 15 years from now, what will the people of europe say when they look back at what we have done? will they regard it as a decisive moment in paving the way for a stable european economy and sustainable growth? i believe this long - term outlook should be our benchmark. and in this process, it is clear that further sharing of sovereignty has to go hand in hand with enhanced democratic legitimacy and accountability. i trust this year ’ s european elections will be the occasion for an important debate in this regard. thank you for your attention. towards a genuine economic and monetary union, report by herman van rompuy, president of the european council, in close collaboration with jose manuel barroso, president of the european commission, jean - claude juncker, president of the eurogroup, and mario draghi, president of the european central bank, 5 december 2012. bis central bankers ’ speeches

decline rate is sustained, the target of reducing cheques to 100 million per year by 2020 would be achieved. the reduction of about 100 million cheques above saves a minimum of rm300m not taking into account other savings in terms of efficiency and security. similar trend was observed in the number of electronic fund transfer transactions. interbank giro ( ibg ) grew at a higher rate of 36 % in 2014 and this strong growth rate was sustained at 36 % in the first 9 months of this year compared to an average rate of 19 % between 2011 and 2013. instant transfer ( ibft ), the real - time fund transfer service on the other hand, has consistently maintained its high growth rate of over 60 % since 2011. this contributed to an increase in malaysia ’ s e - payments per capita which is projected to increase from 43 per capita in 2010 to an estimated 80 per capita in 2015. bis central bankers ’ speeches to reduce the country ’ s dependency on cash usage, bank negara malaysia has implemented the payment card reform framework this year with the objective to create an enabling environment for the expansion of payment card terminals and higher usage of debit cards at affordable and reduced costs. in this regard, encouraging progress is seen in the area of deployment of payment card terminals. payment card terminal growth which had slowed from 14. 6 % in 2011 to 4. 5 % in 2014, is likely to rebound to an estimated growth rate of 12. 0 % for 2015. this would increase the number of payment card terminals from 8 per 1, 000 inhabitants in 2014 to 9 per 1, 000 inhabitants in 2015. we envisage that with the implementation of a market development fund by the payment card industry, about rm455 million funds would be used to deploy additional terminals and spur the expansion of the terminal network. this strategy would enable the target of 25 terminals per 1, 000 inhabitants by 2020 to be achieved. debit card transactions on the other hand, are likely to maintain its double digit growth rate of about 40 % in 2015 ( 39 % in 2014 ). despite the encouraging progress, we are still a long way from achieving our target of 30 debit card transactions per capita by 2020. moving forward, we need to drive the use of debit card by capitalizing on the enabling environment created by the payment card reform framework. we need to put in more efforts in this area. of collaborative efforts and strategic tool banking industry it is estimated that the cost of handling cash and cheques to