changes that are frequently focused on. i am still sceptical as to whether the cultures and values that firms espouse are, in many cases, the ones that they really want and believe in, and will be sustained at moments of real pressure. but, it is my job to be sceptical. it is your customers ’ views that are more important, and it is the treatment of them, that you are demonstrably putting them first, that is the true test. and only through cultural change can you pass this test again and again, and in doing so, restore trust in the system. i thank you for your attention. 1 address to the association of compliance officers - 10 november 2017 2 “ culture eats strategy for breakfast ” was first articulated by peter druker. 3 financial stability board guidance on supervisory interaction with financial institutions on risk culture, 7 april 2014. 4 examples : honohan report 2010 ‘.. risky borrowing and lending behaviours ’ ; dirt inquiry 1986 – 1998 ‘ misbehaviour by banks in facilitating tax evasion ’ ; tracker mortgage review 2017. 5 for details on the central bank ’ s financial regulation structure, see address to the association of compliance officers – 10 november 2017 6 examples : bank of international settlements, 2016 ; ecb, 2015 ; federal reserve bank of new york, 2017 ; bank of england, 2016. 7 group of thirty ( g30 ), banking conduct and culture : a call for sustained and comprehensive reform, 2015. 8 daily, c. m., dalton, d. r. and cannella, a. a. ( 2003 ) corporate governance : decades of dialogue and data. academy of management review, 28 ( 3 ), pp. 371 – 382. ; maznevski, m. l. ( 1994 ) understanding our differences : performance in decision - making groups with diverse members. human relations, 47 ( 5 ), pp. 531 – 552. ; robinson, g. and dechant, k. ( 1997 ) building a business case for diversity. academy of management executive, 11, pp. 164 – 177. ; zelechowski, d. and bilimoria, d. ( 2004 ) characteristics of women and men corporate inside directors in the us. corporate governance : an international review, 12 ( 3 ), pp. 337 – 42. 9 hoogendoorn, s., oosterbeek, h. and van

also wish to reflect upon during its strategic retreat today. my third message deals with the future role of the epc itself, in light of the ongoing review of sepa governance. it is not only in the epc ’ s own interest that it stays at the centre of european retail payment integration and innovation ; it is also in the interest of the market. the epc is well positioned to continue contributing to the work of the sepa council, representing the european banking sector for retail payments. therefore, i expect the epc to continue taking a pro - active approach and to continue working on developing efficient retail payment instruments and services. sepa credit transfer, sepa direct debit and the migration end - date sepa is an initiative aimed at achieving a fully integrated market for retail payment services in euro, with no distinction between cross - border and national payments. the eurosystem i wish to thank iddo de jong for his contribution to this speech. i remain solely responsible for the opinions contained herein. bis central bankers ’ speeches continues to monitor and support the work in this field. special attention is being paid to the migration to the new sepa instruments. according to the sepa indicators, the migration in the euro area from domestic credit transfers to sct reached 30. 3 % in september 2012. as regards sepa direct debits, the migration amounted to only 1. 9 % in september 2012, which is lower than hoped for. an end - date regulation to support the migration to the sct and sdd schemes was adopted in march 2012. it lays down rules for the initiation and processing of credit transfer and direct debit transactions denominated in euro within the european union. it also defines a clear timeline by when these rules need to be implemented. for the euro area, the final deadline is 1 february 20142. as of this date, existing national credit transfer and direct debit schemes will have to be phased out and replaced by the pan - european sepa alternatives as developed by the epc. although not always appreciated, the migration end - date regulation is an example of a close and fruitful cooperation between a self - regulatory initiative, the european institutions and – ultimately – the european legislator. based on our monitoring of the migration, we know that there are examples of countries that have already achieved “ mass migration ”. for credit transfers, finland, luxembourg and slovenia accomplished migration by the first half of 2012. public authorities, as large “ users ” of payment