the full tests and standards, and that those failing to meet the requirements will not be approved. we have to get this right and can ’ t allow weak models to go into live. bis central bankers ’ speeches imap firms must ensure that they have contingency plans in place so that they are still able to meet the 1 / 1 / 16 implementation date in the event that their model fails to be approved. for all firms, there are important deadlines to be aware of in relation to reporting and nonimap approval permissions, which will be discussed in the sessions later today. we are implementing new it and data collection systems and will be ready to accept the submission data required under the directive from june 2015. in organising the agenda for today, we have made a conscious decision to have joint sessions for both imap and standard formula firms. this is because we recognise that some firms currently on the standard formula may wish to apply for an internal model after 1 / 1 / 16, and also because firms currently in imap that fail to obtain model approval, whether full or partial, will need to move on to the standard formula. almost 90 % of our regulated firms will be using the standard formula, and i can assure you that we will be taking a rigorous approach to ensure that the directive is being implemented as intended by standard formula firms. as an organisation we are looking at solvency ii holistically, rather than in silos, and it is important for firms to do the same. bank staff will be on hand throughout the day to answer any questions you may have ; however if you have any queries that aren ’ t answered during the sessions today, please contact your supervisor. the end of the track is now in sight on solvency ii preparation. this will likely be our last large conference in advance of transposition. we recognise that it will take time for the new regime to bed in, perhaps a number of years ; but now is the key time for firms to get in place the processes, approvals and, above all, the recognition and acceptance that solvency ii will be the new normal. solvency ii is a one - time opportunity for us to embed policyholder protection and put in place the foundations required for the uk insurance industry to remain profitable, resilient and a key part of the uk ’ s economy. bis central bankers ’ speeches

##cial surveillance capability. the bsp is watchful of shifts in market sentiment along with trends in commodity prices and other inflation drivers, refreshing its liquidity forecasting and inflation models so they are in tune with evolving impulses. in the spirit of “ continuity plus plus, ” no significant deviation from previous monetary policy approach is anticipated. returning to the community as the country experiences more economic success, it becomes imperative to allow a greater number of our fellow filipinos to enjoy the gains. financial inclusion translates to allowing more of our countrymen to save and borrow for productive uses … avail of investment and insurance products and send and receive payments securely and efficiently. we believe this is the only way for economic growth to be truly meaningful. filipinos from the grassroots must be given usage and access to financial services, and be provided with financial literacy and education empowering them to make informed financial decisions to better their lives and that of their families. rcm has, through the years, made positive and lasting change in philippine communities. we in the bsp will be glad to partner with you in the transformation of our country, perhaps in launching public information campaigns and other endeavors. imagine even our lowest socio - economic group as a financially literate populace! this is an exciting prospect that we hope you, our partners in business and industry, would support the bsp in achieving. on the bsp ’ s part, we have, among other initiatives, implemented the national strategy for financial inclusion to make the financial system accessible and responsive to the needs of the entire population. we are also working with other government agencies for the implementation of a national id system. with this system, disenfranchisement will be a thing of the past, with the number of “ unbanked ” citizens shrinking faster and with more certainty. individual biometric identification will give each one a voice to be recognized, to be heard and to participate in economic growth and development. we are also continuously creating a more enabling regulatory environment for the development of fin - tech and digital finance. the digitalization of finance is essential to achieve significant inroads against financial exclusion and payments inefficiency. soon, financial consumers and investors will be able to make more informed business decisions choosing from a longer, fresher and more innovative menu of available financial products and services. we adopted the national retail payments system ( nrps ), a flagship program for digital finance. with this, we hope to transition from a cash - heavy economy, where 99 percent