that international banks can actually have access to foreign currency at more competitive rates. the special line of credit in foreign currency was offered to give a sense of direction to the industry. so if branches and subsidiaries of foreign banks are prepared to share these competitive rates with the final borrowers, we can but encourage them to go in that direction, so long as the debt conversion does happen and other borrowers can benefit from the line of credit made available by these international banks from their own sources. we are happy to note that there are already a few proposals at advanced stages of finalization. a final point on the special line of credit in foreign currency : had we had a deeper financial market in mauritius, we would not have spent two months to get this going. our capital market is very small and very illiquid. one of our targets as a central bank is to achieve a certain deepening of our financial market. together with our colleagues in the capital market, we are working towards developing the bond market, alongside our own attempts to develop a secondary market of government paper. this would hopefully result in the issuance of a corporate bond which would have been the ideal vehicle for us to refinance existing rupee bis central bankers ’ speeches debt, by underwriting corporate bonds in foreign currency. we hope to be able to make some progress on this front in the next six months. the other issue on which we have made some progress is the task force on unfair terms. the task force is well - engaged in the information - gathering stage and various initiatives have been taken to sensitize the general public on the importance to contribute to the exercise. we believe it is high time that we try to give the consumer a fairer deal than what he has been getting so far and for our banks to help the sectors that are hurting, a bit more than they have been doing. another project in the pipeline is work on basel iii. as you know we are one of the few countries in africa that have moved to basel ii, and basel iii is round the corner. basel iii is trying to remedy internationally the kinds of problems identified in the banking sector that have been responsible, amongst others, for the global economic crisis. soon we will be issuing a consultation paper to the industry indicating our own approach to basel iii. so we will be introducing basel iii in a phased manner and by the end of 2018 approximately, we should be there. our banks are already meeting by and large many requirements of basel iii e

, germany and france. bis central bankers ’ speeches therefore we can say, that public authorities ’ behaviour in the payments market can be in sharp contrast to what their public policy intentions and communication are. public authorities should start change with themselves. returning to hungarian fields we see vast opportunities in the reduction of cash usage in public sector. to the reasonably greatest extent all government outflows ( pensions, social benefits ) should be made to payment accounts. we consider the better involvement and wider electronisation of the network of the post offices in order to improve the access to payment services. the extension of the pos network might be supported. ensuring government control above the interchange fees is being further analysed. sharing the fees between payers and payees for the widely used postal instrument is also an option, but we might achieve it through a more transparent pricing of the underlying services, such as electricity, gas, water bills, insurance premia, etc. we would like to investigate the feasibility of the establishment of an ebpp scheme which covers the entire hungarian banking system and which is open to each service provider ( public utilities, insurance companies, etc. ) and any consumers. this is again an area which is closely linked to the european developments. integration i have asked my magic ball about the issue and it answered me that we still have a long way to go to achieve full integration and a single market but in case of lucky constellation of stars the process may accelerate. credit transfers and direct debits are far from constituting the full payments market. cards and e - products are the future and we have a responsibility not to allow fragmentation in those segments of the single market. cross - border integration is very important and is in the direct interest of payment service users, especially in a small open economy. in case of certain banks, cross - border optimalisation is the driving force behind the transformation process. this holds particularly true for hungary, as most of the hungarian banks are either subsidiaries or branches of multinational groups, and they aim at profitability at a group level. it goes without saying that cross - border optimalisation and the underlying economies of scale are more feasible when the same standards and the same currency are used across the region where the group is engaged in activities. the efficiency of cross - border transactions is of great importance for each open economy irrespectively of being a small or a big country, a euro area or a non euro area country. the importance of regional requirements is increasing steadily in