susan schmidt bies : financial supervision issues remarks by ms susan schmidt bies, member of the board of governors of the us federal reserve system, at the securities industry association annual meeting, boca raton, florida, 5 november 2004. * * * i want to thank you for the invitation to speak at this annual meeting of the securities industry association ( sia ). the financial services industry continues to evolve to meet the challenges posed by mergers, new financial instruments, and changing regulatory frameworks. the federal reserve board, as the umbrella supervisor of financial holding companies, has been working with other regulators and financial institutions to improve the effectiveness and relevance of regulation and supervision in this changing environment. some of the issues that we have been dealing with recently are of mutual concern to both broker - dealers and commercial bankers - albeit they may represent different sides of the coin. others involve reconciling the differing perspectives and regulatory environments of investment firms and commercial banks around similar financial products and activities in the wake of financial conglomeration. today i would like to bring you up - to - date on three such issues, as well as highlight some aspects of the federal reserve ’ s proposed anti - tying guidelines. in all of these areas, i encourage your participation as we work toward new regulatory guidance. accounting for securities the first supervisory issue i would like to discuss involves accounting for investment securities. the recent accounting guidance, the meaning of other - than - temporary impairment and its application to certain investments, or eitf 03 - 1, has raised serious questions about accounting for investments that are held in available - for - sale portfolios. as many of you are aware, when the emerging issues task force ( eitf ) of the financial accounting standards board ( fasb ) came to its consensus earlier this year, it was not intending to dramatically change accounting practices for debt securities. but in early august, the public accounting firms began interpreting the guidance very differently. specifically, if a security was sold from the available - for - sale investment portfolio at a loss, the new interpretation called into question the facts and circumstances that should be used to determine if the remaining portfolio should be viewed as “ other than temporarily impaired, ” and thereby marked down to the lower of cost or market through earnings ( locom ). at the federal reserve, we were concerned about the interpretation since most banks use their available - for - sale portfolio to manage their net interest margin on longer - term, fixed - rate deposits and funding. a loco

emmanuel tumusiime - mutebile : stamps commemorating the bank of uganda ’ s 40th anniversary speech by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the launch of the 40th anniversary commemorative stamps, kampala, 3 october 2006. * * * the board of directors bank of uganda the managing director, posta uganda chief executives of financial institutions management of bank of uganda and posta uganda stamp collectors invited guests ladies and gentlemen it gives me great pleasure to warmly welcome you all to this auspicious occasion, which is one of the last of the public series of events that the bank has held to mark its 40th anniversary having been established in 1966. as we close our celebrations, let me take this opportunity to thank our partners in the financial and other sectors, the public, present and past bank staff for participating in the various 40th anniversary events that we held. some of you may wonder why the bank of uganda chose to issue commemorative stamps. stamps and currency are alike in many aspects, namely : 1 ) both hold intrinsic, aesthetic, cultural, educational and monetary value ; 2 ) they reach and touch the lives of many people, cutting across boundaries of race, colour, education and income status ; 3 ) promote the country ’ s image ; and 4 ) reflect future aspirations and 5 ) help recall and record major historic events. it is for this reason that in partnership with posta uganda, we decided to issue four commemorative postage stamps that reflect the bank ’ s achievements and commitment to economic growth and development of uganda. mr. paul lubowa of makerere university designed these stamps. allow me at this juncture to thank the management of posta uganda and mr. lubowa for enabling us to realize this goal. the features for each of the stamps are well set out in the distributed brochures and posters ; let me however highlight some of them. the first stamp of shs 400 carries the uganda ’ s independence monument and our 40th anniversary logo – emphasizing the linkage between the bank ’ s activities especially fostering price stability and uganda ’ s political independence and economy ; the second stamp of shs 600 depicts uganda ’ s abundant wildlife in support of reviving and promoting tourism and emphasizing the bank of uganda ’ s role in safeguarding the foreign exchange earned ; the third stamp of shs 1, 600 depicts the tilapia or ngenge, which is indigenous to uganda ’ s tropical waters bodies. as you all aware,