bank will survive that does not set its clients ’ interests center stage, instead of sales targets or profits. i find it encouraging to learn that in many emerging markets clients are still put first. this most likely explains in part why the banking sectors in many emerging market economies have weathered the financial storm much better than in developed economies. other factors that have contributed to their stability is that many banks in emerging market economies still engage predominantly in plain vanilla banking activities …. … and that they are strongly funded by wholesale funding. furthermore, i find it encouraging that banks in emerging market economies have remained stable despite the fact that they have used quite innovative ways of banking. many emerging markets use ict solutions that are very advanced. such as mobile banking, which allows individuals and msmes to access and transfer money without needing to travel to a branch. your own country, governor velarde, may serve as a fine example here. in your country branchless banking may have been borne out of necessity. but in recent years, this has proved to facilitate access to finance for great many msmes. you have also shown that regulation, even if intensified, can be designed to accommodate these innovative ways of banking while still protecting customers and safeguarding financial stability. customer protection in your country is even set as a top priority. it calls for banks to formally assess the financial situation of the client in order to avoid over - indebtedness. such initiatives have vastly helped to establish a solid msme business and sustainable growth in your country. i am therefore quite confident that also in developed countries, we shall manage to combine intensified regulation with sound msme financing. and that we shall also manage to ultimately motivate our banks to move back towards their core task of servicing the real economy and their customers. ladies and gentlemen, let me conclude. today ’ s conference coincides with the opening of the dutch national money week, later today. during this week, we teach our youngsters how to deal with money in a responsible way. for today ’ s youngsters create the demand for financial products and services of tomorrow. and many of them will become entrepreneurs, setting up msmes themselves. by educating young people in money matters, i hope we can empower them to shape the banking sector to their liking and to their demands, instead of merely enabling them to use what banks have to offer. i thank you all for your attention, and i wish to you all a very interesting and fruitful conference. bis central bankers ’ speeches

for the uk as a whole. a delivery group, set up under the auspices of the uk authorities and with strong cross - industry membership, has already begun this important work. - second, moving the uk onto a common messaging standard for interbank payments – iso 20022 – will make it much easier for the different systems to speak to one another and, where necessary, exchange payments or allow them to flow through seamlessly – so - called ‘ interoperability ’. - third, the proposal to develop a new simplified payments platform for retail payments, if successfully translated into a workable design, offers the prospect of providing an integrated, agile infrastructure from which a wide variety of payments service providers can launch innovative and secure products. but it is not only the retail payments architecture that is changing. at the start of this year, the bank of england launched a strategic review of its own settlement platform, rtgs. rtgs provides the payments infrastructure that underpins chaps and crest, and ensures that the major retail schemes can also settle in central bank money – processing some half a trillion pounds every day. it has served the uk well for two decades, and has led the way in many areas of innovation. but similar drivers to those behind the psf mean it too now needs a thoroughgoing refresh to meet the next wave of challenge. consultation on our vision recently concluded ; and, although we are still processing the results of that exercise, it is already clear all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx that our proposals to boost access, resilience, interoperability and user functionality have received strong support from old and new market participants alike. so it seems likely that, in the next few years, the uk will have a new payments infrastructure for retail and wholesale payments alike. to have got this far so fast is a real achievement. but in truth the real work for the psf has only just begun. the challenge now is to translate the high level aspirations in this document into something much more concrete. that means delivering a retail payments design that is technically feasible, secure, and aligned with the bank of england ’ s settlement models. it also means identifying who will build, and pay for, the new system : no small challenge at a time when the industry faces many competing demands on its resources. though the bank of england has not been a formal member of the psf, we have been