or manager has the necessary professional qualifications, knowledge and experience to enable sound and prudent management. in dutch law regarding pension funds – pension fund governance – further elaboration has led to extensive overviews from within the pension sector on specific fitness issues. the ability to manage an organisation is an obvious one, as is having knowledge of applicable laws and regulations. financial education having said that, even if at the board level these issues are tackled properly, this is not sufficient enough. it is throughout the organisation that adequate knowledge and expertise has to be available ; the capacities of a board member on its own cannot be used to sign off for an organisation as a whole. financial education provides the means to realize fitness and propriety on every essential level in financial organisations and having a clear understanding of risks involved, of the need of integrity, structure and governance. conclusion concluding, this brings me back to wim duisenberg. wim was, as i mentioned, ahead of his time. his wish to combine financial theory and practice is reflected even more than ever in the current times, where uncertain events of differing magnitude force us to reconsider our own validation methods. the duisenberg school of finance bares witness to that. our partners, as we have seen and heard today, have given the clear commitment to invest in financial education, in future students and in a manner of education and research that outstretches the current limitations on financial knowledge. i cannot imagine anyone more suited than wim to lend his name to the institution that is officially opened here today.

although i always sleep extremely well at night, cybercrime does sometimes mean i go to bed later. a lot of parties are working extremely hard to avoid becoming victims of cybercrime. but we can never rest on our laurels. it is a race, and the enemy never sleeps. there is one other aspect i would specifically like to draw your attention to, and that is the need for diversity. in other words, the need for alternatives. if we cannot use ideal, but another easy - to - use alternative is available, that is fine. but that means that the alternative must not be reliant on the same technology as ideal. diversity in technology is important. also when you make pin payments in a shop. if the pin terminal does not work, you need to be able to pay in another way, and using a method that is not dependent on that pin technology. we are now thinking about these alternatives, and maybe a more mobile society will help us in this respect. what i mean here is that technology has become more mobile. mobile internet banking, for example, is becoming increasingly popular, and mobile payments are on the way. in other words, the distinction between point - of - sale and remote payments is becoming blurred, and maybe it will ultimately disappear altogether. if the various technologies become equally fast, it will soon no longer make any difference whether you use your phone to make a mobile payment ( a pin payment, for example ) or an internet banking payment ( in other words, a transfer ). if i put my security hat back on, i would say that is fine, but we do need to make sure we use two different technologies. otherwise, a single cause could result in both payment options being unavailable at the same time. some of these changes are still in the future. but the issue also applies to the old tried and trusted alternative of cash. if the pin system does not work, you need to be sure you can still get cash out of the cash machine. and luckily that is not usually a problem because you withdraw cash from your own bank ’ s cash machine system, which is separate from the pin system. so there, too, technological diversity is important. and so, to go back to what i mentioned before, our resilience to cybercrime relies on our having good preventive measures in place and also on our having good mitigating measures, just in case things go wrong. communications, however, are also important, which