have not got involved in step - up mortgages. indeed our variable rate mortgages are always related to future market rates, not to a pre - determined schedule of step - ups in interest rates. the notion of having an enticement rate to lure borrowers in, which steps up sharply two to three years later irrespective of where market rates are at the time, has not been a part of our financial landscape. in our situation higher default rates tend to occur mostly if the job market gets difficult and borrowers cannot service their loans, or, as was becoming the case late last year when high rates of inflation eroded real incomes. fortunately, that should be corrected in 2009 as low global demand will lead to lower inflation rates. in recent times however, the lure of the credit card has become a potential problem. borrowers must be more prudent in accepting the offer of an increasing number of credit cards. in this regard, the central bank has initiated a financial education programme which will include guidance on money management and personal financial planning. this programme was launched last year and will continue in 2009, and will draw on presenters inside and outside the bank. for the moment, however, although there has been an increase in delinquency as noted in the increase in commercial bank provisioning last year, it is within manageable proportions. securitization the policy of originate and securitize taken to its extreme in the case of the us market is also a development that does not exist here. there is limited securitization here in barbados. in fact there is not sufficient securitization. entities which were supposed to be securitizing, that is, issuing commercial paper and money market instruments were issuing certificates that looked very much like deposits. perhaps this is related to the barbadian desire to avoid taking risks, but it shifts the risks on to the institution. in the case of commercial paper, it can be traded and could trade at above or below its value, so that the institution does not bear all the risk. this allows the lender to take his money out at any time – at a price. in the case of deposits the institution has an obligation to return the value of the deposit plus interest at the due date, unless some prior arrangement has been agreed as to early removal. to this extent in the barbados situation with its tendency to deposit - taking, systems are less liquid. however securitization has its merits. it leads

yakiv smolii : national bank of ukraine press briefing - changes in the denominations of banknotes and coins of hryvnia speech by mr yakiv smolii, governor of the national bank of ukraine, at a press briefing on optimization of the denominations of banknotes and coins of hryvnia, kyiv, 25 june 2019. * * * dear colleagues, today, we are holding meetings in many ukrainian cities, kyiv, dnipro, odesa, kharkiv, lviv and khmelnytskyi, to present to the public the changes in the denominations of banknotes and coins of hryvnia that aim to harmonize cash circulation. despite the fact, that cashless settlements are gaining more popularity in ukraine, cash remains the most used means of payment. our domestic currency, it ’ s banknotes and coins, is something that everyone of us, regardless of their location, profession or age, deals with on a daily basis. therefore, it is of outmost importance for us that hryvnia in any material form remains high - quality, secure, and stable, and that payments in hryvnia are convenient. already this year we ’ ll take two important steps : first, 1, 2, and 5 kopiika coins will cease to be means of payment in ukraine and will be withdrawn from circulation. also 25 kopiikas, that is still used for payments, will be gradually withdrawn second, a new 1, 000 hryvnia banknote will be introduced. in three years, after complete withdrawal of the above coins and the introduction of the new banknote, the number of hryvnia denominations will reduce from 17 to 12. a total of 6 coin denominations and 6 banknote denominations will remain. this will streamline existing hryvnia denominations. 11 – 13 currency denominations are the most common in the leading countries of various parts of the world, from the us to canada, the uk to the czech republic, denmark, switzerland and australia. why are we introducing changes to the currency denominations? i can give you three main reasons backing these decisions : customer convenience, economic feasibility, and saving costs for the state and business. let me add some details. the first reason is customer convenience. the changes we present today will reduce the average number of coins per ukrainian almost by half, and the number of banknotes by almost a third. consequently, cash settlements and savings will be streamlined.