francois villeroy de galhau : insurance in a world of disruption speech by mr francois villeroy de galhau, governor of the bank of france, at the 9th international insurance conference, paris, 27 october 2017. * * * ladies and gentlemen, i am very happy to be here today as supervisor in my capacity as president of the acpr, and also as guarantor of the smooth financing of our economy in my capacity as governor. in these two respects, the insurance sector is both close to me and important to me. thank you for inviting me to speak on this theme of disruption. to put it more clearly, and as you have pointed out, mr. president [ bernard spitz ], the world is in turmoil in many ways. this undeniably represents a challenge for insurers, but also a motivation : the raison d'etre of insurance has always been to be a vector of protection and stability in the midst of uncertainty. this morning, i would like to stress the essential role that insurance must play in our economy, by emphasising two areas : its financing and its digitalisation. but before that, i would like to mention the very recent developments in monetary policy. i. our monetary policy is in itself a source of stability yesterday, at the governing council presided by mario draghi, we took the important decision to reduce our net monthly asset purchases by half – to eur 30 billion – until september 2018. this is an essential step towards their possible end later ; a step that is justified by our confidence in the gradual convergence of inflation towards our target of 2 % over the medium term : we consider the economic recovery in europe to be “ increasingly robust and broad - based ". in parallel, we said that we will continue to ensure “ ample ” monetary support, rather than “ very substantial ” support as mentioned in our previous statements – thanks to the whole range of our instruments, including the sizeable stock of assets that we will continue to hold in line with our policy of reinvestment, and our forward guidance on interest rates. in this new paragraph, the governing council stresses an essential point that i have often referred to over these past few weeks : our non - standard monetary policy is not a solo – it is not simply about net monthly purchases, and we shouldn ’ t focus too much on them – ; it is a group of instruments that we can play, by following a predictable sequence, as part of our gradual normalisation strategy

rafael buenaventura : raising the bar on consumer banking service speech by mr rafael buenaventura, governor of bangko sentral ng pilipinas ( central bank of the philippines ), at the bank marketing association of the philippines ’ ( bmap ) 30th anniversary of upgrading bank - marketing practice, makati city, 26 august 2004. * * * introduction distinguished officers and members of the bank marketing association of the philippines ( bmap ), follow bankers, ladies and gentlemen : good evening. i am deeply honored to take part in this celebration, marking bmap ’ s 30th year of upgrading bankmarketing practice in the country. this year ’ s theme of “ customer service in the marketing mix of financial products ” rightly emphasizes the importance of banks ’ clients in influencing an institution ’ s success. consumer banking over the last couple of years, the philippine banking system has experienced strong growth in consumer banking services. credit card receivables for example, grew by an average 25. 2 percent annually from 2000 to 2003. this has allowed more ordinary people without access to credit to now have access and on clean basis. however, this growth has also come with a price in the form of increased volume of bad accounts. many of the problems were traceable to the fact that some new cardholders did not really understand the obligations and responsibilities that came with them. as a result, past due credit card accounts rose an average 40. 4 percent, a pace much faster than the new ones granted. the number of credit card - related complaints also rose dramatically. it is in this regard that we should work hand in hand in channeling more efforts towards customer education and protection. for its part, the bangko sentral ng pilipinas ( bsp ) issued various regulations geared towards protecting both the industry and the public. for instance, in 2002 we issued circular no. 349 which significantly tightened rules on credit card and other lending operations by requiring banks and their subsidiary credit card companies to ascertain that cardholders are capable of fulfilling their commitments and by setting credit limits based on their net take home pay. moreover, the bsp took a more proactive stand by creating the consumer education committee in january of this year to help improve basic financial literacy. i commend bmap together with the credit card association of the philippines ( ccap ), the bankers association of the philippines ( bap ), the chamber of thrift banks ( ctb ) and the