to be served, go for them and increase the share of the population using mobile phone financial services. ladies and gentlemen : effective and better regulation requires prudential guidelines to provide guidance in all policy and oversight activities of payment system operators and regulators. in this regard, i am gland to inform you that the bank early this year released draft regulations whose objective is to ensure that e - money issuers and payment service providers conduct their businesses prudently and in accordance with the provisions of the relevant legal provisions including the banking act, central bank of kenya act, the proceeds of crime and anti - money laundering act, the companies act, the microfinance act, and the sacco societies act. ladies and gentlemen : the public policy objective of central bank in the national payments systems is to ensure safety, efficiency and effectiveness of the payment system as a whole. in this regard, please allow me to point out that with increased use of mobile phone money transfer services by the wider general public, inherent system - wide implications are bound to arise and therefore it is prudent for all stakeholders to ensure ; bis central bankers ’ speeches that appropriate measures are put in place to safeguard the integrity of the systems at all times in order to protect customers against risks such as frauds, loss of money and loss of privacy. that the system will provide adequate measures to guard against money laundering among others. that the system is capable of mitigating the risks of access by non - authorized persons such as hackers and others. we have operating platforms within reach and disaster recovery sites in secure locations and tested at all times. ladies and gentlemen : in conclusion, i wish to thank airtel and its management team for the important role it is playing in the economy. with these few remarks i wish to declare airtel money transfer service brand officially launched. thank you. bis central bankers ’ speeches

axel a weber : developing a long - term investment perspective favouring financial stability and growth introductory remarks by professor axel a weber, president of the deutsche bundesbank, at the eurofi financial forum plenary session 16 on “ defining a common regulatory and supervisory basis to achieve resilience, growth and competitiveness ”, brussels, 29 september 2010. * * * ladies and gentlemen the financial crisis has painfully demonstrated vulnerabilities of our financial system. strengthening the resilience of the financial system, that is of financial markets and their players, is therefore the top priority when it comes to learning the lessons of the crisis. closing the regulatory gaps which the crisis has revealed – however important that is – would be too little. financial reform has to go beyond that and establish the necessary institutions and regulations to deal with systemic risks. financial reform will not save us from any future financial crisis but it can significantly dampen the frequency and intensity of financial crises in the future. reducing the likelihood of individual bank failures may act in this respect as a first line of defence. the most important project in this regard is the revision of basel ii. this reform will significantly increase the risk buffers of individual financial institutions by introducing stricter requirements regarding the quality and quantity of bank capital. while the new rules require banks to increase their capital, the provision of transition periods enables them to adapt to the more restrictive capital and liquidity requirements. hence, i am not afraid that the implementation of basel iii might significantly impair the lending capacity of banks or hamper economic recovery. while being subject to considerable uncertainty, recent comprehensive impact studies by the basel committee and the financial stability board suggest the economic impact during the transition period will be moderate and that the long - term net benefits will be positive. now it is up to the g20 heads of state and government to approve the package at their seoul summit in november. its global implementation afterwards is of utmost importance in order to guarantee a level playing field and to prevent regulatory arbitrage. in addition, some elements of the package require further work in the process of finalising the whole. in particular, the extent of anti - cyclicality of capital buffers might be strengthened further, and the requirements of the liquidity buffer in its currently proposed form warrant further adjustment as well : requirements for eligible assets of private issuers, for example, appear rather strict. while the new basel rules will certainly help to make the financial system of the future safer and more stable, a second line