the ecb should not raise the issue limit of 33 % when buying bonds? could this raise legal questions in the future? the ecb has made it clear that, within its mandate, it will do everything needed in order to safeguard the full transmission of its monetary policy in all euro area countries. the pepp allows purchases to be conducted flexibly over time and across asset classes and jurisdictions. the governing council has explicitly communicated that, if necessary and proportionate to the extraordinary risks that we are facing due to the coronavirus crisis, it will consider revising any self - imposed limits, including the issue share and issuer limits, in line with our legal framework. this flexibility makes the pepp a highly effective instrument to ensure the smooth transmission of our monetary policy and to avoid fragmentation across euro area countries. the ecb granted a waiver which allows it to purchase greek bonds under the pepp. what does this move signal to the markets? how important is this development, and could it later open the door to greece participating in the normal asset purchase programme? 1 / 3 bis central bankers'speeches greece has made impressive progress in recent years, after many years of economic and social hardship. the economy was on an encouraging trajectory before the pandemic, and the greek authorities have responded decisively to the health crisis. by including greek bonds in the pepp, the ecb is sending a clear signal to markets that this crisis affects the entire euro area, and that it will not tolerate any risks to the smooth transmission of its monetary policy in any euro area country. the ecb will do everything that is necessary to fulfil its mandate and support the euro area and its citizens through this historic crisis. if greece is included in an enhanced conditions credit line ( eccl ) programme, along the lines described in eurogroup president mario centeno ’ s recent letter to the european council, would it then be eligible for the public sector purchase programme ( pspp )? greece does not yet satisfy the minimum rating requirement for eligibility for outright purchases under the pspp. under certain conditions, a waiver to these requirements can be granted. it also depends on political decisions and on the specific features of any potential credit line instrument that is being considered by the relevant european institutions, including the european stability mechanism ( esm ). the pepp also allows for the purchase of corporate bonds. what is the situation for greek corporate bonds? are they included in the pepp? can they be included in the

njuguna ndung ’ u : growth and performance of the kenyan banking sector remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the launch of southern credit banking corporation ltd international mastercard debit card, nairobi, 10 august 2009. * * * chairman ; managing director of southern credit banking corporation ; board members ; management and staff ; distinguished guests ; ladies and gentlemen : i am delighted to be here this morning to join hands with the family of southern credit banking corporation ltd in celebrating the launch of its mastercard debit card. allow me at the onset to appreciate the presence of the mastercard representative assistant vice president : commerce development, mr. charlton goredema. i also wish to salute the board, management and staff of southern credit banking corporation for successfully serving kenyans in the last twenty seven years. i am pleased to note that your bank has expanded its network from the two branches at incorporation in 1982 to nine branches countrywide and has been in the forefront of innovations in electronic payments solutions in kenya, a position that it first achieved with their senator card brand. today, the bank is becoming a market leader with the launch of the first mastercard debit card in kenya and also in the region. it is also one of the only three banks in kenya with the acquirer status on the mastercard franchise. the service will enable the bank ’ s existing customers transact business at more outlets, at their convenience, anywhere in the world. i commend the board for this. ladies and gentlemen ; this new service will provide an expansion of kenya ’ s card market segment which is currently thin and requires patronizing by many of the bank customers. similarly, the new product will go a long way in deepening the financial sector by facilitating payments. mr. chairman, let me turn to growth of the banking sector and its performance, one of the main pillars of kenya ’ s economic growth. ladies and gentlemen ; despite the local and global turbulences experienced over the past one year, the banking sector remained stable and exhibited resilience. the sector has continued to grow and expand both locally and regionally to new markets within the east african region and beyond. in addition, banks are posting good results for their second quarter ending june 2009. we commend the banking sector for the efforts in weathering storms of the global financial crisis and our own share of internal shocks. mr. chairman ; let me at this point mention some