to be guided by a code of conduct which stipulates the core values and responsibilities of the profession. the code of conduct is usually developed by the profession to guide and to prevent exploitative behaviour and to preserve the integrity of the profession. the code sets a framework for meeting standards and provides disciplinary guidelines for unprofessional behaviour. however, it must be understood that codes of conduct are not only meant to serve as a disciplinary guidebook but also outline ideal ethical standards. in order to be effective, codes of conduct should be understood and used by all professionals in their day to day activities. it is therefore pertinent for the civil service to develop appropriate codes of conduct that meet the expectations of the public. it is the duty of government to ensure that the civil service is aware of this code of conduct and its values. in advanced countries such as japan, italy and singapore the importance of the code of conduct is strongly upheld at all levels of the public service. this has contributed to a strong, independent and impartial civil service, whatever their political persuasions, that is able to serve different governments in line with the requirements of the code of conduct. in order to enhance professionalism in both public and private sectors, it is key that professions demonstrate high ethical standards and values. i therefore urge all of us professionals gathered here today to take ethics seriously in order to enhance efficient delivery of services to our people. a robust and strong level of ethics can be achieved by providing ethics training and sensitisation as a component of continuous professional development. although qualified professionals may be competent in their fields, it is vital to test their ethical knowledge. equally there is need to promote integrity at all levels of civil service. ladies and gentlemen, our country needs professionals with high levels of social and moral awareness so that all of us are aware of the moral obligations and potential impact of our thinking, decisions and actions. we need to be good role models for others in behaviour, attitude and relationships. let us endeavour to act in a way that is professional and that retains the confidence of the public at all times. i thank you for your attention.

people may not be conscious of the functions of the systems when they operate smoothly and efficiently. however, once a problem arises, great difficulties are encountered. the means of payment used by firms and households vary from cash - that is, banknotes and coins - to checks and bills, funds transfers between bank accounts, and credit cards. when payment is made by cash, settlement is final there and then. however, when payment is made by other means such as checks or bills, the mere handing over of the checks and bills will not complete the settlement of the transaction. when a check is drawn, for example, settlement is final only when the check is collected and the stated amount of money is transferred from the deposit money in the bank account of the payer to the bank account of the payee. if such transfers are not effected between accounts for some reason, for example, there are insufficient funds in the payer ’ s account, the transaction will remain unsettled. when the payer and the payee hold accounts at different banks, interbank settlement is needed, and settlement will be completed only after the corresponding debit and credit entries are made to the current accounts held by each bank with the bank of japan. although various means of payment are available to firms and households, settlement is ultimately made either by a handing over of cash issued by the bank of japan or by a transfer of funds between bank accounts using deposit money, which are liabilities of private financial institutions. “ money ” in a modern society therefore comprises cash and deposit money, and is reliant on the confidence of the public that bank deposits can be converted into cash at any time. when a large number of relatively small - value payments, such as those using checks and bills, need to be settled between banks, they are not settled one at a time between the accounts held by the banks at the bank of japan. rather, payment instruments such as checks and bills are collected and exchanged at clearing houses, where the credit and debit positions of each bank are calculated, and then the net positions are settled between the boj accounts. this calculation process is called clearing, and is operated by private institutions. specifically, there are three major private clearing systems in japan : the bill and check - clearing system ; the zengin data telecommunications system ( zengin system ) for funds transfers between bank accounts and for credit card payments ; and the foreign exchange yen clearing system for yen payments arising from foreign exchange and euro - yen transactions