was, therefore, a major task, that started precisely by introducing policies of riskmanagement, transparency and efficiency that would protect the bank ’ s institutionality and autonomy. in global terms, it was tantamount to placing the central bank at the same level in management as it was in monetary and financial policy matters. i can say with satisfaction that it has been materialized during my period and it is also largely stated in our strategic plan for the period 2006 - 2008. we then proposed to implement a risk - management culture, strengthening the work of our comptroller department to operate by international standards in matters of internal control, risk management and corporate governance. we gave it tools that grant increased autonomy and efficiency. today the board receives also specialized advisory on the matter, through an independent audit and compliance committee, made up by highly qualified members. all of this has helped to improve our accountability and safeguard our autonomy. in addition, to strengthen the bank ’ s autonomy, this process had to come hand in hand with necessary advancements in access to information, in matter of transparency and in communications, both internal and external. i can say today, on the day that i leave, that i feel satisfied with our advances in internal management, of administrative, human resources and risk - management aspects, all under the framework granted us by our constitutional organic law that sets clearly defined objectives and corporate governance. i sincerely thank the bank ’ s staff that took in these changes with responsibility and understanding and made them their own. the central bank of chile supports its stronghold in the institution ’ s credibility and reputation. this can only be built with the rigorous and careful work of all the people that work in it. for this reason, parallel to decisions adopted with respect to internal management and the promotion of a risk - awareness culture, we continued to work on strengths already present in key areas of the bank, namely the research, financial policy and financial operations division. in this sense, it is good to recall the whole process of reorganization introduced by the board to improve the bank ’ s efficiency, taking advantage of economies of scope and reducing transaction costs. our policy of transparency and diffusion crystallized in the creation of a department of communications, that later evolved into a department of institutional affairs and a department of communications advise, with the purpose of providing an organized structure to all the information that stems from the central bank of chile and that is intended to emphasize equity and depth in the delivery of information, as well as to give the chilean people a

daniel mminele : ten years of inclusion of the south african rand in the cls remarks by mr daniel mminele, deputy governor of the south african reserve bank, at the continuous linked settlement ( cls ) reception to mark ten years of inclusion of the south african rand in the cls, johannesburg, 17 march 2015. * * * good evening, ladies and gentlemen. it is an honour for me to make a few remarks on this occasion of the cls reception to mark ten years of settlement of the rand in the cls system. i am particularly pleased that the cls delegation to mark this key milestone is led by none other than the chairman of the cls board, mr kenneth harvey. we welcome you and your colleagues to south africa, and thank you for coming all the way. the cls is one of those mission - critical systems that can be compared to the plumbing system of a building. just as most of us never think about the plumbing of a building and take for granted that it is there and works, the cls also runs very much in the background of the foreign - exchange market. it is only when there is a leak or a pipe bursts that we realise how important plumbing is. in the context of the cls, if a big pipe bursts and cannot be fixed quickly, this can result in major disruptions to the foreign - exchange market, with potential rapid spill - over effects to the rest of the financial system, which at worst could bring about financial instability on a global scale. as many of you will know, the cls plays a fundamental role in the foreign - exchange market, where it operates the largest multi - currency cash settlement system to mitigate settlement risk for the foreign - exchange transactions of its members and their customers. in its offering, the cls mitigates settlement risk through the provision of its unique payment - versuspayment settlement service which has direct links to the real - time gross settlement ( rtgs ) systems of the currencies it settles. in addition to mitigating settlement risk, the cls also contributes to streamlining and standardising foreign - exchange operations, helping to reduce costs. a foreign - exchange settlement usually requires potentially large cash funding liquidity to settle the obligations of settlement members. these values are materially reduced in the cls system through the multilateral netting of the obligations between member banks to deliver best - in - class liquidity management. as regulatory requirements for larger liquidity buffers