in both central bank operations and private repo markets. as a system of central banks that implements monetary policy and ensures adequate intraday liquidity by providing collateralised lending, the eurosystem is itself a large collateral receiver and is very much affected in its core activities by collateral availability in the financial system. at previous opportunities i have discussed in detail the initiatives that the ecb has already taken to enhance collateral availability for its own operations1, so that i do not need to repeat these today. however, the report not only looks at the central bank collateral frameworks of the eurosystem and other major central banks, but applies a comprehensive approach encompassing also the impact of related regulatory requirements and existing practices of speech by benoit cœure, member of the executive board of the ecb, ecb - dnb joint central bank seminar on collateral and liquidity, amsterdam, 1 october 2012. bis central bankers ’ speeches central counterparties ( ccps ). this report, therefore, complements the work of the bis markets committee on “ central bank collateral frameworks and practices ” that was published this march. let me underline the added value of this work. from a policy perspective, market participants are confronted with the increasing demand for collateral, which could raise challenges – particularly taking into account that not all collateral assets are equally accepted under each framework. the report takes a broad view, and provides information that extends beyond our day - to - day business. understanding differences in collateral acceptance is important to address the implications of the differences and to identify issues that merit further consideration by both policy - makers and market participants. as mentioned in the report, while understanding the differences among the collateral frameworks is important and having transparency in this respect is absolutely essential in the current environment, there should be no call for ultimate unification of collateral rules, given the different purposes for which collateralisation is provided. market participants will have to manage their respective pools of collateral in a way that allows them to provide collateral for different purposes, such as collateralisation in central bank operations, as assets in liquidity buffers of regulators and as margin requirements with central counterparties. i note that the report in fact sees a certain diversification across the collateral frameworks as a positive element that enhances resilience ; provided of course, that certain conditions are met, first and foremost that we have ex - ante transparency of the different collateral requirements and a smooth and efficient functioning at the level of market infrastructures. given the differences in collateral

felipe m medalla : strengthening financial health through financial literacy remarks by mr felipe m medalla, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 5th bsp financial education stakeholders expo, manila, 20 november 2022. * * * welcome to the fifth bangko sentral ng pilipinas ( bsp ) financial education stakeholders expo! over the next five days, you will go through various learning sessions on financial education, or fin - ed, on our dedicated virtual platform and event app. the sessions are also streaming live via the bsp and pisolit facebook communities. 2022 marks the third year that we are conducting the expo as a virtual event. but i trust that the insights you [ will ] gain from this expo are just as enriching as if we were meeting you in person. as the world moves from recovery to resilience, the changes in the format of the expo also mirror key developments in the financial sector. navigating pandemic - driven shifts in consumer behavior and financial literacy the pandemic was a game - changer for financial consumers, with 6 in 10 filipinos reporting changes in their financial behavior due to the covid - 19 pandemic. this is reflected in the bsp's financial inclusion survey, or fis. the 2021 fis results show that : in 2021, 37. 0 percent of adults started saving more for emergencies and 17. 0 percent either started or used online banking and digital payments more frequently. we also saw account ownership, a basic indicator of financial inclusion, almost double. this means that 22 million filipinos opened a new financial account within the last two years - the highest recorded growth to date of account ownership in the philippines. e - money account ownership and usage are on the rise. more filipinos are now investing as well. while these numbers are encouraging, the data tells us that these gains also come with gaps and risks to the financial literacy and financial health of consumers. bsp data shows that while more filipinos may be owning financial accounts and investing, less filipinos are saving and availing of insurance compared to 2019. less adults reported having private insurance, while more reported having outstanding loans. 1 / 4 bis - central bankers'speeches these data points are especially alarming, considering the ever - present threat of unforeseen financial shocks, including natural disasters. vulnerable sectors are also hardest hit not only by health crises and natural