In other words, there were renewed risks that the monetary policy transmission channel could become severely impaired. But this time the ECB faced a new challenge: the  3  Giannone, D., Lenza, M., Pill, H. and Reichlin, L., “Non-standard monetary policy measures and monetary developments”, Working Paper Series, No 1290, ECB, January 2011.
Furthermore, a new system of reporting called the Offsite Surveillance Electronic System (OOSES) has been introduced to automate the off-site review and analysis of prudential returns submitted by MFCs. Ladies and gentlemen, the Bank has additionally intensified its financial literacy campaign to accurately inform and educate the public on the activities of unlicensed MFCs.