BIS Review 5/2008  1  participation of Governor Bonello in the General Council since May 2004, and more recently, as an observer in the Governing Council since last July. Practical preparations of the cash changeover were remarkably well organised and the euro campaign organised by the Maltese authorities has very well prepared the Maltese population to allow a smooth changeover. 3.
* * * I am pleased that we have this opportunity to meet with many of the institutions active in helping to achieve a transition from LIBOR to the risk-free rates identified by working groups in each of our jurisdictions. The Financial Stability Board (FSB) has coordinated the international effort to reform interest rate benchmarks at the direction of the G-20.