Widespread consultation would be needed, and due account taken of confidentiality rules, before any reporting framework can be implemented.”  7  See Communique Meeting of Finance Ministers and Central Bank Governors Washington, DC, April 18–19, 2013 “We also call for a feasibility study on how information from trade repositories can be aggregated and shared among authorities, so as to enable comprehensive monitoring of risks to financial stability.”  8  See CPSS / IOSCO. Report on OTC Derivatives Data Repository and Aggregation Requirements. January 2012. BIS central bankers’ speeches  7  The goal of financial stability will remain elusive so long as we have financial firms that are judged as “too big to fail.” Some might argue that this is reason enough to break up these firms. I do not believe that this is the best course of action. As I have outlined here today, I prefer a multi-faceted approach that strives to: (1) minimize the risk that a large complex financial firm faces default, (2) have in place a credible resolution regime if a default becomes imminent, (3) improve the resiliency of our financial system so that any shocks resulting from a resolution are not amplified across the system, and (4) build out a global data model for effectively monitoring global financial markets.
For a beneficiary who has an account within the same bank with the payer, which is known as Intrabank, the funds will be credited instantaneously. The program for today includes the showing of three video clips on online banking and IBG, which can be downloaded through YouTube and ABM and AIBIM’s website, including presentations by two banks. In addition, 17 banks and MyClear (the national payment system operator) have also set up exhibition booths to showcase their respective electronic payments and funds transfer solutions. This is indeed an opportunity not to be missed as you will be able to learn and ask questions about online banking solutions and sign up for the special offers such as free security tokens or waiver of monthly subscription fee for business Internet banking as provided by some of the exhibitors today. BIS central bankers’ speeches  1  In conjunction with today’s roadshow, I am pleased to announce that 2 banks namely, Bank Simpanan Nasional and OCBC Bank, together with 8 banks in Temerloh1 in Kuantan will hold their “Open Day” from today, 2 December until this Friday, 6 December. During the weeklong “Open Day”, visitors can enquire and learn more about e-payment solutions from the branch staff. The “Open Day” event is open to all businesses and the general public to complement the efforts of the roadshow to reach out to smaller towns and I encourage all participants to take this opportunity to visit the bank branches in Kuantan and Temerloh.