The Bank has also strived to increase its customer base as well as provide convenient banking services by increasing its branches and agencies to 13 and ATM machines to 44 at end June 2009. Chairperson, I have stated at various fora that it is important for banks in Zambia to take initiatives which support growth and development of our economy. I am glad to note that Stanbic Bank Zambia Limited has embarked on this project of constructing a new Head Office at a bigger site and away from the Central Business District or town center. This reflects the bank’s growth and rising demand for convenient facilities. I must congratulate the management of the bank for their relentless efforts to facilitate its journey towards providing efficient and convenient banking services to a fast growing market. I must however, warn that the journey entails more challenges and responsibilities including the challenges of adoption of new technology and the responsibilities of serving a growing number of customers which must be addressed. I have no doubt you will rise to the occasion and deliver. As you are no doubt aware, congestion and inadequate parking space along Cairo Road has posed serious challenges for all banks whose head quarters are located in the city centre. The decision by Stanbic Zambia Limited to relocate to this very convenient area is a positive development as it will go a long way not only in decongesting Cairo Road but also in making it easier for Stanbic to service its cherished customers.
The New York Fed keeps track of credit conditions in the region – including the average debt carried per person and whether they are  1  Regional Indexes of Coincident Economic Indicators  2  See, for additional discussion of this topic, William Dudley. 2011. “Job Creation in the Region.” Remarks at the Quarterly Regional Economic Press Briefing, New York City. August 12. 4  BIS central bankers’ speeches  current with their payments – using the special consumer credit panel we developed. The report for the second quarter of this year was just released on Monday.3 Families in New Jersey are reducing their debt levels. As of the second quarter of this year, for those people with a credit report, average debt per person was about $ down from $ three years ago. But the crisis has taken its toll. Delinquency rates on the debt are high: 7.4 percent of all debt in the state is seriously delinquent, roughly the same rate as the nation. The comparable figure for the state just three years ago was 4.1 percent, so, like the nation, households in the state still appear to have a considerable way to go before they reach more comfortable debt levels. While there have been indications that home prices in the area have been firming in the past few months, the mortgage crisis continues to take a toll on New Jersey homeowners.