A good reflection of this new manner of conduct is in the recent real estate credit legislation. The financial crisis has given rise to more demanding legislation that calls on banks not only to inform but also to act impartially, transparently and professionally, taking into account the rights, interests and needs of their customers. It may be said that the regulations now transcend mere transparency in form. One very positive aspect of the legislation is the improvement in legal certainty. Clearly, by properly protecting the customer, the risks of litigation are being significantly reduced. And such risks are one of the main costs the sector has been bearing. Let us not forget that the cost of litigation far exceeds any potential benefit that some banks might have obtained in the short term through questionable conduct. Moreover, improper conduct does not only affect those banks guilty of it, but the reputation of the sector as a whole. To conclude, this new type of customer-bank relationship must be the starting point for any sustainable banking business model. Naturally, if it is to be successfully set in place, a topto-bottom cultural change is essential in the organisation. This change will be headed for 10/13  failure if the bank’s senior officers and management do not offer their resolute support. Once again, we are talking about governance as a precondition for change to occur. Financial education I have highlighted how society’s demands with regard to banks’ behaviour with customers have increased considerably.
Using a nationwide information campaign, we were able to inform the public about the new 50-franc note’s design and security features in a very short time. This campaign helped members of the public across the country to familiarise themselves quickly with the new banknote. When new banknote series are issued, the demand for information is always greatest at the launch of the first denomination. Third, the return rate of the old 50-franc notes is within the expected range. We anticipate that, six months after the launch date, around two-thirds of the old notes in circulation will have been exchange  BIS central bankers’ speeches  3