Currently, 18 currencies are allowed to settle through CLS. The CBC along with CLS and the banking sector are working to make the CLP the 19th currency of this system. In addition to acting in accordance with its financial stability mandate and contributing to the development of the Chilean financial sector, the promotion of this initiative further support the internationalization of the CLP. Page 16 of 20  Central Bank of Chile September 2019  The reduction of settlement risk of the FX transactions through a PvP settlement in CLS is just one of the benefits of the system. Moreover, CLS reduce the liquidity needs of its participants through the use of multilateral netting, and enhance confidence, particularly in times of financial stress. From a more general perspective, a satisfactory CLS due diligence process along with a broad international participation trading in the CLP, will be a strong signal of the development and competitiveness of the Chilean financial markets. The process for the Chilean peso to become the first South American currency on CLS has started. Last July, we received the visit of CLS executives who had conversations with market participants and fruitful discussions at the CBC. After that visit, CLS and the CBC started the due diligence process. During this phase, the actions from the public and private sectors are essential. Nevertheless, a successful process should not be over before the end of 2021.
Mojmír Hampl: The EU banking industry Speaking points by Mr Mojmír Hampl, Vice Governor of the Czech National Bank, at the European Economic Congress “Section: Banking Industry in the EU”, Katowice, 15 May 2012. *  *  *  “Dzen dobry” – this is unfortunately the only thing I can credibly say in Polish, so the rest will be in my imperfect English. Thanks to the organizers for the invitation and for the opportunity to participate in such a distinguished panel. It is my first time here and I can only hope not the last one after I finish my presentation. Given the time constraints I will focus on a just a couple of quick points to stimulate the debate. My key point is: Let’s not repeat the same mistakes again and again. What I mean is this: Since the onset of the current crisis there has been a constant push for a more pan-European, or “federal-like”, approach to the regulation, supervision and potentially also resolution of the financial industry in the EU. The famous de Larosière report and all its consequences, such as the three new pan-European supervisory agencies, are just direct results of this push and this way of thinking. Some may recall that the Czech authorities were quite reluctant to accept this approach and also the final compromise which brought these agencies into existence, and we believe we had good reasons for this.