Third, the entry into force of the Mechanism will entail the need to conduct new activities and develop new functions: the monitoring of the banking systems of the remaining euro area countries, which is needed to underpin the Banco de España’s place on the Supervisory Board; participation in the definition of the Mechanism’s supervisory policies and in the administrative procedures in relation to the significant banks; and also collaboration in the performance of other horizontal and specialised supervisory functions developed by the SSM. Fourth, there are certain areas of banking activity whose supervision will not be assumed by the Mechanism, but will continue to be within the remit of the national authorities. The Banco de España will thus continue to exercise supervisory powers in the areas of money laundering prevention, consumer protection and, partly, in the oversight of financial markets. It will also retain the supervision of banking foundations within its sphere of competence, that is to say having regard to regional governments. Fifth, the Banco de España, like the other national supervisory authorities participating in the SSM, fully retains its supervisory powers over non-bank financial institutions, other financial institutions and entities related to the financial sector such as payment institutions, electronic money institutions, credit financial intermediaries, mutual guarantee companies, currencyexchange bureaux and appraisal companies. In short, with the launch of the SSM, the main centre of supervisory decision-making on significant Spanish banks has passed from the Banco de España to the ECB.
This year’s theme, “Promoting Financial Inclusiveness”, is also very topical for us in Zambia. Only two months ago, Zambia hosted the Smart Partnership Dialogue that brought together  BIS Review 118/2008  1  over 500 delegates from different parts of the world (including current and former Heads of State and Government) to discuss several developmental issues under the theme “realisation of national visions”. The conference had a session focusing on financial inclusion. Chairperson, in recognition of the importance of the financial sector towards national development, the Zambian Government formulated a five year Financial Sector Development Plan (FSDP). The FSDP is aimed at addressing various weaknesses in the Zambian financial system, among them being the low financial intermediation and limited access to finance and financial services. As a matter of fact, in recognition of the key role that financial inclusion plays in the development of the financial sector, the Bank of Zambia has in its strategic plan for 20082011 adopted financial inclusion as one of the strategic objectives. In order to determine the existing gaps in the provision of financial services in the Zambian economy, a market knowledge study called the “Finscope Demand – Side Survey” was conducted in 2005 to review the inclusiveness of the Zambian financial system under the auspices of the FSDP.