At the current rate of migration, we expect to see that rate to come down much further before the end of June. Closing remarks Driving and sustaining an inclusive transformation of Malaysia’s payment ecosystem is a collective effort. Bank Negara Malaysia will continue to foster a conducive payment ecosystem, with the National Payments Advisory Council (NPAC) playing a more active role in shaping priorities to enhance and future-proof the country’s payment systems. PayNet will serve as the key vehicle for collaboration at the infrastructure level, encouraging more open competition and greater innovation in payment solutions by both banks and non-banks in serving the public and economy. The remaining piece is the continuous education of businesses and consumers to encourage the desired change in payment behaviour that will deliver important efficiency and productivity gains for our economy. 4/5  BIS central bankers' speeches  Let me conclude by congratulating MyClear and the winners of today’s awards ceremony. I hope that today’s event will inspire greater achievements in accelerating Malaysia’s migration to epayments. 5/5  BIS central bankers' speeches
Outstanding bank lending to corporates is rising at a faster pace in France than anywhere else in Europe: +4.5% year-on-year at end-November 2015, compared with +2.1% in the United Kingdom, +1% in Germany and an average of +0.9 % for the euro area as a whole. In fact, based on the responses given by business leaders to our surveys, it seems that applications for investment loans are generally accepted fairly readily, and the same seems to apply, more or less, to cash loans. Although difficult to measure, firms’ willingness to apply for loans appears to be strong. Surveys conducted by the ECB show similar results, and rank France on a par with Germany in terms of access to credit and willingness to apply for loans, well ahead of the other major countries in the euro area. Interest rates on loans are also lower in France than anywhere else in the euro area – by around 1 percentage point in the case of individual loans of up to EUR 250,000. With regard to today’s topic, however, there are a number of important distinctions that need to be made. Access to credit is markedly more difficult for VSEs than for other SMEs: –  fewer than 60% of applications for cash loans were accepted (i.e. granting of 75% or more of the requested amount) in the third quarter of 2015, compared with 74% for SMEs.