The good news is that today isn’t the beginning of this process. Over the past seven years, a huge programme of reform has been underway to fix the fault lines that led to the crisis and to build more resilient sources of finance to serve the real economy.3 The UK has played a leading role, consistent with our position as the pre-eminent global financial centre. 40% of global foreign exchange trading goes through London. Half of all trades in OTC interest rate derivatives. Two-thirds of trading in international bonds. And more international banking activity is booked here than anywhere else. 2  Bank of England survey results. Bank of England survey results. Respondents were asked for their views on the statement ‘I believe that financial markets work in the interest of society’. Possible responses were: strongly agree, agree, neutral, disagree, strongly disagree. 3  See the FSB Chair’s letter to G20 Leaders, available at http://www.financialstabilityboard.org/2015/11 /financial-reforms-achieving-and-sustaining-resilience-for-all/. 2  BIS central bankers’ speeches  Great strides have been made in making the system more resilient. The banks that sit at the centre of many markets are safer, with capital requirements that have increased ten-fold and liquid assets on balance sheets that have risen four‐fold. A new, simple leverage ratio requirement protects the system from risks that we think are low but in fact are not. Banks’ trading assets have fallen by a third since the crisis, and their interbank borrowings have been cut by almost a half.
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.