The vast number of bank branches around this part of the city also confirms the stiff competition in the banking sector and we hope that the public will be the ultimate winner though affordable products and services. Ladies and Gentlemen, it is a well known fact that bank branch expansion programs play an important role in increasing access to the unbanked. However, there is need to complement physical branch expansion with other product innovation programmes that will capture a lot more people in the remote areas of our country. The real challenge for all of us is how to enhance savings mobilisation, and effectively channel the public’s savings to its most productive use. I therefore encourage banks to offer an expanded range of innovative banking products in order to mobilise savings to support financing of economic activities in all parts of the country. Distinguished Guests, the banking sector in this country has, over the last few years, witnessed significant growth in consumer lending. As a matter of fact, on a sectoral basis the “personal loan” category has been the largest recipient of total credit and accounted for 24% of at end-October 2009. The resultant credit expansion has no doubt brought significant benefits to the economy. However, the secondary effects of the recent global economic crisis pose a real challenge to the banking sector through increased non-performing loans. For instance, non-performing loans were recorded at 7.2% as at December 2008 but has almost doubled as at September 2009 to 13.1%.
This year, we received 39 studies, ranging from monetary policy and economic and financial development of the country to topics related to aspects of management of production and financial activities, European integration, and technology innovations applied in the fields of virtual money and finance. These works are characterised by the use of contemporary research methodologies and make use of ample statistical information, to research, through theoretical arguments and cause-effect practical relations, various economic phenomena and the rules governing them. Despite the objective difficulties in selecting the most interesting studies, we have eventually come to a decision on the “Governor’s Award for the Best Diploma Theses” for 2019. Having said that, while limited to selecting only three winners, I take this opportunity to congratulate all the participants for their serious commitment and the ideas, methods and conclusions in their laudable research. I would encourage you to continue in your career, after this first step in scientific research, with many more ambitious ones. Let us now present the winning candidates. Thank you and happy holidays! 2/2  BIS central bankers' speeches