ICT, Security, Operations, Credit Control, Anti-Money Laundering and Fraud Investigation departments need to break down the various silos to facilitate faster detection and prevention of cyber financial crimes. No single department or function can be an island in this battle. In the same vein, no bank or financial institution can be an island. One financial institution brought down by a cyber-attack would impact other banks and could ultimately destabilize the entire financial sector. It is for this reason that I call upon all CEOs  2|Page  here present to ensure that Cyber Security is entrenched in our day-to-day operations and strategic plans. Ladies and gentlemen, I am aware that other countries have set up Computer Incident Response Teams (CIRTs) for various industries, including the Financial Sector. It is high time that we seriously begin to consider setting up a financial sector CIRT in Zambia. I believe that the CIRT would, not only assist in ensuring that all financial institutions are collaborating and working as one in mitigating cyber risks, but also enable information sharing. I am therefore calling upon Bankers Association of Zambia to work with Bank of Zambia to ensure that this is achieved. Ladies and gentlemen, I wish you the best and I encourage you to participate actively during the presentations and discussions. Use every opportunity to tap into the vast experience of the resource persons and your peers during these few days. With these remarks, I declare this workshop officially open. Thank you and God bless you all. 3|Page
Even if liquidity abounds, it does not move from those who have it in excess to those in demand, because of the great uncertainty that exists and the decision of financial entities to hold on to their liquidity surpluses to cushion themselves against balance-sheet shocks (Allen and Carletti, 2008) or simply to benefit from buying assets at discount prices. The financial crisis is the outcome of two key phenomena. On one side is a period of stability, low interest rates, abundant liquidity, fast economic growth and an asset price bubble (figure 7). This combination of aggregate factors gives way, as often occurs, to a phase of fast credit expansion. Actually, a financial crisis is much more likely to owe to a credit expansion, but not every credit boom ends up in a crisis 4 . At the same time, many countries have recorded a real-estate boom, but not all of them have found themselves in the extreme financial system breakdown as the United States. The problem is that this has occurred within a spiral of financial innovation in very poorly regulated market segments. One important task will be to figure out why the financial systems of different economies with similar credit growth rates and housing price behaviors have had so different outcomes. The low interest rates prompted a search for better returns. Individuals with zero repayment capacity were provided loans, and to reduce the risk, said loans were securitized and often taken out of the banks' balance sheets (i.e.