Whereas in 2008 there were no women in the Central Bank’s Board of Directors, in 2013 there were two women Board directors, and in the current year, 2019, we continue to have two women Board Directors, that is half of the non-executive directors. In 2008, there were no female members of staff among the 31 employees in the top band, comprising the grades of senior executive, head and chief  Page | 5  officers. In 2013, there were 6 out of 38. Presently, in November 2019, there are 12 out of 45. Small steps forward indeed but not insignificant: a clear sign of progress is shown by the fact that if we take the key role of heads, whereas there was only one female head in 2014, there are now 6. The gender distribution of staff below the senior executive grade is predictably more equitable, with 56.7 per cent of all staff in the grades concerned being women, compared to 47.3 per cent in 2008. Conversely at the very top level, that of the Deputy Governors and the Governor, we have to date no woman. That at the very top of the European Central Bank, in the Governing Council, the situation is even less balanced than ours, is certainly no consolation for us. However, that the new President is a woman, Christine Lagarde, is hugely significant. *** As hinted during the launch of our Annual Report last May, the Bank is stepping up its involvement in sustainable finance.
To blame all on-boarding failures only on an ultra-conservative banking sector is simplistic and counterproductive. Reality is more complex than that and the causes might vary from the risk appetite of the European supervisory landscape that follows a common rule book, to problems of asymmetric information, complex corporate structures or business models. Unless we get down to this level, we can never really pass judgement on the actions of banks regarding who they on-board. Banking is all about risk management and banks with a zero risk appetite will eventually starve and be forced out of the market. Such risk aversion should not come at the expense of the right of all citizens to access basic banking services, as this will fuel financial and social exclusion. Banks should therefore be encouraged to use their judgment and sense of proportion when exercising due diligence, and to consider their responsibility given their pivotal role in the financing of the economy. Although certain AML/CFT vulnerabilities had already been identified at a national level and actions were already underway and although the Authorities pledged their commitment to fully address these issues, the Moneyval report has set targets that we must reach. Financial systems trade in confidence and credibility and unless we address these shortcomings, we will be unable to develop our sector further.