During 2010, the Bank made substantial progress in setting up a credit reference bureau which will allow the banks to exchange information on customers in an effort to reduce the  BIS central bankers’ speeches  5  incidence of nonperforming loans, reduce the interest rates on loans and stimulate private sector credit flows. The relevant bill has been drafted and forwarded to parliament for enactment, and draft guidelines have been developed. Staff of the Bank have also been trained in the management of the credit reference bureau and an office has been established. Your Excellency, distinguished guests, the Bank continues to be vigilant in the supervision of the financial system and I shall now outline policies geared towards repositioning the Bank to meet the challenges of the financial sector. Repositioning the Bank of Sierra Leone to meet the challenges of the financial sector Your Excellency, distinguished guests, before I start on the current activities of repositioning the Bank, I would like to acknowledge the efforts of past Governors in reforming the financial sector through the implementation of various IMF/ World Bank programmes, since this dinner coincides with the 50th Independence anniversary. In this regard, we pay tribute to Mr. Gordon Hall, the very first Governor and Mr. Sylvanus Nicol-Cole, the first Sierra Leonean Governor. We also want to remember two former Governors who sadly passed away whilst in active service; late Messrs. Sam Bangura and Victor Bruce (may their souls rest in peace).
Temporary cut in the interest rate on CHF-denominated loans in order to offset the impact of the stronger CHF May be a valid option, given that both the benchmark rate of the Swiss National Bank and the CHF market rate have reached negative values. C.  Implementing a debt rescheduling scheme, with the award of a compensation by the State Such a solution would be efficient in light of at least four arguments. First and foremost, it would contribute to a higher disposable income of the beneficiaries of this scheme (performing borrowers), with favourable effects on consumption and economic growth. Secondly, it represents a burden-sharing approach among creditors, borrowers and the State. Thirdly, enforcing the relevant law implies favourable effects also in terms of managing the structural liquidity surplus in the banking sector. Fourthly, the measure targets the segment of vulnerable borrowers, with gross monthly incomes of up to lei 3,000, given households’ high degree of indebtedness and its uneven distribution across various income groups. The measure proposed by the Government consists in amending Government Emergency Ordinance 46/2014 by extending its scope of applicability and introducing simpler and more flexible loan rescheduling procedures, and may be applied to CHF-denominated loans as well. The legislative enhancements are aimed at providing some relief to low-income borrowers facing temporary difficulties in repaying their loans, while also improving the mechanism so as to be promoted by banks and requested by eligible debtors.