If procyclical effects exist on a significant scale, they should then be taken into account in a system-oriented supervisory approach. Now, I have already indicated that the fundamental issues concerning procyclicality also have to do with accounting. Fair value accounting leads to valuations fluctuating along with market prices. This evidently heightened the financial market turbulence.
*  *  *  Director of Ceremony Heads of Syndicate Member Institutions Ms Maya Makanjee, CEO of FinMark Trust Distinguished invited Guests Members of the Media Ladies and Gentlemen, Good morning! I would like to welcome you all to this very important workshop, held at this very important time in the development journey of our country.