Financial liberalization, along with rapid economic growth, induced by the steady increase in oil and gas prices, set in motion the evolution of a more sophisticated, more diversified and more complex financial sector which brought with it many benefits. Not unexpectedly, it also brought a whole host of challenges, some of which are still to be resolved.
Let me cite some of the more notable changes that have occurred in our financial system over the past twenty years: •  There has been significant consolidation among the banks, with the three largest banks now accounting for 70 per cent of total bank assets; similarly the three largest insurance companies accounting for three-quarters of the insurance industry.