That wasn’t really fair, as it contravened the principle that it is, first and foremost, shareholders and investors who must bear the consequences of their decisions. And it goes at least some way to explaining the increasingly critical attitude of some 3/6  BIS central bankers' speeches  members of the public towards our economic and financial system.
I would like to thank the Association of African Central Banks and, in particular, the Working Group on Cross-Border Supervision of the Committee of African Banking Supervisors for being present here today. We are indeed privileged to host fellow central bankers and regulators from across the African continent to discuss matters relating to the implementation of IFRS 9.