But if we are to succeed in transforming the economy, we must realise that the adjustment programme highlights only the minimum changes that need to be made. Thus, in no way does the programme relieve us from our primary responsibility as a nation to implement a broader national action plan for growth, incorporating policies for the transition to a new model of sustainable growth.
The first step we took, pursuant to EGRPRA, was to listen to industry and others with a stake in how community banks are supervised, which was accomplished through soliciting written comments and by holding six outreach meetings in 2014 and 2015.