I would like to emphasize that the Federal Reserve desires to ensure that the final rule for Basel II is a substantial enhancement over existing Basel I rules, appropriately capturing the risks of our largest, most complex banks, and encouraging continual improvement in risk-measurement and -management systems.
Ladies and gentlemen, the Bank of Mauritius makes forecasts but it can’t predict the future. Yet, the only certainty which can shape our steps is that there is an urgent need for the banking and finance industry to reinvent itself if it wants to stay relevant in an increasingly competitive global environment and with rapid digitalisation of banking business.