Besides being grossly undercapitalized, the banking industry was characterized by several weaknesses including poor corporate governance, poor asset quality, inaccurate reporting and non-compliance with regulatory requirements, falling ethics and de-marketing of other banks in the industry, gross insider abuses resulting in huge non-performing insider related credits, oligopolistic structure  4  BIS central bankers’ speeches  with 10 of the 89 banks controlling more than 50 per cent of the industry assets and liabilities, lack of capacity to support the real sector of the economy, and lack of competition by banks in savings mobilization to boost the level of deposits.
Conclusion There is an old joke about a lost traveller who asks for directions and is told by a local, “I wouldn’t try to get there from here.” Unfortunately, we have no choice about our point of departure. It would be easier if we were starting from a better place, but we aren’t. Happily, the original road map established in 2009 remains broadly appropriate.