The compensation structures did not factor in appropriate safeguards to check or mitigate the adverse consequences or losses that could materialise in the long run from the imprudent or excessive risk taking and jeopardize the safety and soundness of the organization. The crisis also highlighted the absence of enterprise wide risk decision making process.
The reason why we devalued is because we’ve been monitoring our currency closely for a number of years now and our balance of payments. We’ve been doing a lot of work over the last 6 to 7 years putting in a number of policies. The economy was growing quite strongly 2003-2004 on the back of booming building and construction industry.