I apologise for my physical absence, but I am nonetheless happy to join you by phone for, at least, part of today’s proceedings. Colleagues, two weekends ago I was in Basel, Switzerland for the Annual Meetings of the Bank for International Settlements.
Those Meetings, as some of you are aware, bring together regulators from all over the world and the following standard setting bodies: Financial Stability Board, Basel Committee on Bank Supervision, Committee on Payments and Market Infrastructure,  International  Organisation  for  Securities  Commissions,  International  Association of Insurance Supervisors (IAIS) and the International Association of Deposit Insurers.