A second core reform that emerged from past crises was the need to limit the moral hazard of the safety net extended to insured depository institutions--a safety net that is required to help maintain financial stability. Moral hazard refers to the heightened incentive to take risk that can be created by an insurance system.
*  *  *  Mr. Habil Olaka, Chief Executive Officer, Kenya Bankers Association; Ms. Marianne Ndegwa Jordan, Chief Executive Officer, Kenya Tourist Development Corporation; Mr. Timothy Tiampati, Acting Chief Executive Officer, IDB Capital Ms. Mercy Njeru, Chief Executive Officer, Kenya Rural Sacco Societies Union; Chief Executive Officers of licensed Credit Reference Bureaus; Representatives of FSD Kenya and USAID FIRM; Representatives of SASRA; Representatives of various credit provider institutions; Ladies and Gentlemen: I am pleased to note that you have just concluded the first Annual General Meeting of the Association of Kenya Credit Providers (AKCP).