For all these reasons, and particularly because banking is a public good, there is an overwhelming case for the central bank, or for whoever is regulating the banking sector, to do what no other body is allowed to do, namely regulate, inspect, and supervise the business of banks.
Once the crisis started unfolding, we at the Bank of Mauritius saw the need to step up our vigilance and to take prompt action to sustain investor confidence and buttress long-term financial stability.