But it is not so far-fetched to think that, with time and sufficient economic incentive, the financial, technological, and regulatory barriers to the disintermediation of prudentially regulated banking firms could be overcome.
Indeed, I see this tremendous vote of confidence by foreign investors as a much needed wake-up call to the local private sector. The message is clear. The local business community must get back into the game; stop watching and commenting from the sidelines. Some commentators have questioned the rationale behind this bond issue.