The SBP has taken several measures in the last four years to put in place and enforce good governance practices to improve internal controls and bring about a change in the organizational culture. (iii)  Capital strengthening: Capital requirements of the banking sector have to be adequate to ensure a strong base, ability to compete and withstand unanticipated shocks.
*  *  *  I want to thank Daniel Covitz, Andreas Lehnert, Rochelle Edge, Mark Van Der Weide, William Treacy, Karen Pence, Andrew Cohen, Sean Chu, Sean Campbell, Seth Carpenter, Ben McDonough, April Snyder and Winthrop Hambley for their assistance in the preparation of these remarks.