It is with great pleasure that I welcome you all to the launch of our 2nd National Microfinance Awards. A number of us were fortunate to be present during the first Awards presentation ceremony last October, which coincided with the Pacific Microfinance Week Conference in Nadi.
In addition, the Bank is working towards developing a macro stress-testing framework, especially for credit risk. Let me now move on to discuss issues related to Basel II, which represents a major change in the supervisory framework and a challenge to both supervisors and banks.