In other words, the changing regulation would solve problems that we did not have, and could in fact cause unnecessary difficulties for the banks and for the broader macroeconomy. To some extent the revised principles have proved to be challenging, but we are nevertheless expected to abide by them as members of the FSB and the G-20.
On that note, ladies and gentlemen, it gives me great pleasure to announce that on 12th June 2008, in accordance with Section 10 of the Banks and Financial Institutions Act 2000 approval was granted to Wau Microbank to change its name to “Nationwide Microbank Limited”.