• And finally, full and timely implementation of Basel III to ensure a sound and properly functioning banking system that is able to support economic recovery and growth on a sustainable basis. Page 4 of 15  Therefore, an important challenge and one of the top priorities of banking sector, is to adapt to the complex regulatory landscape while maintaining profitability.
And let me tell you, this is a big challenge as not only the number of regulatory changes that banks need to comply with has more than tripled since the last decade but the scope and complexity of these regulations have expanded from multiple perspectives. I will now briefly discuss some of the consequences of the financial crisis and measures I just described.