Again, the structural features of our financial system may pose a challenge, given that most long-term saving in the economy is done through the non-bank financial institutions, which in turn provide short term deposits to the banks. However, we are not the only country with such concerns, and discussions with the Basel Committee on Banking Supervision are ongoing.
Although our banking system emerged relatively unscathed from the crisis, with no extraordinary measures needed to protect the banks or the financial system, we cannot be complacent. There is ongoing work to strengthen the regulatory architecture with a move towards a twin peaks model of financial regulation.