We initially adopted a gradualist approach while we worked on the buy-in of major stakeholders. Progress was also very incremental. However, in 2005, the pace of reforms accelerated and the full shift started to happen.
This involved improving data collection and storage, reviewing and revising competency requirements for bank supervisors, changing the examination and off-site supervisory processes, and pursuing capacity-building to continuously upgrade the skills of bank supervisory staff. At the same time, we have aligned prudential regulations with international standards. Today, we use a range of tools and techniques in deploying our supervisory resources on a proportionate basis.