These will enhance soundness and provide for enhanced confidence in the sector, supporting its role in providing important financial services to the community. We will continue to work with credit unions to support appropriate restructuring measures, the embedding of the strengthened regulatory framework, and to facilitate prudent and appropriate development.
This is also a landmark year for the insurance sector, with the Solvency II framework going live. The “whole balance sheet” approach to capital calculation combined with the strong emphasis on a firm’s risk management and supervisory review will result in a muchtransformed regulatory and supervisory framework.