*  *  *  Dear Shareholders, Members of the Board, Deputy Governors, Ladies and Gentlemen, The past financial year has been as difficult as any since the global financial crisis began. The crisis has continued to mutate and the impact on South Africa has been compounded by domestic challenges that have at times overshadowed the global risks.
The latest mutation comes in the form of a slowdown in the emerging market economies, which until recently had been the main engine of global growth.