The problem is only made more complicated by the understandable focus of supervisors in each jurisdiction on ensuring that the entities under their supervision are sufficiently capitalized to absorb risk. We have come a long way in global banking, with deference to home consolidated supervisors, but the legal entity supervisor still needs the assurance that capital is protecting risk in the individual unit.
I extend my warm appreciation to the MMA for this laudable initiative which comes at a very opportune time when the country, having embarked on a rapid development path, is increasingly in need of professionals who are pragmatic in their approach but modern in their mind, to say but the least.