And the Basel Committee on Banking Supervision, the Financial Stability Board and other standard-setting bodies have paved the way for this reform. I will come to some elements of this later, but, most importantly, the Basel Committee devised the Basel III framework with enhanced capital requirement rules, a leverage ratio, new liquidity regulations, new  1  2  Shiller, R. (2015), Irrational Exuberance.
Ladies and Gentlemen; these initiatives and reforms have led to notable improvements in the levels, reach and depth of access to financial services especially among the lower population segments. The results in terms of numbers are astounding with deposit accounts growing tremendously over the years. But such a vibrant sector requires to be safeguarded; that is why financial integrity becomes important. Financial integrity 9.