In the longer term this Bureau will definitely play a catalytic role in improving the quality of our financial sector. Let me clear one misconception. The Bureau is a repository of credit information on borrowers. When processing application for loans banks are required to consult the Bureau through an electronic network before deciding whether or not to approve the application for the loans.
The decision whether or not to approve the loans however rests with the banks themselves, not with the Bank of Mauritius. Ladies and gentlemen, right at the outset I mentioned that financial sector liberalization necessarily requires monetary discipline, labour market discipline and fiscal discipline.