Admittedly, this is no simple task, particularly since we have to contend with the challenges brought about by globalization which has significantly altered the course of the international financial system. To respond to this challenge, we have intensified our structural reform efforts to ensure that banks and other financial institutions continue to operate safely and efficiently.
It is this steady commitment to financial reforms that has helped contribute to a stable and resilient financial system. The banking system, in particular, has managed to perform creditably amidst a complex and rapidly changing environment. Performance of the banking system In more concrete terms, key financial indicators as of end-June 2007 reflected overall soundness of the banking system.