Therefore, before I conclude, I wish to share a few of our partnership initiatives in a bid to develop this important industry. In March this year we undertook a survey covering 21 credit unions with assets totalling $ million. This allowed us to understand the structure and coverage of credit unions and will help us in developing an appropriate regulatory framework.
In its aftermath, many Asian jurisdictions carried out reforms to improve their insolvency mechanisms. However, most of the initiatives eventually ended up promoting the pace of restructuring rather than the quality of restructuring. This had unintended consequences. Primarily, the widespread financial restructuring that followed resulted in masking underlying long-term weaknesses that were not immediately given the attention these deserved.