The RBNZ has agreed with APRA a Terms of Engagement for Basel II implementation. The Terms of Engagement sets out the RBNZ's and APRA's intent to implement Basel II in a such a way that each supervisor's right to set its own minimum levels of capital is maintained, while at the same time seeking to reduce compliance costs where possible.
DOLE has just recently joined the interagency Financial Inclusion Steering Committee. Yet it wasted no time at all to show its commitment to promote financial inclusion in the labor sector. I would also like to thank our friends from the private sector: Gcash, Paymaya, Union Bank and Cebuana Lhuillier Rural Bank for generously giving their time to talk here in this forum.