This process is not a one shot affair; it needs to be appropriately phased in the least disruptive manner. The subject of the Conference is, therefore, very timely and appropriate and I would like to take this opportunity to congratulate the organizers for this theme.
As you would all appreciate, the banking and financial crises in recent years in emerging economies have demonstrated that, when things go wrong with the financial system, they can result in a severe economic downturn. Furthermore, banking crises often impose substantial costs on the exchequer, the incidence of which is ultimately borne by the taxpayer.