It is fair to say that the Bank was initially glad to cede many of its financial powers, but that it was later even more glad to have those powers restored. Financial supervision has also been reformed in the United States in light of the crisis. The Federal Reserve, which always had regulatory powers, received enhanced authority and devoted more resources to financial stability.
At the outset, I would like to thank the Kenya Institute of Bankers for inviting me to this forum. I also applaud all those who participated in organising this conference for their commendable efforts. Ladies and Gentlemen: My task this morning is to invite the Minister for Finance to deliver his keynote address to this gathering and also officially open the forum.