The Bank has already expressed its serious concern at the failure of controls which allowed events at Allfirst to unfold. I have written to the Chairpersons of all credit institutions reminding them of their obligation to ensure that risks are controlled and managed to best international standards.
It is the real sector that should drive the financial sector, not the other way round. This thought is also a convenient place to introduce my last point, namely financial sector regulations. In the coming months and years, how the world regulates the financial sector will change dramatically.