Excluded observations account for approximately 0.5% of the entire sample. Notes: For all models, the dependent variable is “failure”. Standard errors are shown in brackets. 26  (*)  Significant at the 10% level  (**)  Significant at the 5% level  (***)  Significant at the 1% level  BIS central bankers’ speeches  Table 6: CAMEL-based determinants of bank failure for FDIC-insured banks(a) Variable Risk-based capital ratio Asset quality Efficiency ratio Return on assets Liquid asset ratio McFadden R2 Likelihood Ratio (Chi-square)  Coefficient –0.04*** (0.01) 0.05 (0.03) 0.001 (0.001) –0.16** (0.07) –0.07*** (0.01) 0.075 261.12***  (a) Sample excludes outlier banks with very large risk-based capital and leverage ratios. Excluded observations account for approximately 0.5% of the entire sample. Notes: For all models, the dependent variable is “failure”. Standard errors are shown in brackets. BIS central bankers’ speeches  (*)  Significant at the 10% level  (**)  Significant at the 5% level  (***)  Significant at the 1% level  27  Chart 1: Number of employees in UK regulatory (a) bodies and the finance industry, 1979–2012  Chart 2: Number of employees in US Federal regulatory bodies and number of commercial (a) banks, 1935–2010  Source: Bank of England, Securities and Investment Board, Financial Services Authority annual reports, Capie (2010), Office for National Statistics and Bank calculations.
Major attractions include the Victoria Falls (one of the seven natural wonders of the world) and the Kariba Lake (one of the largest man-made lake). Specific areas of investment in this sector include: •  Game ranching;  •  Provision of accommodation (i.e. high quality five and four star hotels, Lodges and Camp sites near the popular tourist areas);  •  Transport service – Investment potential exists in air charters in form of helicopters and/or small planes to service game areas;  •  Adventure holiday packages;  •  Organised tours;  •  Out door sports facilities (golf courses and stadia); and  •  Zambia’s cultural heritage. 3.6  Construction and real estate  The construction sector is yet another area of investment as the economy expands. A lot has been done in the recent past in construction with housing schemes coming up in various parts of the country. However, there is still a large deficit in terms of housing in Zambia. This deficit in housing provides an opportunity for further investment in the construction of more houses. 4.0  Conclusion  Looking ahead, the achievement and maintenance of a low and stable inflation rate, remains key to enhancement of investment, business planning, confidence in the economy, maintaining external competitiveness and stabilising people’s incomes. In the medium-term, Government continues to pursue market and structural reforms in partnership with the private sector with the view of consolidating the gains so far attained for sustained economic growth and development.