And I want to greet Sebastián Claro, the new Board member of the Bank, who I am sure will quickly be immersed in the spirit prevailing in this institution. I believe that everyone here today share a legitimate pride because of the place this Bank has achieved both in the Chilean society and at the world level. Let me tell you what happened to me four years and seven months ago, when President Lagos asked me if it would be a problem to me to be appointed Board member and Governor of the Central Bank for such limited period, which was the remaining of the term of my predecessor, Mr. Carlos Massad. I replied that it was not a problem, because it gave me time enough to propose and develop an agenda. It is no secret that I came to an institution that was living a crisis. My predecessor, in an act of great integrity, had chosen to resign in order to avoid the criticism that was building up against the Bank from affecting its institutional capital irreparably. I was aware then that, by accepting the post, I was assuming an enormous responsibility, which consisted essentially in protecting and strengthening its institutional capital. It was, therefore, a major task, that started precisely by introducing policies of riskmanagement, transparency and efficiency that would protect the Bank’s institutionality and autonomy. In global terms, it was tantamount to placing the Central Bank at the same level in management as it was in monetary and financial policy matters.
I can say with satisfaction that it has been materialized during my period and it is also largely stated in our strategic plan for the period 2006-2008. We then proposed to implement a risk-management culture, strengthening the work of our Comptroller department to operate by international standards in matters of internal control, risk management and corporate governance. We gave it tools that grant increased autonomy and efficiency. Today the Board receives also specialized advisory on the matter, through an independent audit and compliance committee, made up by highly qualified members. All of this has helped to improve our accountability and safeguard our autonomy. BIS Review 149/2007  1  In addition, to strengthen the Bank’s autonomy, this process had to come hand in hand with necessary advancements in access to information, in matter of transparency and in communications, both internal and external. I can say today, on the day that I leave, that I feel satisfied with our advances in internal management, of administrative, human resources and risk-management aspects, all under the framework granted us by our Constitutional Organic Law that sets clearly defined objectives and corporate governance. I sincerely thank the Bank’s staff that took in these changes with responsibility and understanding and made them their own. The Central Bank of Chile supports its stronghold in the institution’s credibility and reputation. This can only be built with the rigorous and careful work of all the people that work in it.