Policies and measures will be formulated to not only increase the capacity and the capability of the Islamic banking players but also to set the stage for Malaysia to be an active player in global developments in Islamic banking and finance. Ladies and Gentlemen, New players, new technologies, the push to globalisation and continuing deregulation are still driving change in the financial services industry. Productivity, service quality, customer satisfaction and cost are key factors that drive the performance in a financial services organisation. In this uncertain world, the drive towards excellence can only be realised if strategic steps are taken today to enhance capability and capacity, thereby securing the well being of the banking industry and thereby the ability of the industry to contribute to the overall economic prosperity of our nation. On this note, Ladies and Gentlemen, I wish you a successful Summit. Thank you. BIS Review 33/2002  5
Such committees have been set up in practically all EU Member States, normally under the leadership of the central bank, following the recommendation made by the European Systemic Risk Board, on which all EU regulatory and supervisory authorities and central banks are represented. With regard to resolution functions, Spain has already adapted to European regulatory requirements. In this connection it has adopted a structure in which the resolution preparation and planning tasks are assigned to the sectoral supervisors [the Banco de España for banks and the CNMV (National Securities Market Commission) for investment firms], and those relating to the implementation of resolution measures are assigned to the FROB (Fund for the Orderly Restructuring of the Banking Sector). As you know, the FROB is also responsible for the management and ultimate divestment of the stakes the State holds in the capital of banks subject to restructuring plans as a result of State aid granted during the crisis. These arrangements are admittedly more complex than those adopted in most Member States, which have placed all resolution functions – preventive and executive alike – under the remit of the national prudential supervisor. In Spain, coordination between the resolution authorities and between these and the prudential supervisor is so far functioning smoothly.