The exception is the primary industries, which play a far more important role in these two counties than in the rest of the country. The share employed in the public sector is also somewhat higher than in Norway as a whole. Developments in North and South Trøndelag counties are largely consistent with the overall picture for Norway. Suppliers to the petroleum industry and business sector services report particularly strong growth. The interviews reflect optimism with respect to the next half year with confidence in continued growth. The service sector and suppliers to the petroleum industry are also expecting the strongest growth ahead. With the exception of retail trade, all industries appear to be increasing investment. Construction of day-care centres is pushing up investment in the local government sector. Investment is still high in the service sector, but high investment over the past year is pushing down growth ahead. In general, profitability developments are favourable. The retail industry reports unchanged profitability, while the building and construction industry has reported an improvement in profitability. Profitability growth in the export and service industries appears to be solid. Employment is rising in the region and unemployment is at its lowest level for five years. For manufacturing and retail, the rate of employment seems to be constant, while the construction and service sectors are showing a clear rise. There are clear indications of growth in employment in the local government sector. Skills shortages are increasingly being perceived as a constraint on production growth.
However, I am less sanguine when it comes to the credibility component, which boils down to trust. Trust has to be earned over a long period of time, and can be lost overnight. 2/4  BIS central bankers' speeches  For Hong Kong to excel, it is not enough for our financial institutions and practitioners to be technically competent only. They must also uphold high ethical standards in order to gain the trust and respect of customers. 10. In the past few years, a number of misdeeds by some financial institutions and practitioners have come to light. For example, the rigging of LIBOR had led to international reform of interest rate benchmarks, a process which is still ongoing. There were also cases of front running and other irregularities in FX and gold trading that had led to investigation into some banks and senior bankers. All these point to the weakness of the tradition of “self-discipline” amongst financial practitioners. It is now considered that more comprehensive and possibly more prescriptive guidelines on ethical standards and conduct are needed to strengthen the system. The latest FX Global Code is the outcome of one of such reforms. The Code was developed over the past two years by 16 central banks, including the HKMA, together with private-sector institutions from both the buy and sell sides. It is a comprehensive set of global principles on good practice in the FX market, and it is intended to promote a robust, fair, liquid, open, and transparent market.