As a result, credit institutions' capital adequacy ratio stands three percentage points above the regulatory minimum, calculated in accordance with Spanish rules, and almost five percentage points higher according to the criteria of the Basel Banking Supervision Committee. As a result of the lower rate of banking activity, combined with the impact of the crisis in Argentina, with the consequences of the full implementation of the statistical provision and with the unfavourable performance of stock markets, the growth of net attributable earnings after tax declined to 6.9% in 2001. Although this growth is but one-third of that posted the previous year, compared with our peer countries it may be viewed as satisfactory. This result has been possible thanks to the favourable contribution of the traditional business segment in Spain. Reversing the trend of prior years, the net interest margin picked up slightly while operating expenses fell. As a consequence of the foregoing, the fall in the return on equity was cushioned. Spanish banks have thus successfully negotiated a relatively difficult year. Contributing to this, undoubtedly, have been the improvements during the lengthy expansion in general and risk management, in the containment of costs and in the reinforcement of solvency. These improvements should be built on. Regarding this latter issue, I wish to highlight the significant stabilising role that the  BIS Review 38/2002  7  so-called statistical provision has begun to play.
Caleb M Fundanga: Access to improved financial services in Zambia Remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the Standard Chartered Bank M-Banking Media Launch, Lusaka, 17 March 2009. *  *  *  The Standard Chartered Bank Plc – Managing Director, Ms Mizinga Melu Management and Staff – Standard Chartered Bank Zambia Plc Members of the Press; Distinguished Guests; Ladies and Gentlemen I am honoured and thankful for the invitation to officiate at this important launch of the m-Banking product. Distinguished Ladies and Gentlemen; allow me to begin by commending Standard Chartered Bank for the important role it continues to play in the financial sector in Zambia. Since 1906, when Standard Chartered Bank was established in Zambia, the bank has grown to be one of the biggest players in the market. As at 31 January 2009 the bank accounted for about 15% of the banking sector’s total assets, while its deposit base accounted for 18% of total sector deposits. More importantly, the bank’s loan portfolio accounted for 13% of the total loans in the sector. Madam Managing Director, I congratulate you for the Bank’s commitment to providing products and services that best suit the needs of customers. This, in my view, should be emulated by other banks to ensure that more people have access to banking and financial services that are tailor made to meet the needs of customers.