The more inclusive process to global standard setting is therefore very much welcomed and needs to be further enhanced through continued open dialogue and support for implementation approaches that are more responsive to unintended consequences at a jurisdictional level. Today, the Bank will communicate its intention to extend the observation period for the Net Stable Funding Ratio, or NSFR, in Malaysia for another year to 2020. This takes into account the Bank’s intention to conduct further on-site assessments to validate the maturity and robustness of the liquidity and funding practices of banks, and uneven progress in implementation at the global level. 3/4  BIS central bankers' speeches  The Bank remains committed to implementing the NSFR requirements as part of overall liquidity standards applicable to licensed banks in Malaysia. At present, all banks maintain adequate liquidity buffers against short term liquidity stress, and the vast majority of banks already report NSFR levels above the minimum 100% based on observation data. Let me now draw my remarks to a close. The task of financial stability authorities is to prepare for the worst, and work for the best. There are rarely easy fixes to the issues that we face, but also no shortage of diverse experiences to draw from and to guide our path. It is my hope that this conference will serve to generate useful discussions that will help inform our own preparations to confront any eventuality, and strengthen our conviction that being prepared is better than being right.
I can assure you, Ambassador Franco, that we look forward to continuing the successful cooperation with you and your staff that we had during the previous project. I would also like to thank you and your collaborators for having supported the preparations and for your help in handling a number of technical, administrative and legal issues. Sound practices in the fields of banking supervision and internal audit are important not only for the effective performance of the tasks of a central bank, but also because they contribute to the efficient and stable functioning of the financial system that benefits the economy as a whole. We have noted with great interest the reform efforts of Chairman Ignatiev and his team in the Bank of Russia over the past years. With this programme, the Eurosystem hopes to contribute to further strengthening the Bank of Russia’s banking supervision and internal audit functions. Allow me to conclude by expressing my confidence that the implementation of this programme will be characterised by the close and constructive cooperation between the Eurosystem and the Bank of Russia, as well as with the Delegation of the European Commission to Moscow. Za nashe sotrudnichestvo! Thank you very much for your attention. 2  BIS Review 32/2008