The Labuan IBFC's competitiveness will be further enhanced through a revision of the pricing structure pertaining to incorporation and maintenance fee charges. There will be an annual reviews and prices will be revised in response to competitive market developments. The Labuan IBFC will also leverage on the national strategy of the Malaysian Islamic Financial Centre by promoting Syariah-compliant trusts and foundation. These products will complement Islamic financial products and services already available in Kuala Lumpur. Efforts will also be taken to further develop Labuan's captive insurance business which has enjoyed commendable growth over the years. Conclusion Ladies and Gentlemen, The establishment of Labuan as an international offshore financial centre in 1990 was indeed a bold step in its time. We are now seeing the payoffs from this initiative. With the transformation of Labuan as an International Business and Financial Centre, our ambition will be taken further. The new name signals that Labuan is ready to take on the much broader and larger role. The new name also represents a commitment. A commitment for the future. To demonstrate this commitment, the Government and the regulators have put in place the supportive and enabling environment to promote a more connected and more cost effective environment. Continued initiatives will also be taken to remove any impediments and obstacles to a more efficient delivery system and to advance forward the Labuan IBFC. 2  BIS Review 10/2008  The responsibility for ensuring the ambitions of the Labuan IBFC to be realised, is however, a shared responsibility.
In 2010, the National Bank of Romania adopted the Strategy for IFRS Implementation by credit institutions starting with the 2012 financial year. For its implementation, the updating of the accounting regulatory framework was completed and steps were taken to ensure  BIS central bankers’ speeches  1  transition towards the new standards. Thus, credit institutions will prepare and present action plans whose implementation will be monitored by the central bank throughout the remainder of this year. Also in the first half of 2011, the financial reporting framework suiting the needs of the supervisory authority was updated. The National Bank of Romania, in its capacity as an authority responsible for prudential supervision of the banking system, has recently prepared and sent for public consultation the bills needed to elicit accounting figures reported by banks so that they match the banks’ prudential objectives. I trust this endeavour aimed at broadening the scope of applicability of such standards, serving as the basis for accounting and for preparing individual financial statements by credit institutions in Romania, should be seen as a sine qua non condition to secure effective supervision of the Romanian banking system. Let me stress that the importance of implementing the International Financial Reporting Standards by credit institutions in Romania is also reflected by the new financing agreements signed with international institutions (the European Commission, the International Monetary Fund, the World Bank).