.Before I begin my remarks today, I would like to thank the FSI and EMEAP for once again organising yet another excellent event in the series of High-Level Meetings in Asia. Prior to taking up my current role in Basel, I attended these events as an Australian bank supervisor, and always found them to be valuable opportunities for the exchange of ideas and views between the region’s senior regulators and industry representatives. Although I am now based in another part of the world, I am very happy to be able to continue to participate and contribute to these discussions.
I would also like to acknowledge that the Asian region leads the world in its implementation of Basel III. The region has benefited from the development of strong banking systems supported by strong regulatory regimes. Furthermore, many of you have recognised Basel III as a minimum, and have adopted local practices that impose additional requirements to deal with local risks. The result is healthy banking systems that are well equipped to support economic growth, not least by stepping into the gap created by the constraints faced by many banks in other parts of the world.