Important initiatives are planned for the sector in the areas of regulation and taxation. There is greater competition now. Technological development will pose new challenges. As we approach the new Millennium it is fitting that we should take time to reflect on these and prepare for them.
Banks are central to the national economy in the widest sense.
The value of both roles is recognised and appreciated by the Government. There must be a constructive relationship between the banks and the State, through its various agencies. One based on mutual trust and respect. One which recognises the reality of the marketplace and one which respects the overriding obligations to society as a whole. That requires the banks to be at the leading edge in terms of margins.