In striving for clarity, the merged groups should place particular emphasis on explaining clearly and transparently how they have treated potentially impaired assets in the mergers. They should offer not only quantitative information but also explanations so that this information is interpreted correctly. –  Second, banks should continue resorting to international markets to roll over their wholesale funding. As stated, the loan from the Eurosystem has progressively declined and institutions should persevere along these lines. It is vital to remain active in euro interbank markets, to participate in the central counterparty clearing houses and to resort to the primary markets and, insofar as the latter allow them, to extend the average maturities on their funding. BIS Review 161/2010  5  But they must also report to investors that business is as normal. The regular supplementary information I referred to in the previous point should include a section that reports on the status of wholesale funding, with a breakdown of instruments, the corresponding collateral and their duration. –  Third, perseverance in the mergers under way, particularly in the savings bank sector, is vital. The progress to date has been most significant and institutions are meeting the deadlines. But further progress in this connection is needed, and there must be no wavering in the integration plans agreed upon. This phase foresees creating the new institutions and setting out the terms of their governance.

More can be done collaboratively with national agencies to propagate successful financial education strategies; to promote more effective coordination with financial inclusion and financial stability mandates; and to develop frameworks, tools and guidance that can be adapted to local conditions. Frameworks for evaluating the effectiveness and measurement of financial education initiatives should be developed to avoid pitfalls that can lead to poor outcomes despite significant time and resources invested in many activities. At the regional level, consumer protection measures are being developed in tandem with the proposed economic measures to achieve greater economic integration under the ASEAN Free Trade Area. For the region, enhancing financial literacy of consumers will be an important consideration in raising the standards for consumer protection frameworks and in promoting financial inclusion. I expect that this will be discussed at the ASEAN Roundtable which will take place tomorrow and I encourage your active contribution to this important dialogue. The roundtable discussion will provide opportunities for ASEAN policymakers to share countries’ experiences, exchange key insights on promising approaches and to explore new ideas and identify opportunities to deepen collaboration at the regional level. These are important matters as it enables policy makers to formulate new development policies and better strategies. It has been a very productive symposium. The dedication and commitment expressed by those who have participated so actively in the various sessions should energise and inspire us all to strive even harder and achieve more to improve the well-being of our communities.