And I insist that, in the current circumstances, this decision must be taken promptly, if the necessary capital is to be raised for the projects that need to be developed. Firms in other sectors of the economy, savings bank workers, the public in general and welfare projects will ultimately be the true beneficiaries of concentration processes conducted in accordance with the criteria of rationality I have referred to. The Banco de España, in its capacity as the supervisory authority, has adapted the organisational structure of its supervisory services to the new savings bank map, in order to monitor meticulously the progress of each project. Before concluding, I must draw attention to an urgent outstanding task. Over the past year, savings banks have performed an excellent job of self-criticism, reform and adaptation which, in my opinion, has only been partly publicised and explained to all parties interested in their welfare: the financial markets – on which they depend for the lifeblood of funds to conduct their activity – and the public, who are the ultimate beneficiaries of the banking services the savings banks provide. Businesses, balance sheets and income statements have been integrated, market values, capital gains and capital losses have been recognised, and assets have been written off in the concentration processes, which will be recorded in the accounts at year-end 2010. This overhaul and the key future milestones in the concentration processes (relating to resources, systems, human resources, etc.) have not been sufficiently communicated to all interested parties.

Many Asian economies rebounded quickly and strongly from the crisis. Following the onset of the crisis, policymakers in Asia took prompt actions to stabilise their economies, using measures such as fiscal stimulus. In Singapore’s case, our fiscal flexibility allowed the government to introduce a $ billion resilience package in the FY2009 budget to help Singaporean businesses and households tide over the economic difficulties. This also helped strengthen our economy’s long term competitiveness. 5. Starting from a relatively stronger position, Asia’s role in the global economy will become more important as we continue to build on our strengths. Looking ahead, Asia’s economic prospects look promising, although the region is still at risk from external shocks. The IMF estimated that GDP growth for Asia will settle at a more sustainable 7 percent in 2011. However, Asia as a region remains inter-connected with other major economies through trade and financial linkages. Therefore, Asia is not insulated from external shocks. But Asian foreign policymakers have been quick to respond. To reduce reliance on exports, many Asian countries have taken measures to rebalance their economies towards domestic demand. The growing Asian demand will help support the global economic recovery; and in the longer term, contribute to the growth of our global economy. 6. Going forward, it is widely expected that Asia will continue to lead the global recovery. Investors are confident of Asia’s prospects due to sound economic fundamentals and fiscal strength. The booming Asian economies will present many investment opportunities.