We have already seen significant consolidation and increased efficiency of the banking sector as the first phase of FSMP ended. In addition to FSMP, the amendments and introduction of a number of legislations, such as the new Financial Institutions Act and the Deposit Insurance Act, will foster a more efficient financial sector. On the supervisory side, we have also continued our efforts to enhance financial sector's resiliency to unfavorable disturbances through an early adoption of IAS 39, currently underway, and the new Basel Capital Accord at the end of next year. FSMP and improved supervision will complement structural reforms in the real sector to bring about strong foundations for further economic growth and stability. Structural reforms in the real sector continue to need concerted efforts from both the private and public sectors as well as support from foreign investors like all of you here. The BoT is committed to doing all the necessary work for a strong financial sector that will provide a supportive environment and infrastructure for the private sector to prosper. Ladies and gentlemen, the essence of my talk today is to reassure you that the performance of the Thai economy has been satisfactory and that, despite the adverse environment and challenges facing the Thai economy, I strongly believe that the Thai economy will be able to continue to perform favorably while moving forward. We are strongly committed to implementing the most appropriate policies to help foster growth, stability and resiliency of the economy and to further strengthen its solid foundation.

It is an original member of the IMF and the World Bank, and is represented on the Executive Boards of both institutions together with seven other countries in the Nordic-Baltic Constituency. In line with its long-held policy of supporting multilateral institutions, Norway entered into a bilateral loan agreement with the IMF in the first half of 2009, when the IMF urgently needed to strengthen its lending capacity. Later in 2009, Norway agreed to raise its commitment under the New Arrangements to Borrow (NAB) and expanded its voluntary transactions in SDRs following the large allocations. It also committed to support IMF lending facilities for low-income countries. Thus, Norway has actively backed the multilateral responses to the global crisis, in large part stemming from decisions of the G20 at the London Summit in April 2009. Norway has a strong external and fiscal position based on large petroleum revenues. The lion’s share of the revenues is invested abroad through our sovereign wealth fund. 1  The membership of the G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union. The G20 was formed as a new forum for cooperation and consultation on matters pertaining to the international financial system. It studies, reviews, and promotes discussion among key industrial and emerging market countries of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization.