we are done with basel, but we should lose no time and start implementing it. and one point is of crucial importance in my mind : after having implemented basel iii, we need a regulatory break — because, yes there is regulatory fatigue ; but do not get me wrong — this is no ticket for regulatory capture and deregulation. as tired as banks are of new regulation, as tired are we regulators of their ( often unsolicited ) lobbying efforts. in that sense, i clearly expect from the industry to adapt their business models to those new rules. the comparable positive reaction the stocks markets showed in face of the basel compromise is in my view a sign for the value of regulatory certainty – so let ’ s go for it. therefore, let me recall the objective of basel iii, which is to reduce rwa variability, and not to raise regulatory capital on average. we still strive for that objective in the implementation period that will follow. so, the answer to our leading question is : yes, we are done now with basel iii. therefore, all discussions about the outcome – or the desired outcome – are a waste of time. what we need to discuss is how to implement basel iii in a way that is as close to the agreed standards as possible, but, at the same time, also reflects national particularities. and when this is done, we can have our regulatory break to see how all the reforms interact with each other and whether they all work as they should. in the meantime, let ’ s stop complaining about a one or two percent higher output floor, but let ’ s start talking about the real stuff that may endanger our financial system. cyber crime is only one catchword amongst many challenges that lie ahead. 1 / 1 bis central bankers'speeches

speeches channels – schools, community events, workplace talks, newspapers, tv, radio, and now increasingly the internet – to reach out in every way we can to as many singaporeans as possible. 12. we set up a new institute last year called the institute for financial literacy ( ifl ) which was set up jointly by moneysense and the singapore polytechnic. this institute has helped to bring financial education to working adults, who don ’ t have much time, but they can attend lunchtime talks and workshops free of charge at their workplace. to date, ifl had reached out to 12, 000 people. translating knowledge into action 13. what will be our focus for the next 10 years? first, we have to recognise that financial education is not just about knowledge, but also about inculcating the right values from young, and encouraging everyone to be pro - active rather than passive about their finances. at every income level and for every family, it really pays to prepare for the future. 14. many think that they don ’ t have enough time, or just say they are not interested, or that there ’ s too much to plan for because it ’ s too uncertain. but it ’ s precisely because life has uncertainties that we need to make plans for the future. we need contingency plans. 15. so we will focus, for the next ten years, on three areas. first, we must start earlier, with teenagers. forming the right attitudes towards spending and saving early in life goes a long way. 16. starting from next year, the ministry of education will introduce food and consumer education ( fce ) for all secondary one and two students. this is a way of teaching them life skills that they ’ ll find very helpful. a key objective is to inculcate basic financial literacy in our students, at a time when they are starting to think of ways of using money. moneysense is working closely with the moe and nie to equip teachers with the relevant skills and knowledge, so they can help the children with money management skills. this is the first objective, start early when they are teenagers. 17. second, we must deliver targeted financial education messages at key points in a person ’ s life, for instance, when couples intend to get married, to plan for wedding expenses, which can be very large if we are not careful ; and later, when they are buying a flat, how to make sure they can buy an affordable flat