that our motherland shall always back up the development of the msar. under the auspices of the central government, we shall weather the storm and pass the test. moreover, under the outline of the plan for the reform and development of the pearl river delta and the framework of cepa, the prospect for economic and financial cooperation between the msar and the mainland appears to be broad and bright. the temporary measure adopted by the msar at the beginning of the financial tsunami to provide full cover for all deposits will expire at year end. amcm is proactively consulting market participants about a subsequent arrangement. we hope to arrive at an solution satisfactory to all parties concerned. as usual, under the leadership of our chief executive, mr. fernando chui and the guidance of our secretary for economy and finance, mr. francis tam, in addition to the support and cooperation of the practitioners, amcm shall sturdily fulfil its duties in upholding the stability of the local financial system and promoting the enhancement of market development. shoulder to shoulder with our practitioners, we shall strenuously promote the development of our financial industry to become an important element in the course of economic diversification of the msar. the financial industry shall act as an economic lever to provide the necessary driving force with a view to achieving sustainable economic development and prosperity and hence the stability of the community of the msar. thank you!

management has been implemented which imposes appropriate supervision on the increasing outsourcing of business operation. amcm has carried out guideline on management of customer complaints. to enhance the protection of financial consumers, a draft regulatory guideline on sale and offer of financial products and related bank disclosure has been rolled out for consultation. in this respect, amcm has conducted a number of discussions with practitioners on the guideline. we are striving to strike a balance between supervision and market development by arriving at a consensus with all parties concerned at an earlier date and hope that it can be implemented as soon as possible this year. moreover, in light of past experience and based on the appraisal and suggestion of international organizations, amcm has revised and issued related guidelines on aml and cft. it is worth mentioning that, after a solid year of endeavour and coordination, the macao distributor institutions of lehman minibonds have proactively proposed a repurchase arrangement, under which 99 % of the affected investors have come to terms with the distributors. last year saw the start of the business of rmb settlement for cross - border trade. the scope of rmb business for individuals has also been permitted to enlarge which purports that rmb business has entered into a new stage. at the same time, amcm has promoted business communication and cooperation between local financial institutions, the mainland and portuguese speaking countries. through visits, studies and seminars, understanding with each other has been enhanced which has laid down solid foundation for future cooperation. moreover, through participation in the framework mechanism for study and planning relating to closer economic partnership arrangement ( cepa ) and outline of the plan for the reform and development of the pearl river delta, amcm has injected momentum into the realization of harmonious cooperation of financial business of the two regions. it has also created more diversified business cooperation opportunity for the industry which has served to enlarge the scope of business for our financial sector. in fulfilling insurance supervisory work, amcm has carried out offsite inspections on insurance and retirement fund management institutions, executed effective supervision, aided by corresponding onsite inspections to enhance risk supervision. at the same time, to enhance solvency of insurance companies, amcm has perfected the requirements for quality of guaranteeing assets and established regulatory system for technical reserves, which will ensure that the institutions are equipped with appropriate financial capability and liquidity. although the market has experienced some volatility brought about by the financial tsunami, local