cash management operations system this year, among others. at the same time, we are reorganizing our supervision and examination sector to adopt to a rapidly changing environment and implement reforms that will make our banking system stronger, more efficient, at par with international standards, and more responsive to the needs of our economy and our people. the resource management sector, on the other hand, will ensure that bspers are properly equipped with the appropriate skills and expertise required by our institution. 2008 also marks our shift to a more meaningful appraisal system in accordance with our merit system for salary adjustments and promotions. even the way we estimate and produce our currency requirements at the security plant complex is undergoing review to make it more efficient and responsive to the needs of the economy. indeed, change is happening around us. now, more than ever, we need to be open to change, to be flexible to be dynamic to achieve the goals we have set under our medium term development program. nevertheless, even as we welcome change, we should, at all times, remain faithful to the five core values of our institution, which are : patriotism, integrity, excellence, dynamism and solidarity. these core values should serve as our enduring and lasting guides as we deal with the opportunities and challenges ahead of us. ladies and gentlemen of the bangko sentral ng pilipinas. by tradition, this is the time of year when we commit to do better through what we call new year ’ s resolution. as our joint new year ’ s resolution therefore, let us commit to be guided by our core values, at all times, wherever we may be. muli sa ngalan po ng ating monetary board at nang aking pamilya kasama na ang aking maybahay na si elma at tatlong anak, ako po ay nagpapasalamat sa inyong lahat at humihiling na sana ay maging masaya, malusog, masagana, at matagumpay ang 2008 para sa ating lahat, at sa ating mga kababayan! mabuhay ang bangko sentral! mabuhay ang pilipinas!

they should be available to the danish financial supervisory authority and danmarks nationalbank. * * * the financial crisis led to a very important piece of legislation in denmark. the general government guarantee has been replaced by a winding - up scheme for banks – known as bank rescue package iii – that provides for orderly winding - up of banks that cannot continue as going concerns under their existing ownership. from society ’ s point of view it is, as i have previously underscored, not important whether the individual bank survives, but whether sound activities can continue without interruption. people must be able to access their accounts, use their debit cards, pay their bills on time, etc. unfortunately, the current legislation does not make it mandatory for banks to join the scheme, but merely to decide at a general meeting whether they want to join the scheme now. if they say no, this generates uncertainty as to whether they will join if the need arises. during its recent visit, the imf took a positive approach to the danish winding - up scheme and recommended that banks which do not join beforehand are subjected to additional capital requirements. i hope we find a voluntary solution, and today i will merely encourage banks to join the scheme at their forthcoming general meetings. with this well - intentioned advice i would like to express my appreciation to the danish bankers association and its members for our cooperation over the past year. thank you for your attention.