better served by the bank of thailand empowered by the new financial institutions businesses act currently in legislative process. it is my belief that good corporate governance is key to safe and strong financial system because prudent and capable bank management that adheres to its professionalism overseen by independent and financial literate board of directors will be responsible to not only its shareholders but also depositors and consumers in all aspects of its business, including retail banking. in order to put such belief into a concrete form, the bank of thailand has announced guidelines supporting the practice of good corporate governance of banks ’ board and management. 5. conclusion the discussion thus far has covered various aspects of the question posed to me - what do regulators really want? - by now you will have already known my answers to this question. in essence, it is our hope that industry participants will make their best effort to do their job as well as we do ours to meet the challenges set out in the financial sector master plan : • providing financial services for all potential users indiscriminately to those in urban and rural areas, whereby viable users with simple needs and those with more sophisticated needs have access to financial products and services commensurate to their depth of financial literacy and risk appetite at reasonable price. • developing a competitive, efficient, stable, and balanced financial system • fostering fairness and protection for customers whereby financial institutions follow good corporate governance principles and consumers receive adequate information and advice from various financial institutions to make informed investment decisions. thank you.

compliance on the part of financial institutions. regulation and guidelines are also subject to regular review and revision to make sure that they are up to date and in tune with technological changes and market developments. to ensure that our supervisors competently meet these challenges, we have undertaken steps to enhance their supervisory capacity. the school for examiners was established to provide training programs ranging from basic concepts of bank supervision to how to lead a team in bank examination based on risk - based supervision. specifically, we are working to enhance quantitative skills necessary for comprehensive implementation of basel ii and financial engineering skills to keep pace with the developments of new financial products and package risks. to maintain stability : the prime concern shared by regulators of financial institutions is a stable financial system that is resilient to shocks and supports efficient allocation of resources in the real economy. one of the pitfalls of the retail banking market in thailand before the asian crisis was information asymmetry whereby creditors only had partial knowledge of their debtors ’ financial indebtedness, including history of repayment. to address this weakness, two credit bureaus were set up so that banks can accurately assess the risk profile and repayment ability of a debtor. this in turn enables banks to differentiate good debtors from more risky ones, and charge them commensurate to their risk profiles. in view of bank oversight, the bank of thailand has reoriented its focus on supervisory framework away from solo - basis transaction - testing analysis, towards risk - based supervision on consolidated basis. to fulfill this objective, we have already issued guidelines on all key risk categories and undertaken internal reform and capacity building to meet the challenge posed by comprehensive risk - based supervision. an example in this area is the development of examiners ’ manuals that are regularly revised to ensure consistently high standards of supervision. 4. going forward ladies and gentlemen, in the next few years, thailand anticipates both opportunities and threats in the retail banking sector for existing banks in the light of the implementation of the financial sector master plan. as regards the focus of regulators, more attention will be given to watchful monitoring of the use of credit cards, monitoring of non - bank credit institutions, and observance of governance by market participants. the changing landscape of financial system to be brought about by the financial sector master plan will create opportunities for present market participants that have the courage to explore the niche and capability to satisfy the specialized needs of this group of customers. they come in the form of a new type