finally, i must emphasise that both the management and the board are strong in their resolve to take the bank of mauritius to greater heights in the days to come. if we are to achieve our objectives, we need sufficient autonomy to do so, built on a close working relationship with the government to ensure our polices and actions are complementary in our joint pursuit of economic and social development in this country. 2008 has been a year that will go down as a turning point in the history of global banking and finance. even, as the bank wishes a very happy and prosperous year to all our stakeholders, we must all be conscious of the trials and travails that lie ahead in 2009, a year that could prove still more turbulent as the global crisis may very well intensify further. in 2009, the bank needs to continue to be alert to the global financial and banking volatility and must be especially vigilant in protecting our interests and judiciously managing our reserves. no country has been immune to the crisis, but as light craft can in safe hands weather a storm, so this small, vulnerable and highly open economy of mauritius may be buffeted but will maintain course and shall not be sunk. the bank of mauritius will do all that is possible to ensure a safe passage through these difficult times in matters of banking and financial policy and practice. best wishes for 2009.

rameswurlall basant roi : evolution of the basel capital adequacy requirements address by mr rameswurlall basant roi, governor of the bank of mauritius, at the seminar on " enhancements to the basel process : recent developments relating to basel ii & basel iii ", hosted by afritac south, international monetary fund, africa training institute, ebene, 21 august 2017. * * * ladies and gentlemen thank you mr ravi mohan, resident advisor to the imf ’ s afritac south, for inviting me again to share my views on this very interesting topic : capital adequacy framework. it ’ s a great feeling to be in the midst of so many regulators from our continent. i said it ’ s a “ great feeling ” because of “ fellow feeling ”. our contributions as regulators and supervisors of financial institutions to financial stability are seldom recognized. but we always hit the news headlines when all the sins of an ailing or a failed financial institution are conveniently heaped on us. as regulators, we however need to have the unswerving faith in our abilities to regulate and supervise financial institutions that have become increasingly complex in a world where trillions of dollars flow across the world in a single day by the simple click of a mouse. true, at times, the weight of the regulatory and supervisory burden turns out to be exceedingly demanding, so demanding that it takes a serious toll on us. i am nevertheless truly happy – and very happy indeed – to be here, this morning, to address the participants of the afritac south seminar today on a topic that constitutes the very foundation of a safe and sound financial sector. to set the backdrop for the sharing of your regulatory and supervisory experience during this seminar, i believe it ’ s fitting to go back into history in order to give it a sense of perspective. but before i do so, let me narrate a short childhood story about myself. in my native village which is in the southern part of this country, there was only one, what used to be commonly known as, barber ’ s shop. the barber was a plain and financially lean countryside fellow. my parents used to send me to that barber ’ s shop for a haircut about once every month in the early 1950s. once seated in the chair for a haircut, no person could miss a framed picture of what looked like smartly dressed businessmen in an office with one of them in a standing position talking