world go round ". the work we put in today, will undoubtedly prepare us tomorrow, to be the best version of ourselves. this is crucial when the financial action task force ( fatf ) – the global standard setting body for fighting financial crimes – commences its mutual evaluation ( me ) process of malaysia next year. the evaluation not only encompasses public authorities but also the private sector. therefore, a whole - of - nation approach is required to ensure a favourable evaluation for malaysia. it will be a litmus test for our financial sector – a true test of collective accountability. looking back, though we have covered many miles, many more remain ahead of us. and let us remember that we are running a marathon and not a sprint. and that everything we do is not just for ourselves here today, but also dedicated to the future of malaysia – a malaysia renowned for its integrity, seen for its transparency, and committed to accountability. with this, i wish you every success for this conference. thank you. 1 the 2023 edelman trust barometer is the edelman trust institute's 23rd annual trust and credibility survey. it was unveiled at the world economic forum, davos in jan 2023. the online survey sampled more than 32, 000 respondents across 28 countries. 2 the trust index measures the average percent of trust in 4 institutions : trust in business, ngos, government, and media. 5 / 5 bis - central bankers'speeches

delisle worrell : credit unions have a competitive edge feature address by dr delisle worrell, governor of the central bank of barbados, at the awards ceremony of endeavour cooperative credit union ltd, bridgetown, 7 october 2013. * * * i very much welcome this opportunity to address your awards ceremony and to join with you in celebrating the endeavour credit union ’ s growth and contribution to its members ’ wellbeing to date. over the past four decades or thereabouts, credit unions in barbados, the us and elsewhere have grown in importance relative to other types of financial institutions. credit unions have been able to achieve this because of their competitive edge vis - a - vis banks, in serving the needs of individuals and households. let me elaborate. as you know, barbados now has no locally owned banks, a situation which is not unfamiliar to us. for most of our history our banks have been foreign owned, an inevitable consequence of the fact that barbados is such a small economy. by and large, very big banks tend to have a more solid foundation than small banks, because they are able to spread the risks that are inherent to banking over many activities, countries and regions. that offers a better chance of mitigating the effects of a downturn in any one activity, and the impact of loss of profits in one area may be compensated by gains in other areas. locally owned banks in small countries do not have the same range and scope, and they tend to be relatively unprofitable, compared with branches of foreign banks. as our banks have modernised their systems and controls, and as the international financial market has become more competitive, banks have become more impersonal and more inflexible in their approach to lending. this is not something that is welcomed either by banks or their customers, but it is an inevitable consequence of large size and increasing complexity. building relationships with your customers is the safest way to do banking. the most successful banker, in the long run, is the banker who has the largest portfolio of dependable borrowers, who are known to have the willingness and ability to service their borrowings on time. the best way to establish the borrower ’ s credentials is to build a relationship with them, so that they may establish a track record that speaks to their competence and prudence. however, big banks with wide networks find it difficult to do this in today ’ s dynamic world. instead they must rely mainly on rules of thumb, credit