forward any solution should look to meet four objectives ; restoration of confidence – it is essential that any solution furthers the restoration of confidence. customers must have confidence in the future of the bank of cyprus whether it is one bank or two. as confidence is re - established we can further ease and ultimately lift capital controls. funded balance sheet – the bank of cyprus ’ s reliance on emergency support is well known. any structure needs to be funded. the use of emergency support should be reduced over time. maximise value – the bank of cyprus has received substantial capital. it needs to manage its loan book, restructure loans and maximise value. this will not be best achieved through a fire sale. support the economy – as the largest and most important bank in the country the recovery of the bank of cyprus is vital to the recovery of cyprus. the bank must continue to prudently lend to business and consumers. bis central bankers ’ speeches the cypriot economy and the bank of cyprus have undergone a severe shock. however, both cyprus and the bank are resilient and can emerge strongly. it is important to recognise that substantial progress has been made. the bank of cyprus is now adequately capitalised and has exited resolution. new management is in place and they are working on preparing the strategy and restructuring plan. the ecb ’ s governing council has recognised the steps taken to restore confidence. continuing the efforts to create a stronger and safer bank of cyprus is in all of our interests. i look forward to hearing the panellists ’ views on how this can best be achieved. bis central bankers ’ speeches

strategic plan. and that is exactly what is been done in this community. sa ’ s diamond devastated. htm. towns devastated - http : / / www. miningmx. com / news / diamonds / sa's - diamond - towns - diversification is fundamental i am most certainly impressed by the forward thinking that obtains in this community. your diversification programme will most certainly guarantee sustenance beyond the availability of mineral resources and is testimony to the quality of leadership that is to be found here. it is indeed laudable that the bafokeng have recognised this need, as shown in the portfolio of investments that includes telecommunications, financial assets, manufacturing, services and cultural development programmes. and if there is one thing i know about the bafokeng that is their ability to implement. that capability is found wanting in many countries on our continent and also in parts of our own spheres of government. one marvels daily at countries that do not have the benefit of mineral resources like us, but have done wonders for themselves. take a city - state like singapore which does not have any mineral resources, let alone enough land for agriculture, but has managed to develop to such impressive levels ( a high income status ). opening a human capital summit recently, the prime minister of singapore, mr lee hsien loong, said : “ for a small country like singapore, acquiring and nurturing human talent is a matter of survival. without much of anything else, we rely on human ingenuity and effort to build our economy and society. we have therefore made major investments in education, lifelong learning and talent development. ” 2 in fact, the major manufacturing centres of asia, such as japan, singapore, and hong kong, have few or no significant natural resources. south korea, for example, was at almost the same level of development as ghana 50 years ago. while the latter is well endowed with natural resources and has recently discovered oil, south korea has none of these but has successfully grown its economy to be ranked 14th by gdp at purchasing power parity. there are possible and practical responses. the question then arises, why africa is not using its mineral and other resources to the benefit of its people? there is the possibility of ( the tired subject of ) beneficiation which has really not been pursued much in africa. we seem, as africans, to have been satisfied to continue as “ extractive economies ”. i gather that platinum jewellery is very much in demand in certain parts