to help us to measure progress towards to financial inclusion in namibia. this is because we will now know where we are and how far we are from our final destination. this should then enable us to plan and act better in implementing our financial sector development and inclusion agenda. in fact, this will put us on the right path to reach our intended objectives. what is particularly pleasing to know is the fact that finscope 2011 has attempted to collect information on financial literacy. it is our hope that this would provide a view and give us a baseline with which we can work, going forward. financial literacy is an important aspect in the process of ensuring financial inclusion. this is because consumers will only be able to effectively make use of available products and services if they are aware and are well bis central bankers ’ speeches informed ; not only of the availability of products and services but also of how they can make use of such and on what terms. director of ceremonies, the purpose of this gathering is for finmark trust to share with us the outcome of the namibia finscope 2011 survey. let me therefore end here and allow them enough time to do just that. i thank you! bis central bankers ’ speeches

would not necessarily guarantee a meaningful measure of risk when applied to the world ’ s largest banks with the biggest and most complex trading portfolios. modelling necessarily introduces a degree of variability, since basel standards deliberately allow banks and supervisors flexibility in order to accommodate for differences in risk appetite and local practices, but with the goal of also providing greater accuracy. further, from a financial stability perspective, it is desirable to have some diversity in risk management practices so as to avoid that all banks act in a similar way. when banks would have identical response functions, economic cyclicality would increase, potentially creating additional instability. at the same time, excessive variation in risk measurement is clearly undesirable. finding the right balance is the key. the preliminary work suggests we may not have the balance right in the current set - up. but as with all of our work on implementation, it is necessary to identify problems before we can set about correcting them. the on - going analysis has generated a wealth of information about risk modelling by banks. this is useful for international policymakers. the committee has not yet decided what actions it might take in response to the analysis, but some of the possible policy options could comprise improvements in public disclosure practices, limitations in the modelling choices for banks, and further harmonisation of supervisory practices. these ideas will also feed into the current fundamental review of the trading book. in addition, our international study provides national supervisors with a much clearer understanding of how the risk models of their banks compare to those of international peers. this means that national supervisors are much better equipped to discuss the results with their banks and take action where needed. the committee will be doing further work on the trading book, in addition to the banking book work, to explore the outcomes in more depth. i am confident that it will generate additional insights in the modelling of risk - weighted assets and to explain better why modelling results differ across banks. it will also allow building quantitative benchmarks against which supervisors can test their banks. the committee ’ s work on how banks calculate risk weighted assets also feeds into a broader concern that, in pursuit of risk sensitivity, the basel iii framework has grown too complex. there are many contributory factors to the build - up of complexity, including developments in the financial markets and adoption of sophisticated risk management practices by banks. it is naive to think banks utilising complex trading strategies and products, across global markets, can be supervised using simple rules ( even if calibrated to penal settings ). indeed