period. fdicia reinforced the importance of risk - focused supervision and regulation by requiring the fdic to implement a system of risk - based deposit insurance premiums. this system, first implemented in 1993, has had some success. it has also been hampered, in part, by the technical difficulty of estimating an appropriate premium. but it has also been hampered by the limitations imposed on riskbased pricing by the requirement that the reserve ratios of the fdic's insurance funds for banks and savings associations be capped at 1. 25 percent. the so - called " systemic risk exception " in fdicia has been one of the act's most controversial provisions. under this provision, resolution of a failed depository need not be least - cost, and uninsured creditors may be protected if it is determined that a least - cost resolution would " have serious adverse effects on economic conditions or financial stability " and that a resolution that is not least - cost would " avoid or mitigate such adverse effects. " some critics have argued that the systemic risk exception maintains a policy of too - big - to - fail, thus undermining fdicia's other efforts to reduce moral hazard, encourage market discipline, and limit taxpayer liability, not to mention putting small banks that are " too - small - to - save " at a disadvantage. in my judgment, these criticisms are off the mark. the systemic risk exception recognizes the reality that in a major crisis the benefits of preserving the stability of the banking and financial system may very well outweigh the costs, including future moral hazard, of extending some additional protection to uninsured creditors in a crisis. moreover, in my view, inadequate attention has been paid to several mitigating factors. restrictions on the use of the exception, and the flexibility with which it may be employed, combine to substantially restrict its potentially adverse effects. for example, use of the exception is made difficult by fdicia's requirement that in order for the exception to be triggered, two - thirds of both the federal reserve and the fdic boards must determine that the circumstances necessary to invoke the exception are met, and both must recommend use of the exception to the secretary of the treasury. the secretary must, in turn, consult with the president before determining that the exception is warranted. reinforcing this hurdle, costs over and above what would have been incurred in a least - cost resolution must be recovered from healthy insured depositories through higher

brian wynter : climbing the ladder to success in a competitive job market speech by mr brian wynter, governor of the bank of jamaica, at the rotaract club of new kingston's professional development career seminar " climbing the ladder to success in a competitive job market ", university of the west indies, kingston, 24 february 2018. * * * president, diego thomas ; other distinguished members of the rotaract club of new kingston, fellow presenters, special guests, ladies and gentlemen, good afternoon. having had the pleasure of addressing your senior partners, the rotary club, i am now delighted to speak to the youth arm of rotary. i am especially happy to speak at today's career seminar against the background of the transformations in the economy that have taken place over the last five years as not enough attention has been paid to one of the most important components of these transformations : young people like you. ladies and gentlemen, the unemployed labour force hovered at just below 200, 000 before the start of the economic reform programme. over the last three years, investment in the economy has generated, on average, 30, 000 new jobs, net, each year. at the end of 2017, the unemployed labour force fell below 150, 000 and the unemployment rate fell to 10. 4 per cent, the lowest in a decade. it is clear that we will run into a labour shortage in the not too distant future and even sooner when it comes to skilled labour. these statistics may have escaped your attention but they are not surprising as they are what we would expect to happen along with the strong improvements in jamaica's economy that we have been seeing in recent years. what is surprising is that while a number of employers, including bank of jamaica, are already experiencing skilled labour shortages, i am yet to meet a young person, getting ready to join the labourforce or already in their first job, who feels that he or she is in high demand. can i see a show of hands of how many of you are currently weighing options between two or more employment offers? why is it that, as the labour market is getting tighter, you do not feel as if you are much more in demand or feel more excited about your future job prospects? it could mean that you do not have the right skills, you don't know what skills to pursue or you are not properly advertising the skills that you do have. on the question of whether you have the right skills, it is a safe bet