. 17 billion for the first three quarters, which was again a positive year - on - year growth. at the moment, the banks operating in macao have good quality assets, ample liquidity, adequate capital and fine profit - making capability. in our insurance business, the total premium receipts for the first three quarters amounted to mop3. 2 billion, which was a 13. 5 % increase year - on - year. the overall operation of the insurance industry has been steady, the aggregate asset value, including value of assets guaranteeing technical reserves has registered marked increase. it reflects the stable financial status of the industry, which carries much weight in sustainable development. in tandem with the perfection and enhancement of the financial industry, it carries more weight in the overall gdp, reaching 8. 5 %. the continued growth of our financial industry will further promote appropriate diversification of the economy. bis central bankers ’ speeches in mid - october, amcm organized a delegation of the financial sector to visit beijing and shanghai. making use of this opportunity, i am pleased to advise our financial practitioners that initial result has been achieved. at the moment, this authority is following up the matter closely and discusses with the relevant departments with a view to realizing the widening of the scope of rmb business and seeking more investment channels for the msar fiscal reserves. simultaneously, in promoting macao to be the rmb settlement platform for trade between the mainland and portuguese speaking countries, preparatory work has been rolled out with the policy support of the central government. under the auspices of the central government and relevant departments and the direction and support of the liaison office and the msar government, we believe all policies and arrangements beneficial to the overall economic development of the msar will be realized. the financial sector will continue to serve its pivotal function in servicing the economy and promote overall economic growth. as the regulator, we shall not only continue to maintain the order and normal functioning of the market, and will also support, as usual, our practitioners in their development and uphold the lawful rights of our financial consumers. in commemorating the anniversary of our motherland and the msar, we gather together delightfully. before i end the speech, let me express, on behalf of the board of directors of the monetary authority of macao, our heartfelt wishes for the prosperity and strength of our motherland and happiness of all her people, the prosperity and stability of the msar, the continued growth of our financial industry in a steady manner, your health

a financial institution should adopt a check and balance approach in management. in the heyday, deal makers in a financial institution are the golden boys. they tended to disregard those who are supposed to control risks. normally, when there was an argument over whether a certain deal should be done, the senior management, whose year - end bonus may depend on the current year revenue, or who are more concerned with the profit and loss account of the institution, would invariably stand on the side of the deal maker. this is usually the root of huge losses to be incurred later. to harness risks, the risk management function should be vested with more authority. the internal control function should go to board level. there should be a minimum level of knowledge of internal control to be required for all audit committee members. knowledgeable internal controllers and anti - fraud experts may be hired by financial institutions to implement risk - assessment and fraud prevention measures. measures and procedures are to be implemented to prevent management overriding internal control systems. the greatest safety to ensure the stability however comes from self disciplined practitioners of the financial sector. legislations and regulators are serving merely as directions and referees. it is the professional skills and ethics of practitioners which will give the greatest comfort and protection to a financial institution and hence the financial system as a whole. it is therefore the endeavour of human resources function to provide adequate training in these respects, especially ethics, in order to have a long term solution which warrants the stability of the financial system. macao returned to china in 1999. this year is the 10th anniversary of the founding of the macao special administrative region. under the principle of “ one country, two systems ”, “ macao people ruling macao ” and “ high degree of autonomy ”, macao ’ s economy has grown by leaps and bounds. the financial sector has burgeoned in tandem with the spectacular performance of the overall economy. we have witnessed a surge in deposits, assets and profits in our financial sector. capital adequacy ratio for the banking sector is well above what is required by the basel committee while non - performing loans ratio lingers at a low level. our financial system is not immune to the financial tsunami but it has emerged unscathed. there is however no ground for complacency. the financial sector and the regulators are adopting a prudent and cooperative approach and have been working in harmony in the best interest of the community. we are doing our best to attract qualified people to join the financial