is provided ), and may if necessary direct the bank to extend ela – though this is a backstop power, whose use is not expected to be considered in the majority of crisis situations. where it is judged necessary to keep ela covert for a period in order to minimise the risks to financial stability, key parliamentary chairs will be briefed orally by senior officials on any government indemnity attached to such lending – and full disclosure to parliament would be made at the earliest subsequent opportunity once the risk of damage to the public interest had passed. 6 covert operations, particularly those involving a fiscal component, are often cited as the most troubling forms of lolr by those concerned that central banks have a bias to lend “ too much ”. in the united kingdom, the disclosure of large covert loans to hbos and rbs in late 2009 ( more than a year after the loans were advanced ) triggered a public debate about the http : / / www. bankofengland. co. uk / markets / documents / smf / annualreport15. pdf. http : / / www. bankofengland. co. uk / about / documents / mous / statutory / moufincrisis. pdf. “ the view from no. 11 ” by nigel lawson, pages 402 - 6. see page 22 of http : / / www. publications. parliament. uk / pa / cm200910 / cmselect / cmtreasy / 181 / 181. pdf. bis central bankers ’ speeches appropriate boundaries for covert action. at the same time, the consequences of premature disclosure were vividly illustrated by the case of northern rock in september 2007, when a press leak led to long queues at branches, and required the government to issue a blanket guarantee to ease public concern. where liquidity shortages are widespread, or central bank support would otherwise be seen as clearly confidence - enhancing, there are strong advantages in central banks conducting overt operations. but the capacity to operate covertly, subject to accountability safeguards, remains an essential part of the central bank toolkit. the final uk lesson is that lolr frameworks must be flexible enough to respond to changes in the structure of financial markets if societies are to guard against the twin perils of lending “ too little ” or “ too much ”. at the start of the crisis, the uk ’ s lolr toolkit was poorly equipped to deal with the needs that emerged, and had to be

, architecture and so forth, as it requires a high degree of integrity and accountability. therefore, to strengthen the effectiveness of the engineering profession, they need to be regulated by the fiji institute of engineering ( fie ), with an appropriate code of conduct. why regulate? we view the profession of engineering, plays an important role in the building of an economy such as fiji. developments, whether they are infrastructure, private, public or tourism based cannot take place without proper input from professional engineers. it is for this reason, the profession of engineering must be regulated. • for legislative efficiency to have a comprehensive, consistent statutory registration system for engineers that would alleviate inconsistencies across jurisdictions. • for professional recognition so that the set of standards and skills expected of the engineers are maintained. • and finally for the industry / consumer efficiency to provide consumers with the level of experience and skills that is required of the engineer. way forward ladies and gentlemen, let me emphasise that we cannot operate in isolation. the fiji government, in its 2010 budget address, amongst other key important economic goals, announced the following medium term macro economic targets. the three key targets i have chosen, work hand in hand : 1. investment is to be raised to above 25 % of gdp ; 2. economic growth is to be increased to 5 % over the medium term ; 3. employment – annual employment rate is to increase by 3 %. concluding remarks we need to achieve higher investment and growth. clearly, we – • need higher private sector investments ; • need public and private sector partnership ; • need to speed up structural reforms. finally, i would like to congratulate mr pratarp singh and the fiji institute of engineers for organising this important seminar and bringing together the relevant key stakeholders. bis central bankers ’ speeches henry ford once said that : “ coming together is a beginning ; keeping together is progress ; working together is success ” vinaka vakalevu, dhanyavad bis central bankers ’ speeches