embark on your journey of discovery, it is important to take heed of the wisdom of the wise on what may appear as uninteresting lectures on financially planning for your future. as the saying goes failing to plan, is planning to fail. it is alarming that although 40 % of malaysians consider themselves financially ready for retirement, a retiree would need an estimated minimum of rm228, 000 in today ’ s value upon retirement to generate sufficient income to live above the poverty line for the next 20 years. it is even more worrying to see only 18 % of malaysians, that is less than one fifth, actually have that exact sufficient amount of epf savings. in fact, more than 75 % of malaysians find it difficult to raise even rm1, 000 of immediate cash for emergencies. the ability to plan for the future and exercise self - control is a crucial life skill that needs to be cultivated and nurtured. in fact, a key predictor of success in life, is to be able to take the longer term perspective. let ’ s move on to the issue of debt. not all debt is bad as any economist would tell you, for borrowing to invest in productive assets or purposes will make one better off in the future. however, when the level of one ’ s borrowings is too high, it is a cause of concern. let me illustrate, a significant proportion of youth today are surviving on high borrowings. the statistics are telling, 38 % of youths take up personal loans, 47 % have expensive credit card borrowings 1 / 3 bis central bankers'speeches and more than 3, 400 borrowers between the ages of 20 – 30 years have sought out akpk ’ s financial assistance in 2017, which would likely mean that the actual numbers facing financial difficulties are higher. to those of you today who are making early forays in the working world, it is our collective hope that you will take all active measures to not be part of those statistics. the future ahead of you is bright and the burden of being weighed down by excessive debt is a hindrance to your development and success. thus, my dare to you is to get yourselves financially educated, and from thereon to be financially prepared for your future. elon musk, of paypal, spacex and tesla electric car fame, was once quoted to say that and i quote “ it is ok to have all your eggs in one basket, as long as you control what happens

zeti akhtar aziz : better supervision and better banking in a post crisis era welcoming address by dr zeti akhtar aziz, governor of the central bank of malaysia, at the financial stability institute ( fsi ) – executive meeting of east asia pacific central banks ( emeap ) high level meeting dinner, kuala lumpur, 16 january 2011. * * * it is my pleasure to welcome you to this financial stability institute ( fsi ) emeap high level meeting for banking supervisors. bank negara malaysia is honoured to host this event that brings together senior officials from the regulatory community, as well as, the leadership from the banking industry from the asian region to discuss supervision and banking in this post crisis era. we are now in a period of profound and fundamental change for the industry and for regulators and supervisors. the issuance of the final reform package by the basel committee in december 2010 marks the completion of a key milestone in the international financial reform process that began in the aftermath of the global financial crisis. this process has been complex, involving multiple tracks of intense dialogue taking place, both at the international and regional levels. the journey towards building a more resilient international financial system, however, is far from over. for this set of reforms that have been issued by the basel committee, the next phase involving the implementation will be equally challenging. there is already great anticipation on how the new standards would be phased in, and its impact on the financial sector landscape. of importance, is ensuring that the implementation of the regulatory reforms does not impair the ongoing economic recovery process. further, while major agreement has been reached on the key components concerning capital and liquidity, a number of other significant areas still remain largely work in progress. against this backdrop, it is important that policy makers and the financial industry maintain a continued open and constructive dialogue on developments affecting the industry, in particular, to avoid any unintended consequences from these reforms. economic outlook we are now entering the second year of global recovery. the rebound in 2010 has been largely led by the exceptional performance of the emerging economies, in particular, in asia. growth is expected to remain strong this year, although at a more moderate pace compared to 2010. amid favourable growth prospects, asia will however have to manage the impact of international developments given its high degree of economic and financial openness. the global attention is currently focused on the fiscal conditions of several of the advanced economies, the progress in the financial reforms and on the monetary and