considerable headway. in particular the banking supervision committee set up at the newly established european central bank is taking due account of the greater necessity for co - ordination at the european level. notwithstanding this strengthened cooperation, banking supervision in the european monetary union will remain a national responsibility. that is in line with the principle of subsidiarity and takes due account of the greater effectivity of close - at - hand supervision that is able to respond rapidly to regional special developments. regarding the advantages of a close - at - hand supervision i can not see any current need for a centralised supervisory authority neither on the european level nor as a „ super agency ” or „ umbrella supervisor ” on the international level. co - ordination in the field of supervision has to be accompanied by harmonisation in the field of supervisory legislation. besides risk considerations, competitive factors argue in favour of harmonised provisions in the single european market for financial services. the objective must be to ensure a level playing field, and to prevent national supervisory regulations from being misused as instruments of competition policy by proven standards being relaxed solely in order to make one ’ s own financial centre more attractive. in this context one has to discuss as well, if and to what extent there is a need to extend international supervisory standards into offshore centers in order to make sure that financial players do not try to shift their business to such places with the aim of evading regulatory demands. national central banks, which either play an integral part in banking supervision ( as in germany ) or actually have the primary responsibility for all aspects of banking supervision ( as in greece ), are of outstanding importance in the field of banking supervision in emu. a weighty argument in favour of the participation of central banks in banking supervision is, in particular, their great proximity to the market, which they gain from their own participation in financial market operations as part of their lending business and through their performance of fiscal agent functions. this enables a central bank to advocate market - promoting deregulation measures, which are at the same time acceptable in prudential terms. furthermore, there are many points of contact / interactions between the duties of a central bank and those of banking supervisors. v within emu it will be essential for banking supervisors, on the one hand, to exploit the disciplining effect of fiercer competition by means of suitable approaches to regulation in order to strengthen the sense of responsibility of market players. on the other hand supervisors have to prevent excessive risk - taking on the part of particular

amnesty program is turning out to be one of the world ’ s most successful repatriation program. a total of nearly 90, 000 people have participated in the program. the declared assets have reached 1, 030 trillion rupiahs with 69 % from domestic assets, 25 % from foreign assets not repatriated, and 5 % from foreign assets that is repatriated. this have well succeeded earlier market expectation of 30 to 50 billion usd or equivalent to 390 to 650 trillion rupiahs ( if using exchange rates of 13, 000 rupiahs per usd ) in declared assets. most economist expect the amounts to be doubled by next march to about 2, 000 trillion rupiahs and create fiscal income ranging around 0. 3 to 0. 5 % of total gdp. 11. i am also delighted to share that based on the economist, asia business outlook survey 2016, indonesia is among the top three most attractive destination to invest in asia after india and china. also, according to japan bank for international corporation ( jbic ) survey, amongst the asean countries, indonesia is the most preferred place for business investment. this is in line with the world bank ’ s ease of doing business ( eodb ) 2016 survey, whereby indonesia is ranked at number 109, up by 11, for ease of doing business out of 189 surveyed countries. distinguished guests, ladies and gentlemen, 12. this pre annual investment forum is expected to provide our reserve management department with valuable insights on the global economic and market outlook of 2017. we hope this forum will provide us with a more comprehensive overview on the current and future investment challenges to better manage our reserves in future. 13. therefore, i have high expectations that this forum will bring - in new insights on how as an investor we can seize the opportunity for better page 4 of 5 pre annual investment 2017 returns amidst higher volatility, whilst maintaining the common central banks principles of safety, liquidity, and profitability. 14. before we start the discussion, please allow me to thank the committee for their hard work in preparing this event. also, i would like to thank all the speakers, respectable asset managers and my colleagues from bank indonesia for the willingness and enthusiasm to participate in this event. 15. with that final note, i hope this forum can continue to have a positive impact on our reserve management strategy, specifically in seizing a workable strategy that optimizes our investment goals, while minimizing our risk. may the almighty bless us and light