. through resolution planning, the authorities can form an informed view on what is needed to ensure a bank is resolvable. the fsb monitors progress in resolution planning, in its annual resolvability assessment process and reports on this to the g20. the good news is that significant progress has been made, especially in the area of resolution planning. all g - sibs have a resolution plan that sets out a resolution strategy. the plans have also been discussed between the various relevant resolution authorities involved with the bank in the crisis management groups. however, this in itself does not make banks resolvable. resolvability means readiness at both the level of the bank and the authorities, to implement the resolution strategy if necessary. at the fsb, we observe that this reality has now also dawned on both authorities and banks. we see the positive trend that authorities are increasingly focussing on banks and their own capabilities to execute resolution strategies. this will take time and effort and requires the allocation of sufficient resources to this task across the board. a lot of the proverbial low - hanging fruit has already been picked by the banks. for instance, identifying and mapping critical services. at the fsb we are finding out more and more that the devil is in the detail. the resolvability assessment process in this context has identified areas in the context of operational continuity where banks and authorities should increase their capabilities. in my view there are three areas of priority when it comes to ensuring banks are ready to implement the resolution strategy. it is perhaps not surprising that two of those are in the domain of data availability in resolution. i am referring to centralizing contract management for critical service contracts in the context of operational continuity, and ensuring good quality data for valuation purposes. if this data is not quickly and easily accessible, implementing resolution in a short timeframe is extremely difficult. the other priority area is understanding how financial market infrastructure will react if the bank is in resolution. if banks in resolution cannot conduct market operations, any effort by any authority is likely to fail. all of the three topics i mentioned require a deep - dive into the dna of a bank - and then i have not even started on tlac. tlac this morning, you also discussed the setting of mrel in order to achieve resolvability. mrel was developed almost simultaneously with tlac and there are of course a lot of similarities between the two. the tlac term sheet developed by the f

other stakeholders including shareholders. banks exist to serve the societies they operate in, and societal needs and aspirations must therefore be at the forefront of every banker ’ s mind. naturally, these require a change of mind - set by kenyan bankers beyond the often on the libor fixing scandal, see for instance, david enrich, the spider network, harpercollins, 2017. on the exchange rate fixing scandal in south africa, see sunday times ( south africa ), february 19, 2017. token and symbolic corporate social responsibility initiatives. bankers should weigh profit targets against what is right and just for the kenyan citizens that the banks serve. undoubtedly, kenya ’ s banking sector is at a critical juncture. will it withstand the raging storms or will it be swept away like flotsam in the tides of time? i am confident that the sector will withstand the tempest and reach safe harbour, demonstrating the resilience that has been its hallmark since the first bank — the national bank of india — opened for business on the kenyan shores in 1896. the railway from mombasa to kampala, the “ lunatic express, ” was then under construction. the sector has withstood two world wars and other geo - political shocks, has been there through the struggle for independence, the oil crisis and coffee boom of the 1970 ’ s, the asian financial crisis in the late 1990s, and the global financial crisis. the sector has always transformed itself in these and other circumstances, led by worthy captains of the industry. as i finish, the challenge i pose to the kenyan banking sector is, what will be different this time round? we must respond convincingly to this question to win the trust of kenyans and beyond. i wish you fruitful deliberations over the next two days and i look forward to the outcomes of the conference. thank you!