first place. particularly, the banking sector in uganda has not suffered the large deterioration in asset quality that affected banks in many countries. the average capital adequacy ratio of ugandan banks has remained well above the prudential minimum of 12 per cent for the past three years and the banks ’ overall liquidity remained good. however caution should be exercised to ensure that, in the medium to long term, banks remain solvent, profitable and liquid while allowing for increased intermediation to finance economic activity. in addition, it is important that financial innovation and outreach continue to take place to meet customer needs. in this regard, the bank of uganda, in 2009 set up the financial stability department which was charged with the mission of identifying and assessing potential systemic risks to the structure and functioning of the financial system and to develop measures to reduce those risks. bank of uganda will continue to pursue a monetary policy stance aimed at boosting aggregate demand and growth while maintaining price stability. the bank of uganda also intends to introduce major reforms to the monetary policy in the next five years ; which will include shifting to an inflation targeting regime as well as the transition to a single currency in the east african community. i wish to stress that to enable adoption of these new reforms as well as a smooth transition to a monetary union and advancement of data harmonization efforts in the east african community ; it is of paramount importance that financial institutions, among other data providers, submit timely and accurate statistics, based on international best practice. the reporting forms, which we are about to launch, have been designed to enable you to submit data to bank of uganda, which is comparable across nations both within and outside the east african community. these revised forms will enable bank of uganda to collect more comprehensive and appropriate data to guide the conduct of monetary and credit policies. finally, i thank you for all the efforts you have put in, the comments and feedback on the proposed changes, as all of these have enabled the revision of the reporting forms to be a success. we look forward to your continued efforts in the improvement of the quality of statistics. i wish you fruitful deliberations during this half day workshop. i now declare the new reporting forms launched. i thank you.

without taking into account the environmental cost presents a classic case of the tragedy of the commons. problems caused by climate change and global warming affect all of us. as a country lacking in natural resources, singapore sees a critical need to promote sustainable development. singapore ’ s national research foundation has dedicated significant resources to facilitate research efforts and encourage commercial spin - offs. r & d initiatives have been complemented by both domestic and foreign investment in the areas of sustainable water and solar energy projects. some of you would have read about renewable energy corp from norway, which is building a euro 3 billion plant in singapore for the manufacturing of solar modules. by 2010, newater, our very own water recycling industry, will be able to meet 30 % of singapore ’ s water demand. singapore has also adopted a model to promote sustainable urban design for housing development, environmental management and transportation. for example, singapore is working with china on a project to help develop environmentally friendly townships via the singapore - tianjin eco - city project. access to funding for such projects is the key to the success of developing a sustainable model of urbanization and production of renewable energy. in this respect, i am pleased to note that singapore capital markets has already facilitated the funding of projects such as hyflux water treatment plants in china via a sgx listed business trust ipo completed last year. underlying all the initiatives i have just mentioned is the potential demand for environmentally sustainable solutions. the promise of such solutions, besides in offering economic opportunities, lie in their potential to address the rising challenges of urbanization, increasing energy prices and shortage of clean water. asian businesses should position themselves for the gradual shift towards greener living as such technologies are not only socially acceptable, but also socially demanded. corporate governance before i conclude, let me share one final thought. asian smes, in their bid to become top asian and global companies, should devote attention to corporate governance. a sound corporate governance structure will help to ensure proper management practices, robust internal processes, and prudent controls. in the long term, these practices will help foster a strong reputation and increase the franchise value of the company, paving the way for asian smes to expand into global markets. indeed, global competition will require companies to be held to such high standards, especially those demanded by institutional shareholders. closing to sum up, asia and asian businesses are poised for exciting times in an era of rising prosperity and growth. there will be both challenges and opportunities. one need not be daunted