to highlight some of these major accomplishments : • the enhancement to its life product offering through the launch of the bula prime product in 2011. • the re - branding of dominion house to bsp life centre, which now accommodates all of bsp life ’ s operations. • the opening of a new customer services centre on the ground floor of bsp life centre. i am told that walk - in customers are averaging 2, 000 per week, double what they were before the office opened. • the opening of a lautoka office, to complement the nadi branch and to provide greater service to customers in the west. • the rollout of new medical products earlier this year, including the introduction of an india evacuation product at very affordable premiums. i understand that bsp life has partnered with the world renowned apollo chain in india which provides a broad range of specialist medical services. access to india is now seamless via hong kong or seoul and the quality of services at apollo, i am told, is world class. in 2012 apollo treated over 60, 000 international patients at their delhi facility alone. i think these numbers provide some indication of the acknowledgement of the quality of the treatment available. bis central bankers ’ speeches • in so far as investments go, the bsp life portfolio has grown to $ 323 million. most of this money is invested in fiji, helping to provide employment for our people and helping to grow our economy. • i also note the strong financial standing of the business as publicly declared in the company ’ s recent key disclosure statement for 2012. this augurs well for future growth and ongoing returns to bsp life policy holders. i am pleased to note a significant investment in marketing by the bsp group to create awareness of the need to invest and protect our financial future. with the take - up of life insurance at less than 15 percent of our population, bsp life has taken a lead role in creating awareness of the critical need for us to have insurance and protect our loved ones. bsp life and bsp bank have also been key partners, along with other stakeholders, in the reserve bank of fiji ’ s ongoing efforts to promote financial inclusion and financial literacy in fiji. launch of bula elite and concluding remarks ladies and gentlemen, it is clear that bsp life has strongly established itself in life and health insurance in the fiji market over such a short period of time. tonight is another special milestone in the company ’ s growth as a major player in fiji ’

resolution is a credible route to take, as it will be, why would the authorities want to put the cost somewhere else? john kay “ should we have ‘ narrow banking ’? ” the future of finance, lse report, 2010 anat admati and martin hellwig : “ the bankers new clothes : what ’ s wrong with banking and what to do about it ”. p271 anat admati and martin hellwig : “ the bankers new clothes : what ’ s wrong with banking and what to do about it ”. p74 – 78 bis central bankers ’ speeches now for supervision and whether it too can function effectively. make no mistake, in many countries supervision failed badly in the run - up to the crisis. prudential supervision of banks is all about understanding the risks firms take, the effectiveness of the controls in risk management, using the framework of rules and regulations to create the right incentives to control risks appropriately, and where necessary intervening directly to require actions to be taken that would otherwise lead the firm to a potentially unsafe or unusual position. there is nothing easy about this activity, and the lessons of the pre - crisis and crisis periods demonstrate the dangers of encouraging broader attitudes which act to discourage the work of supervision in favour of a light touch approach in which the risks in the system build up and are praised as contributors to stability and prosperity, until that is the crash comes. supervision is a continuous activity which needs to benefit from constant public attitudes towards it, and in turn supervisors need to be accountable and explain what they do. we have made big strides forward on these fronts in recent years. when we talk about banks, solvency and capital is at the heart of effective prudential supervision. the capital regime that is being put in place is stronger not just in terms of the quantity and quality of capital that is funding banks, but also because of the incentives that are being embedded in the regime. to end, i don ’ t believe that we can ignore the risk in banks, and the consequence if it crystallises. this helps to explain why the exercise of judgement is such an important part of the supervision of banks. therefore we have to create a system of rules, we have to supervise banks and have the scope and freedom to apply those rules in ways that create the right incentives for banks to maintain safety and soundness, and to guard against the time when something does go wrong we must be confident that our resolution regimes will work. i simply do