deployed to any bank at any given time to ensure timely regulatory action when necessary. despite the measures taken by the cbn, there have been concerns in recent times about the health of the nigerian banking system occasioned largely by the system ’ s exposure to the capital market and the effect of the global financial crisis as well as exposure to oil marketers and ministries, departments and agencies ( mda ). while there is no doubt that the banks were challenged in the face of these developments, there is no evidence, thus far, that our banking system is facing a crisis as has been reported in some newspapers recently. all reports purporting to suggest that some named banks are not sound or shaken are unfounded and we urge journalists to exercise caution and show more responsibilities in reporting and quoting unofficial sources. our view is that there are stress points in banks ’ balance sheets ( margin loans, proprietary positions, oil marketing names, unsecured large exposures ) and these are being dimensioned. an appropriate resolution framework will be developed in consultation with reputable independent advisers, and the market will have information on steps being taken at appropriate junctions in the process. we reiterate that, based on the totality of information available to the regulator, there is no basis for suggesting that the system is at risk. we also re - affirm our commitment to stand behind every financial institution and work with its board and management to ensure a smooth resolution of any issues that may arise as an outcome of the diagnostic process. no bank will be allowed to fail. going forward, the cbn will strengthen the regulatory and supervisory framework and enhance monitoring of the operations of the dmbs to ensure that they remain safe, sound and healthy to support the macroeconomic objectives of the government, in general, and monetary policy, in particular. to this end, the cbn will continue to ensure the maintenance of public confidence through appropriate disclosure and would reinvigorate the policy of zero tolerance on all unprofessional and unethical conduct. banks would also be required to further strengthen their risk management process, while the present supervisory methodology of risk - based and consolidated supervision with special emphasis on macro - prudential regulation and sound stress testing practices would be pursued more vigorously. more and rigorous emphasis would be placed on the implementation of the code of corporate governance for banks in nigeria. banks that have not fully complied with the requirements of the code would be encouraged to do so. for the avoidance of doubts, enforcement of the code of conducts

though rising is doing so at a decelerated rate and we are confident will soon commence a fall. security concerns in food - producing regions and infrastructure challenges also demand attention. the cbn has implemented a number of policy reforms to address some of these various pressures and, while i am confident enough today to talk about some of our early success, i am at the same time extremely mindful of our ongoing challenges. 1 / 2 bis - central bankers'speeches we still have work to do in solving all our problems, however, we do have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with our key stakeholders including investors, banks, businesses – and, notably, our counterparts on the fiscal side. we have recommitted our stance to orthodox monetary policy, and it is heartening to see the efforts being put up have started yielding results especially in terms of rebuilding trust and confidence in our economy and the leadership. in summary, this week has been extremely productive, and we are eager to translate our discussions into tangible outcomes as we return home. 2 / 2 bis - central bankers'speeches