. new bula gold of course, today, we are here to celebrate the launch of the new bula gold product. i understand that this product has been developed in response to customer demand. customer, and that is you and me, are key to any business these days. it is therefore extremely encouraging that lici is listening to our voice. i understand that new bula gold is a money - back type of plan. it supplements most of the features of lici fiji existing money - back plans like the “ money tree ” range of products. but this new bula gold product goes beyond the existing products. it has three new features. these are auto cover, extended term cover and funeral expenses benefit. i will end there lest i say something wrong about the product. i will leave mr krishnan and his team to explain to us all the good features of this new product. they are even ready to sign on customers. i wish lici and mr krishnan every success. concluding remarks in concluding, i would like to thank mr. krishnan again for inviting me here this evening. i congratulate you on this initiative and wish you every success. official launching i now have much pleasure in launching the new bula gold product. thank you.

crisis. on the liquidity regime side, several major initiatives are underway. the basel committee has proposed a liquidity coverage ratio ( lcr ) requirement for globally active banks. in essence, this standard would require that large, internationally active banks hold sufficient short - term, liquid assets so that a bank could fund its operations for at least 30 days, without needing to borrow funds from the central bank. by creating a pool of liquid assets that the bank could sell or allow to mature, the liquidity buffer would buy time for the bank to explore options to restore market confidence. such steps might include selling businesses and other asset dispositions, raising additional capital, or by making changes in senior management. the lcr requirement is being carefully evaluated to ensure that there will be no deleterious, unintended consequences when it becomes effective. also, apart from the basel initiative, supervisors are placing greater emphasis on liquidity. for example, in the united states, supervisors have emphasized the importance of adequate liquidity buffers and many banks have been pushed to bolster their liquidity resources through the supervisory process. together, this emphasis on a greater quantity and higher quality of capital and larger liquidity buffers should make banks individually, and the banking system as a whole, more resilient to adverse shocks. the goal is to enable banks to retain market access to capital and funding even when large losses occur or the banks are subject to other adverse shocks. the ability to retain access should enable banks to manage through their problems, avoiding the types of liquidity runs that led to the forced unwinding of positions and that pushed what might have been solvent institutions over the edge into insolvency. bis central bankers ’ speeches in addition to the basel iii standards for capital and liquidity, an international effort is underway to further reduce the probability of failure for systemically important financial institutions or sifis. the basic logic behind this effort is that the failure of a larger, more complex firm can have disproportionately large negative systemic consequences. as a result, such firms should be forced to hold additional capital in order to reduce their probability of failure below that of smaller firms. an additional capital requirement on such sifis would also help to level the playing field between larger and smaller firms by offsetting the funding advantage that accrues to the largest firms that stems from the perception that they are “ too big to fail. ” although there are potentially other options, i believe that a si