the market ’ s growing reluctance after 2007 to roll over these funds in light of well - founded concerns about the banks ’ solvency led the government to assume the liabilities. as has often been remarked, there is plenty to criticise in the way in which the september 2008 guarantee was put in place, including the extent of the guarantee, its cast - iron nature, and the lack of consultation with official partners who might have agreed to share the burden. but what cannot – in light of subsequent events – be doubted is that there would, in any case, have been irresistible pressure from those partners to ensure that losses would not fall on depositors or senior bondholders, given the fragility of banking worldwide in those frenetic weeks of september and october 2008, and indeed thereafter. whatever about the merits of such an international policy, it has been in place ever since, greatly expanding the indebtedness of the irish state. although the burden it imposed was what tipped ireland into losing the confidence of the bond markets, and triggering the need for the eu - imf programme, it would be unwise to focus too exclusively on the debt assumed by the state from the banks as a determining factor for irish economic prospects and the current situation of the irish economy. indeed, much of the deterioration in the net fiscal position of the government in 2009 is for reasons other than the jump in debt ( though of course associated with the unwinding of the bis central bankers ’ speeches credit - driven property bubble ). and equally or even more important as the public debt per se is the fall in the numbers at work and the surge in unemployment, and the consequence that has had on wellbeing, and on the affordability of debt assumed by households. [ chart : numbers at work and unemployment rate 1960 – 2011 ] the jump in debt certainly began to hang over the economy. in the public accounts, debt reached the point where foreign investors lost confidence in the certainty of irish government debt, leading ( against a background of wider concerns on public debt in the euro area ) to the need for official financial assistance from the eu and imf. for the private sector, the debt burdening many firms and families, who have got caught up in unaffordable levels of debt, hampers their ability – and even, in some cases, motivation – to resume their economic role in society at full potential. not all economic crises have left as substantial a legacy of personal debt as has the current global crisis

and consumers. in this environment, insurance professionals are expected to not only raise the service standards, but also to align themselves to be a part of a workforce that is productive, innovative and strategically more focused in advancing the insurance industry to the fore front of the financial services sector. while the regulatory authorities have given considerable attention to efforts to empower, educate and safeguard consumer interests, sound market conduct practices and a commitment to raise the standards in consumer protection remains largely in the hands of insurance professionals. apart from the need to constantly acquire new knowledge and skills, the observance of ethical practices and a professional code of conduct must be complete and comprehensive. indeed, an unrelenting adoption of the highest standards of professionalism and integrity is essential in generating public confidence in the insurance industry. ladies and gentlemen, it is therefore, recognised that we need to continuously invest in human capital to create a pool of high - caliber professionals with the necessary competencies that can deliver high value - added insurance products and services, adopt advanced business practices, build public trust and confidence, and thus advance the industry to greater heights. mii, being the premier insurance education and training institute in malaysia, shoulders an important responsibility in developing the human capital for the insurance industry. it has steadily established a reputation as the leader in executing the [UNK] capacity - building initiatives through the development of skills, and expertise. mii has continued to broaden and enhance its training directory to meet the increasingly complex and diversified needs of the insurance industry. t he registered financial planner ( rfp ) programme which was launched in 2002 has now produced its first batch of 964 graduates in january 2005. in keeping pace with the evolving changes in education, in july 2006, mii launched its mii e - academy, an on - line learning avenue to make learning more accessible to the insurance professionals, unconstrained by location, distance or time. i am pleased that mii has taken the necessary steps in upholding the responsibility to deliver quality training, not only for the local insurance industry, but also across the region. the increasing number of participants from abroad signifies the growing recognition of the programmes organized by mii. at the regional front, mii's out - reach has been further enhanced with the conclusion of the memorandum of understanding between mii and forte insurance ( cambodia ) plc. in june 2005, whereby mii will conduct professional insurance examinations in cambodia. at the same time, mii continues to assume its role as the secretariat of the