great dilemma is whether these institutions are making responsible decisions about economic policies, development programmes, operations and the achieved results ; • with regard to the long - term vision dimension, the great dilemma is whether the right directions and future challenges facing auditors are properly determined. hence, approximation of the auditing role with the best and contemporary international standards, learning about specifics and characteristics of the audited entities, and further bis central bankers ’ speeches intensification of inter - institutional cooperation during the processes are some of the elements having a key role in the work and results of this institution. in conclusion, i am fully confident that, by promoting the above - stated factors, the alsai will continue to perform at its best vis - a - vis the duties and challenges imposed by current developments and will succeed in accomplishing its mission towards the improvement of institutional governance. thanking you for your attention, i wish you success in your work in 2016. bis central bankers ’ speeches

say, in washington or new york – might think our growth last year came only from the burgeoning oil and gas patch. they would be right to describe it as burgeoning : 30, 000 jobs were added in oil and gas and the related support sector last year. texas now produces 2. 1 million barrels of oil per day, the same amount as norway ; we produce 6. 7 trillion cubic feet of natural gas a year, only slightly less than canada. 4 with 25 percent of u. s. refinery capacity and 60 percent of the nation ’ s petrochemical production located in texas, we most definitely benefit from both upstream and downstream energy production. texas compares with some international producers of oil and gas as follows : natural gas crude + natural gas liquids ( trillion cu ft, annual ) ( mb / d ) world 84. 60 119. 39 united states 8. 58 22. 47 canada 3. 38 6. 91 texas 2. 13 6. 71 norway 2. 13 3. 85 mexico 2. 95 1. 72 source : energy information administration. bis central bankers ’ speeches and yet other sectors gained more jobs than the oil and gas sector and its support functions in 2011 : 58, 000 jobs were added in professional and business services, nearly 46, 000 in education and health services and more than 41, 000 in leisure and hospitality. manufacturing – which accounts for approximately 8 percent of total texas employment – added over 27, 000 jobs. all told, the private sector in texas expanded by 266, 400 jobs in 2011, while the public sector contracted by 54, 800, due primarily to layoffs of schoolteachers. in sum, texas payrolls grew 2 percent, significantly above the national rate of 1. 3 percent. this performance is not unique to last year. as you can see from this graph of nonagricultural employment growth by federal reserve district going back to january 1990, the eleventh district has outperformed the nation on the job front for over two decades. note the slope of the top line, which depicts job growth in the eleventh district compared with each of the other districts and, importantly, relative to employment growth for the u. s. as a whole – denoted by the black line, the seventh one down. as was pointed out in high relief by the media when a certain texas governor was briefly in the hunt for his party ’ s presidential nomination, we do have some serious deficiencies in the lone star state. we have a very large