to conduct an independent external academic audit of your activities and programmes. i was humbled to learn that dwu was the first university in the country to voluntarily go through the independent external academic audit in recognition of education as a public good, the many challenges faced in png and the need to demonstrate a system of accountability and learning culture for our education institutions. such initiatives aimed at improving academic performance and status are very worthwhile investment and truly reflect the genuineness of the dwu council, academic board and development partners. if the audit recommendations are implemented successfully, which i am sure they will through your 10 year action plan, this will mean quality programs / courses offered which will further increase stakeholders 1 / 3 bis - central bankers'speeches and general public confidence for the dwu in producing quality graduates to assist in the delivery of social, economic, cultural and political development of our country. dwu's drive towards tqa is highly commendable. one has only to read the daily newspapers, listen to the radio or watch the television to see the serious problems we have in our society today a€ “ some worth mentioning are corruption, crime, unemployment, poor socio - economic indicators and social disharmony. we have generated high economic growth for over a decade now but still struggle to ensure we all live together in peace and happiness. the efforts by dwu is consistent and complements the government's 2050 vision strategic plan which sets out human capital development as one of its priority pillars, in fact at the top of the list. an article in the post courier on 29 april 2013 ( this week monday ) reported the government's focus on higher education, with funding between k40m and k50m on higher education reforms over the next five years to meet global quality standards. there will be amendments to the office of higher education ( ohe ) act to make ohe the regulator to oversee the operations of the universities and higher learning institutions. i am pleased to note that the initiatives taken by the dwu will place it well ahead of its peers and the reforms about to take place in the higher education system of our country. we at the bank are also constantly looking at ways to up skill our human resources and improve our work processes and engaging professionals and independent persons / firms to review our work process as part of the ongoing quality assurance program. institutions and firms that have quality assurance program built into their work processes will no doubt benefit from the investment and stay ahead of the pack. regarding initiatives

that may be worth reassessing. one place to start is with regulations pertaining to smaller banks. people of all political stripes tend to agree that congress and regulators should reassess the effect that regulations have had on these firms and whether such regulations are commensurate with their level of risk. for these smaller banks, whose failure will not directly inflict large costs or stress on the broader financial system, the regulatory and compliance requirements should be reconsidered. indeed, banking agencies have announced many proposals for small banks, 11 including one that would simplify the capital rules for such banks consistent with their risk. 12 with respect to systemically important firms, i think it would be terribly myopic to forget the crisis. there have been a number of different types of changes proposed with respect to these firms. today, i ’ d like to focus on the proposals relating to resolution regimes. congress established ola when memories of lehman brothers ’ failure were fresh. it bears repeating that congress did so after facing the terrifying realization that the lack of a credible 4 / 6 bis central bankers'speeches resolution mechanism for dealing with failing systemic firms left only bad choices, such as lending into a run, bailout, or the collapse of the financial system. over the past several years, there have been efforts in congress to repeal ola and create a new, bespoke process for systemically important firms under the bankruptcy code. that process would largely mimic many of the features of the fdic ’ s single point of entry strategy intended for use in an ola proceeding. those efforts have picked up steam this year with the passing of two different bills in the house of representatives. 13 from my perspective, there are attractive aspects to both ola and the bankruptcy code. ola is largely an administrative process that has the benefit of agility. it is administered by the fdic, which will already have insight into the institution though the living will process. the fdic also communicates with foreign regulators regarding systemically important firms. ola has particular advantages in the context of a cross - border resolution, which means in this day and age the resolution of pretty much any systemically important institution. us regulators have established relationships with their foreign counterparts, and resolution processes similar to ola now exist in many globally important financial centers. this familiarity can facilitate crossborder cooperation and coordination in the event of a failure of a systemically important institution, and stem competing insolvency proceedings in multiple jurisdictions and