willing and able to borrow to do so. conclusion to sum up, although the national economy experienced a pick - up in activity during the last quarter of 2010, the region saw a pause. the loss of momentum locally is disappointing because until the fourth quarter, much of the region was recovering somewhat faster than the nation. however, i would not be overly discouraged by this. after all, soft patches are not uncommon during economic recoveries. both nationally and regionally, unemployment remains stubbornly high, but many indicators suggest that conditions are in place for stronger growth in the coming months. with respect to debt, households in most parts of the region are in better shape than the nation as a whole. they increased their debt burdens less during the boom and thus have had less need to deleverage. in addition, there are emerging signs both nationally and regionally that consumers have begun to spend more and appear willing to take on some new debt. this bodes well for another step forward in terms of economic momentum in the nation and the region. however, high delinquencies in new york city and long island are a reminder that many households remain under significant stress. thank you for your kind attention. i will now ask jaison abel to provide more details on current regional economic conditions. bis central bankers ’ speeches

the industry and we have responded accordingly to some of these issues. i can assure you that we will continue to work with the industry to find solutions to legitimate issues raised by the industry but the industry must act responsibly and with the public ’ s interest in mind. enforcing compliance will continue to be an important focus of the bank. this focus will increase as non - bank institutions such as those in this industry potentially become more vulnerable to financial abuses as a result of strict implementation of anti - money laundering and counter financing of terrorism ( aml / cft ) measures imposed on the banking institutions. the enhanced focus is part of malaysia ’ s effort to counter money laundering and terrorism financing risks. another potential risk is in the exploitation of new products and services made possible with the advancements in technology, where the money services business industry might become a target to channel proceeds from illegal activities. bis central bankers ’ speeches specific regulatory requirements have been introduced, in particular on maintaining proper records and source documents, and the essential requirements to conduct customer identifications and to verify sources and purpose of funds. these steps should reduce these risks. in addition, the bank will continue to conduct on - site visits to your businesses to check compliance, and where necessary, we shall use the enforcement tools provided under the law to enforce compliance. the punitive measures would include the revocation of licences, monetary penalties for non - compliances and prosecution for the more serious offences. we will also continue to act swiftly to stamp out illegal operators and those who assist them in facilitating unauthorised money services business activities. to date, actions have been and are being taken against more than 180 entities, which include the revocation of licence, removal of key responsible persons for serious failures to comply with regulatory requirements, and compounds for non - compliances with various regulatory and operational requirements. several entities have been charged in court and some of these had been convicted. while we will sustain these efforts to continue to raise standards of compliance in the industry, the primary responsibility for ensuring compliance rests with the industry itself. it starts with every company having clear processes, well - trained and informed staff, and effective systems and records that assist in complying with regulatory requirements. the industry has made some progress, and we are encouraged by the efforts that are being made at individual companies and at the industry level. some of you have made more progress than others. for those that continue to wait, time is running out and it is very important that plans be