closer cooperation on the part of home and host supervisors in line with the global regulatory reforms to ensure stability of the financial system, similar to enforceable international driving laws. last but not least, human resources are another key aspect that needs to be continually improved as without sufficient talent pool, the above milestones may not be achieved. this comes to the end of key milestones of our journey, but the actual action is just about to begin. although i end my address today, our journey towards a more competitive, inclusive, connected and sustainable banking system is not yet concluded. our journey will be a continuous one as it ’ s imperative for banks to constantly adapt to dynamic financial needs of the real economy. policymakers and regulators alike must also be proactively involved and adapt to the changing ecosystem. although much has been achieved domestically, regionally there is still much to be done. as such, reaching the destination will require dedication and cooperation from all travelers to arrive safely. the key message that i would like to leave with you today is that do not get stuck with maximizing short - term returns or past successes, but we must invest more for the future. i wish you all a safe journey. thank you. bis central bankers ’ speeches

prasarn trairatvorakul : journey towards a more competitive, inclusive, connected and sustainable thai banking system speech by dr prasarn trairatvorakul, governor of the bank of thailand, at the association of international banks ( aib ) dinner talk, bangkok, 21 may 2015. * * * ladies and gentlemen, it is a great pleasure for me to be here on this special occasion. the topics i addressed in previous occasions focused on economic situations and developments. so much has been said and discussed on those issues, so today i would like to talk about the future development of the banking system in thailand which is equally important. as many of you here are already aware, we are drafting the third financial sector master plan which will cover the next five years time span. the process is quite challenging because it involves many stakeholders, both in the public and private sectors, including foreign banks like yourselves. we thank you for your suggestions and feedback provided individually and also as a group through the aib. today i will share with you briefly the concept and aspiration behind the development plan for the banking system in thailand. thailand is currently at a crossroad in need of structural reforms to cross over the middle income trap. this requires commitment from all stakeholders. the public sector is already taking the lead on infrastructure development to promote urbanization and more equitable income distribution. for the private sector, they will need to make a transition toward production with innovation and higher value - added. realization of these commitments requires long - term funding at reasonable cost from the financial sector. therefore, the roles of the financial sector should be highlighted. the ambition can be likened to the destination of our journey. what is our destination? it is to have a banking system that is responsive to changes in the real economy and able to meet its ever - changing needs. with this destination in mind, milestones are set at different stages with signposts to prevent us from getting lost or sidetracked along the way. for the banking system, these milestones and signposts are laid out in the financial sector master plans. we have come a long way since the 1997 financial crisis and have put in place foundations which shaped the country ’ s core financial system. in our first milestone of structural improvements, the number of financial institutions was consolidated from above 100 to about 30 today. international standards and best practices on risk management were adopted, built upon necessary infrastructures including the core payment system, the deposit insurance