a credible and lasting solution in the eurozone all the more complex and challenging in the years to come. the problems in the eurozone and the us underline the absolute necessity for consistently sound banking practices and governance by banks. the crisis also provides lessons for regulators and the supervision of banks. the imf has found that regulatory intervention in spain lacked timeliness and effectiveness, even though the problems in banking had been identified early on. regulators must be prepared to take early and decisive corrective actions to forestall a build - up of risks in individual banks and the banking system as a whole. bis central bankers ’ speeches further, contagion amongst banks is a fact of life. financial systems can be severely stressed by their weakest points, even if it involves a single bank or a group of small banks. the northern rock episode in the uk was an example in the earlier phase of this crisis. the spanish cajas or regional savings banks are now another. the largest spanish banks are widely acknowledged to be well capitalised, to have lower exposure to the property sector and to have well diversified earnings internationally. but until the troubles in the cajas are resolved, even sound spanish banks are being penalised by higher funding costs, and citizens and tax payers too are exposed. confidence is therefore about banking systems, not just about individual banks. this is all the more why regulators have to be vigilant in spotting weaknesses and requiring corrective actions, both across a system and in individual banks. the weakest point matters. international regulatory reforms the global financial crisis has prompted a major review of international regulatory standards. we have achieved much, with the new rules developed through the basel committee on banking supervision and the financial stability board – new rules on the quantity and quality of capital and liquidity and the ongoing work to strengthen cross - border supervision and resolution frameworks for global banks. the basel committee has proposed several reforms to minimise the risk of failure of global systemically important banks ( “ g - sibs ” ), and to minimise the impact if any of them should fail. it is also recognised that some banks are systemically important within their own domestic markets even if they are not internationally active to the same extent as the g - sibs. the failure of these domestic systemically important banks ( “ d - sibs ” ) can have a major impact on an economy, and indeed unpredictable consequences for a broader region. bankia for example, is not a g - sib. the

processes to make them simpler, better and faster. impact created for singapore the family office ecosystem has added diversity to our financial sector and created value for singapore's economy and society. i would like to acknowledge and express my appreciation to the family office community for your contributions to singapore. family offices have created good jobs in singapore, both directly, when you hire your investment professionals locally, and indirectly, when you engage the services provided by our private banks, fund managers, as well as legal and tax firms. the patient capital that families bring, along with your business know - how and networks, can greatly contribute to nurturing our local ventures and innovation activities. take for example, treis group, whose s $ 20 million investments spurred the growth of getgo, the largest carsharing platform in singapore, with the mission to promote sustainable mobility. family - led enterprises have also been key contributors to climate mitigation and adaptation causes. for example, the olayan group donated towards the asia 2 / 5 bis - central bankers'speeches climate solutions design grant launched by mas in partnership with convergence. the grant defrays the cost of early - stage preparation and design of innovative blended finance solutions. the grant has supported projects coming from clean energy transition to nature - based solutions, catalysing a pipeline of investible projects that would otherwise be under - capitalised. conducive and rich ecosystem of service offerings there is further potential for family offices to grow and contribute. to achieve this, we must strengthen the value proposition of our family office ecosystem, through three key areas : first, families'interest in philanthropy and doing good by giving back to help others in society. second, families'interest in investing as private equity or venture capital. and third, to build talent and capabilities in the family office space. i'll touch on each one briefly. starting off with philanthropy. many family offices are already keenly aware of the important role they can play in contributing to the broader community and helping the less fortunate. indeed, we are seeing growing interest from family offices to become a " force for good " – so not just to do well, but also to do good – and establish a legacy that extends beyond financial gains and wealth accumulation. for example, the ishk tolaram foundation supports education and skills training for dyslexic pre - schoolers and autistic talent to pursue engineering careers. the tsao foundation contributed significantly to eldercare solutions in the community and brings