circumstances but also by changing public expectations. this brings me to my third observation : that banks and financial institutions ( and, it might be added, regulators ) are now operating in a more sceptical, more demanding, even hostile environment. we see this around the world, and, particularly in the aftermath of the lehman brothers collapse, we have seen it in hong kong. there is also discontent and anxiety locally that pre - dates the crisis – for example, about access to banking services, about the risks of new technology – that result partly from the changing business landscape and partly from changing expectations. we must expect this trend to continue, and it will be necessary for the banking industry and the regulator to take more and more account of wider public opinion, and to tackle areas of concern. as the industry organisation, hkab has already become quite deeply involved in such matters : for example, it has played an important co - ordinating and think - tank role in ensuring the safety and efficiency of e - banking, and in promoting accessibility to banking services, particularly among vulnerable groups ; it is also one of the joint issuers of the code of banking practice, the reference - point for relations between banks and their customers. hkab can, i believe, contribute even more in the future, and consolidate its role as industry representative, by strengthening its resources, for example by creating a separate secretariat with a professional chief executive. one of the key causes of the recent financial crisis was the use – or abuse – of innovation by financial intermediaries for short - term private gain at the expense of longer - term stability and effective working of the financial system as a whole. and one of the reactions to this has been a call – a very loud call in some places – for banks to go “ back to basics ” in conducting their business. if such a reaction were to lead to a return to the sort of inflexible banking services many of the older among us remember, then this would be a pity. if, on the other hand, it were to result in greater reflection and rethinking about the true function of banking in society, then this would, in my view, be a healthy development. at the heart of such thinking must be the view that the banking system exists to provide financial intermediation in support of the larger economy : it cannot be some abstracted, disembodied realm of activity in which intermediaries compete with each other to dream up ever more

, what and how the funds were spent ( according to budget or if there is a case of misuse of funds ). finally, the society can be the vehicle, at the least, for us get to know each other in our profession and exchange views and ideas, and socialize. networking is an important element of every professional ’ s working life today. i as the governor of the central bank of png welcome very much the birth of this society and encourage all who are eligible to become members. i have asked all my economics graduate staff to join. the bank supports this course as evident by it being the very first entity to make a financial donation to the society, under the former governor. this fund has enabled the society to set itself up and eventually arrange this launching. i encourage other employers of economists to assist the society in its endeavours so it can grow and meet its strategic objectives, and for the enhancement of the profession in the country. i note and appreciate all the efforts by the four interim executives in initiating and ensuring the birth of this society through the formal incorporation of the society by ipa under association incorporation act on 19th december 2007 and in organizing the launching. it has taken this long to have the society formally launched but the important thing is the moment has arrived and it is happening now. thank you very much for that. i am also pleased to note that the society will hold its first full meeting in one month time to elect the first full office bearers. i encourage all you potential members to pay up your membership fees so you can be able to vote on that day and support the society to see it mature through time from this birth. let us take pride in our profession and in this moment – the launching of the ekonomic society of papua new guinea. with all these words, i hereby declare that the ekonomic society of papua new guinea is launched. thank you.