useful parallels and lessons that can be drawn for malaysia. cagamas is very pleased to have established a strategic partnership with hkmc in 2007 which will allow us to avail of hkmc ’ s significant expertise to provide the banking industry in malaysia with expanded options for effectively managing mortgage risks. we are encouraged by the strong turnout from among members of the board risk management committees, senior management and risk managers at this event today. your roles are critical in bringing visibility and attention to the key risk issues in mortgage financing within your institutions in order to ensure that the associated risks, both present and foreseeable, are identified and effectively controlled. it is particularly useful to bear in mind that vigilance is needed to be alert to problems that can quickly arise in business segments that may not have presented difficulties in the past. by acting proactively to avoid controllable risks, material future losses can be avoided at far lower costs to banks and the society at large. on that note, i look forward to a fruitful and constructive dialogue. thank you.

. developing our division of labour is especially important, as the eurosystem needs to improve its cost efficiency to a significant degree. many activities have large fixed costs and thus delegating them to some central banks avoids duplication of these costs. this kind of pooling is actually one of the most promising ways of pursuing the efficiency goals set out in the organisational principles. for these reasons, the bank of finland takes a very positive attitude to this drive for efficiency through deeper cooperation. however, some conditions for further progress in the field should still be borne in mind. in particular, governance and accounting systems must be built very carefully for each " pooling " arrangement, ensuring that costs and benefits are adequately measured and shared, and that users can get sufficient control of how the pooled services are produced and developed. this is, of course, necessary for the kind of trust required for the delegation of tasks. it is also in conformity with our organisational principles which emphasize the values of transparency and accountability. secondly, we expect that all eurosystem central banks can and will participate in the emerging division of labour on the basis of reasonable reciprocity. this reciprocity also conforms nicely with the organizational principles, according to which " all members of the eurosystem shall contribute strategically and operationally to the goals of the system ". the bank of finland for its part – as with other ncb's – actively analyses its relative strengths and considers its capacity to participate in the emerging division of labour in a balanced way ; not only as a user of pooled services, but also as a service provider. so i expect that our willingness to participate in future pooling schemes will be in some proportion to our prospects of hosting some of the services, where we feel we can usefully contribute. however, i expect that the conditions which i have mentioned here will not prove any great obstacles for progress in the important further deepening of operational cooperation within the eurosystem. good governance models for pooling schemes will be developed – perhaps along the lines marked by the cashssp project – and ncb's will find their niches, in which they can make their strongest contribution to the success and efficiency of the system as a whole. to finish, let me again congratulate all those who have worked in order to make this cooperation agreement possible and also express my appreciation of the national bank of belgium for its very useful and innovative work. thank you.