corporate governance practices. i welcome the initiative to establish the islamic subsidiary by the rhb group and look forward to the contributions of rhb islamic bank to the growth of the islamic banking industry. this advance forward is the first step that brings us to the third strategic phase of the institutional development of islamic banking and finance in the country. i wish rhb islamic bank every success in this endeavour. i trust that the islamic financial community would look forward to benefit from this new development. ladies and gentlemen, dengan lafaz bismillahirrahmanirrahim, saya dengan sukacitanya merasmikan pelancaran rhb islamic bank. sekian, terima kasih.

john hurley : economic developments in ireland and other issues opening statement by mr john hurley, governor of the central bank and financial services authority of ireland, at the presentation of the annual report 2003, dublin, 12 july 2004. * * * i would like to welcome you all to the publication of the bank ’ s annual report for 2003. as you know, 2003 was a very significant year for us. we have been through a major restructuring process, which has seen the establishment of a new financial regulatory system. the irish financial services regulatory authority is now responsible for consumer protection and prudential supervision while the central bank deals with all matters relating to financial stability. i am happy to report that these new arrangements, which are in place for over a year now, are working very well. this restructuring has allowed us to take stock. as a result, we are also today publishing a three - year strategic plan for the central bank and financial services authority of ireland. a further important development will be the publication of a stand - alone financial stability report in mid - september. up to now, this was included in the bank ’ s annual report. i would also draw your attention to the reproduction in this report of the first lecture in the whitaker lecture series. this series has been established in honour of the former governor, dr. t. k. whitaker, and is intended to contribute to general economic debate in ireland. the inaugural lecture was given by the president of the european central bank, jean claude trichet. the report also includes an article on foreign direct investment in ireland, a vital component of our recent economic success. the study highlights the principal reasons for our success in this area : a stable macroeconomic background, a favourable business environment in its many aspects and a strong emphasis on education and skills. looking to the future, we need to ensure that we have the appropriate policies in place to continue to be an attractive location for foreign direct investment. economic developments turning now to the economic situation : in the context of a weak, if improving, international environment, the irish economy performed well, relative to other countries, in 2003. the latest official data put gnp growth at 2. 8 per cent ( gdp, 3. 7 per cent ). there was significant employment growth last year, which contributed to keeping unemployment at a low level - currently 4. 4 per cent. for 2004, ireland ’ s growth prospects appear generally good - particularly as the us and east asia economies improve. however, considerable uncertainties remain