such personal ethic will also help the individual to stand up to pressures from those in position of power in the country as well as those who represent such powers who have infiltrated the operation of the bank. such moral leadership will provide an example to bank employees to uphold the high working principle thereby helping to safeguard long - term growth of the bank. ladies and gentlemen, i have no intention of “ preaching to the pope ”. i wanted merely to share an understanding on the role and responsibility of bank directors, and convey to you the bank of thailand ’ s expectation from your directorship role. it is also a good opportunity to bring to your attention the role that the board can play in risk management, pointing out the way in which your responsibility can be carried out which need not be unnecessarily complex yet effective, and which should allow you to fulfil your role with greater confidence. the directors who are already meeting or exceeding these principles and standards should take today ’ s talk as confirmation of your framework, while others may find some of the points useful addition to your own practice. the direct result of such principles is the strength and soundness of your banks, and ultimately the integrity of our financial system, allowing it to better absorb shocks, both domestic and abroad. thank you.

goods and services needed in the offshore oil sector. the norwegian business sector has made good use of the opportunities provided by the discovery of oil. the extraction of oil at extreme ocean depths required the development of new technology. the specialised expertise that has been built up has secured contracts – and not just off the shores of norway. offshore activity has had substantial spillover effects on other industries. an advanced oil service industry has emerged, and small local communities have been able to broaden their economic base. chart : distribution of exports – 1835, 1950 and 2016 the oil sector has generated substantial revenues for norway. and we have extracted large quantities of oil and gas at favourable prices. from the end of the 1990s and up to 2014, the price of north sea oil rose from about usd 10 to more than usd 100 per barrel. in spite of the fact that oil prices have fallen by about half compared with a few years ago, sales of oil and gas still provide a third of the country ’ s export revenues. 3 / 4 bis central bankers'speeches the substantial profits generated by the petroleum sector have been managed efficiently. our economy is in good order. well - functioning institutions and a high degree of trust between the various social groups provided a solid foundation. it was established at an early stage that norway ’ s oil and gas reserves belong to the people. the system of taxation and framework conditions for the petroleum industry were designed so that the large profits from this sector would accrue to the state. we have been able to enhance public welfare and prosperity. chart : from natural resources to financial wealth at the same time, norway ’ s subsea petroleum wealth has to a large extent been transformed into foreign financial assets. with the oil fund, not only current but also future generations will benefit from our oil and gas reserves. the capital in the oil fund is more than two and a half times the size of mainland gdp. as oil and gas production gradually dwindles, norway ’ s petroleum wealth will continue to generate profits in the form of income from the fund. chart : per capita gdp. norway and other countries – 1970 and 2015 the discovery of oil marked the beginning of an extraordinary era for the norwegian economy. before oil was discovered, the income level in norway was low compared with other western countries. today, the picture has been reversed. we have gradually caught up with the wealthiest countries. norway ’ s gdp per capita is one of the highest in the world. chart : the 1000 - krone banknote