m r pridiyathorn devakula : a brief comment on credit risk analysis opening address by mr m r pridiyathorn devakula, governor of the bank of thailand, at the apec financial regulators training initiative regional program - credit risk analysis, bangkok, 26 august 2002. * * * distinguished guests, ladies and gentlemen, it is a pleasure for me to be here at the opening of the asia - pacific economic cooperation ( apec ) financial regulators training initiative regional program on credit risk analysis. the bank of thailand is indeed privileged to have the opportunity to host this distinctive event initiated by apec. i also wish to personally extend a warm welcome to all the participants and to express our deepest appreciation to the distinguished speakers who have kindly agreed to come to share with us their knowledge and wisdom on various aspects of credit risk analysis. needless to say, amongst other risks, credit risk or the possibility that a borrower will default, represents a key risk in the banking business. the example of the thai financial system where roughly 400 billion baht of non - performing loans, commonly known as npls still remains since the 1997 financial crisis shows the painstaking effect of credit risks at the national level. global trends along with advance technology and financial innovations have further added complications to the matter by enabling financial institutions to change their activities and risk profiles at a speed and scale which could not be imagined a few years ago. these developments have spurred the necessity of our having to better understand and perform more analysis on banking risks. after all, banks do live and prosper by accepting risks, but these risks have to be managed with proper care. as we have all seen, well - managed banks have tended to stay resilient to the banking crisis and provided a backbone for restoration of financial stability. we must therefore, continuously adopt new techniques and technologies in risk analysis to ensure appropriate risk management of all financial institutions in the future. of course, prevention is always better than the cure. as financial regulators, one of our main tasks is to provide a prudential framework ensuring the overall improvement of risk management of financial institutions. in the case of thailand consolidated supervision as well as prompt corrective action will be introduced under the new financial institutions act. study is also on the way to prepare ourselves for the implementation of the bis new capital regime, and we look forward to their conclusion for an explicit framework that will complement our current practices where we ask the board to understand the nature of their organizationa€™

mugur isarescu : integrated supervision opening speech by mr mugur isarescu, governor of the national bank of romania, at the seminar “ integrated supervision ”, jointly organised by the romanian financial supervisory authority and the national bank of romania, sinaia, 22 january 2014. * * * distinguished guests, ladies and gentlemen, it is a pleasure for me to warmly welcome you to this seminar on integrated supervision. the newly established romanian financial supervisory authority and the national bank of romania decided to jointly organize the conference on this challenging topic that has recently come into the spotlight. i particularly want to thank our guests from the national supervisory authorities of austria, the czech republic, germany, poland, united kingdom and ireland. i also welcome the experts from the world bank, the international monetary fund and the european commission who will generously impart their knowledge to all of us. i do wish all of you a pleasant stay here in sinaia. this three days long seminar is an excellent occasion to learn, to exchange views and to generate professional ties. allow me to say a few words about where you are. this is a premise of the national bank of romania ’ s training center, situated in cumpatu district, in this lovely resort, sinaia. the name sinaia is an eponym of mount sinai. by the end of the 17th century, a group of wallachian monks, led by mihail cantacuzino, a landlord of those times, went on a pilgrimage to palestine and the sinai peninsula. they were hosted at saint catherine monastery. once returned, they established a convent quite here, in the heavily forested area, at the bottom of the carpathians. the new monastery was called sinaia, in the memory of their journey to the sinai peninsula. a century later, the first king of romania, carol i fell in love with the place and built peles castle, his summer residence. following the establishment of the peles castle a railroad connecting the capital to the king ’ s new summer residence was built. little by little, sinaia became popular among the members of the high society : they started building summer residences as well as hotels, villas. you can visit the peles castle and the sinaia monastery on friday. and now about this seminar. the topic of this seminar is integrated supervision to ensure financial stability. it relies on several conceptual layers. first of all, to understand that the frontiers among financial activities have been blurred by financial innovation and the formation