of banks. hitherto, there were only three commercial banks operating in botswana. in 1991, two additional commercial banks were licensed, namely, anz grindlays botswana limited and zimbank botswana limited. a year later, in 1992, the bank of botswana granted unionbank botswana limited, a subsidiary of standard bank of south africa, a banking licence, making it the sixth licensed commercial bank in the country. shortly thereafter, in the same year, unionbank merged with anz grindlays, each with an initial capital of p10 million, to form the bank we know today as stanbic bank botswana limited. director of ceremonies, today, 25 years on, stanbic bank is ranked 4th among the 10 commercial banks operating in the country, in terms of staffing, branch network, capital and deposit liabilities. from a modest beginning, with only 24 employees in 1993, stanbic bank currently employs over 600 staff members across 10 branches, and serves in excess of 80 000 retail and business customers. the bank asset base has grown significantly, from p138 million in 1993 to p12 billion as at december 31, 2016. during the same period, the bank has also consistently made profits ; with its net income after tax increasing from p2. 2 million in 1993 to p192 million in 2016. at present, stanbic bank is regarded as one of the systemically important domestic banks operating in botswana, with a 15 percent market share of total banking industry assets and deposits. distinguished guests, stanbic bank offers a wide range of traditional and innovative corporate, retail and investment products and services including, more recently, like some of its peers, the introduction of on - line and mobile banking services. i have no doubt that these technology - based platforms, products and services will enable stanbic bank to continue to be a significant player in the industry and broader economy, as well as adapt to the emergence of financial technology ( fintech ) operators for the benefit of customers and the economy at large. somewhat uniquely, while embracing technology - based banking, stanbic bank continues to reinforce its position in corporate and investment banking. amongst other awards in the recent past, it was named the best investment bank in botswana in the 2016 europe, middle east and africa ( emea ) finance african banking awards. congratulations, once again. distinguished ladies and gentlemen, another highlight is the evolution of leadership and governance at stanbic bank. notably, the chief executive position was localised in 2008 with the

other financial resources provided by clearing members. these skin - in - the - game requirements are intended to create incentives for the owners of ccps for careful consideration of new products for clearing, for conservative modeling of risks, and for robust default waterfalls and other resources to meet such risks as may materialize. 8 the issue is a complex one, however, and a number of factors would need to be considered in formulating such a requirement. recovery and resolution i have focused so far on what we can do to ensure that ccps do not fail : more transparency, enhanced stress testing, more robust capital and default waterfalls, stronger liquidity, and increased incentives to appropriately manage risks. i will conclude my remarks today by discussing what happens when all of these efforts encounter a severe stress event. try as we might to prevent the buildup of excessive risk, we need to be prepared for the possibility that a ccp may fail or approach failure in the future. when and if such a crisis materializes, ccps will be called on to stand on their own. ccps and regulators need to develop clear and detailed ccp recovery and resolution strategies that are well designed to minimize transmission of the ccp ’ s distress to its clearing members and beyond. see, for example, the related discussion in committee on payment and settlement systems ( 2010 ), market structure developments in the clearing industry : implications for financial stability ( pdf ) ( basel, switzerland : bank for international settlements, november ). bis central bankers ’ speeches recovery and resolution planning is a matter of intense focus among regulators and industry participants. just last month, the committee on payments and market infrastructures and the board of the international organization of securities commissions released their final report on the recovery of financial market infrastructures. 9 the report is part of an ongoing effort to provide guidance on implementing the pfmi requirements for recovery planning. on the same day, the financial stability board released a new report on the resolution of financial market infrastructures and their participants to supplement its earlier work on the report key attributes of effective resolution regimes for financial institutions. 10 these reports stress that ccps must adopt plans and tools that will help them recover from financial shocks and continue to provide their critical services without government assistance. it has been a challenge for some market participants to confront the fact that risks and losses, however well managed, do not simply disappear within a ccp but are ultimately allocated in some way to the various stakeholders in the organization – even if the risk of loss is quite