to maintain a safe, efficient and stable financial system in mauritius. both supervisory bodies will, under the terms of the mou, work in close collaboration to ensure the setting up of appropriate arrangements to respond to threats to financial stability, to coordinate information sharing and avoid duplication. financial stability remains a major concern to both the bank of mauritius and the financial services commission, given their statutory responsibilities to supervise and regulate the financial markets. achieving financial stability is not a destination but rather a journey. it is an on - going concern for both regulators given the continuous developments and challenge s in the economic environment. presently, our financial sector is under the regulatory and supervisory purview of these two bodies. currently, the asymmetry of information makes it difficult to evaluate the state of financial stability. as the final resting place of risk is hard to observe, as regulators, we can at least try, through this collaboration, to track its passage through the markets. there are, therefore, compelling reasons for both authorities to strengthen collaboration with a view to improving the sharing of information relevant to their respective responsibilities. the process of effective consolidated supervision involves qualitative as well as quantitative dimensions. supervisors must therefore be aware of the ownership structure, the overall organizational structure, the corporate governance and risk management systems and all material risks within a conglomerate. as regulators, we must have knowledge of the entire group to properly assess risks which may emanate either from the licensee ’ s core activities or from its affiliation with entities that may or may not be directly regulated. as conglomerates are showing increasing interest in banking business, we regulators have the duty to evaluate the risks that would spill over directly or indirectly from the non - bank or non - regulated entities of the groups. we must by all means avoid supervisory grey areas. enhancing information sharing between regulatory authorities right from the licensing stage helps to minimize the risks arising from supervisory gaps. as you are aware, mauritius had undergone two financial sector assessment programmes ( fsap ) by a joint imf - world bank mission in recent years. the launching of this joint coordination committee shows the commitment of the regulators to promote best international practices that meet the expectations of international organizations and of the basel committee on banking supervision which also advocates that banking groups should be supervised on a consolidated basis. i now have the pleasure of announcing to you the names of the representatives of the bank of mauritius on the joint committee. mr. h. o. jankee, chief economist, mrs n. sajadah

aujayeb, legal officer and mr g. gonpot, senior bank officer will represent the bank on this committee. the bank of mauritius and the financial services commission have also agreed to the principle of rotating chairmanship, with the committee being chaired alternately by the chief economist of the bank and the acting deputy chief executive of the financial services commission. let me add that while we are a dynamic sector, we have observed that quite some poaching of staff goes around in our sector. we do not want this to happen between our two institutions. quite a few employees of the fsc have applied for posts at the bank. on this note, i would like to thank you for your presence at the bank today and look forward to your support and collaboration in enabling this joint committee achieve its objectives. thank you for your attention.