for the year ended december 2011. this was a 20. 4 % increase from ksh. 74. 3 billion ( usd895 million ) returned in the same period in 2010. the number of banks is growing to create strong banks : mergers will be required, but that is a market outcome. ladies and gentlemen : i would like to assure the banking sector and other market players that the central bank will continue to support the market development by providing an enabling environment for growth in the banking sector. allow me to outline the thrust of the initiatives we shall continue to inculcate to ensure the sector operates efficiently, effectively and soundly. the initiatives will be anchored on three pillars : first, strengthening financial stability, supervisory and regulatory framework. in particular, cbk will adopt a consolidated supervision approach to take cognisance of the growing pan - african nature of the kenyan banking sector. bis central bankers ’ speeches second, enhancing financial integrity in the banking sector so as to ensure that the financial systems are safeguarded against money laundering and financing of terrorism. third, promoting financial inclusion for financial deepening and development in line with the aspirations under the kenyan vision 2030. distinguished guests, ladies and gentlemen : finally, allow me once again to applaud firstrand bank limited for establishing a physical presence in kenya through a representative office. as the central bank we are ready to support you as you develop your business not only in the kenyan market but also on the eastern african side. with these remarks, it is now my pleasure to welcome honourable njeru githae, minister for finance of the republic of kenya to make his remarks and officially launch the representative office of firstrand bank here in kenya. thank you. bis central bankers ’ speeches

short, banks will look for loopholes. 49. of course, that is not the case. it is banks ’ responsibility to instil a culture of prudent risktaking, an ethical approach to business, and a focus on treating clients fairly. 50. this is partly a matter of example within the organization – by top level attention at board level, good corporate governance, and by not encouraging short - term risk - taking. 51. this is not simply about complying with hkma directives, or obeying the law. it is about bankers being aware of their personal responsibilities as custodians of the public ’ s trust, and as citizens. we cannot do this for you. i am glad to say, looking back on 10 years as chief executive, the hong kong banking community can take pride in honouring its commitments and deserving society ’ s trust. conclusion 52. ladies and gentlemen, we at the hkma – and all of you in the banking industry – have been through a great deal in the last 10 years. i have mentioned just a few of our many challenges, and our achievements. 53. as i said at the start, hong kong ’ s monetary and financial system is probably as secure as it has ever been – even though the infrastructure and markets are far more complex than ever. the hong kong banking industry is world - class in terms of its skills and people, in its dedication to inclusion, its preparation for technological change, and its awareness of the need for integrity and values. 54. but we must all be very clear that maintaining the quality of the industry is a never - ending task. looking back, i am proud of what we have done collectively – but i know there will be much more to do in future. 55. hong kong at the moment is going through some troubles. but experience and history show us that hong kong overcomes problems, pulls together and moves on to the next stage of its development and success. i know that the banking industry will make a major contribution to that process. 56. the opportunities for our banking sector are opportunities for the whole of hong kong. from the changing economic role of china and the asia pacific, to the rise of new technological applications – these are going to be very exciting times. 57. i would like to close with a personal note. all of us, in the hkma and the industry, have achieved a great deal over the last 10 years. 58. this would not have been