privilege afforded to the central bank of seychelles to host this high level dialogue. i also wish to thank both the public and private sector participants, for the overwhelming response to the invitation to attend the event, and for your active participation. to our panellists, thank you for your well prepared presentations and eloquent sharing of your experiences and expertise. we also thank the moderators, who have also done a great job at chairing the presentation of each topics and engaging the audience to contribute towards the debate, as well as the rapporteurs for taking notes and highlighting the key issues that have been raised. i am hopeful that the esaamlg secretariat will work towards the implementation of all recommendations that have come out of this exercise. my sincere appreciation also goes to the staff of the central bank of seychelles for their hard work in putting this event together. as we end, i would like to wish our esteemed international guests and delegates, a safe and pleasant journey, back to your respective homes. for those who are staying in seychelles for a few more days, do take a moment to explore the islands, which boast some of the most breathtaking beaches and amazing sceneries. we look forward to welcoming many of you back in seychelles, in april next year, when we host the esaamlg workshop on digital financial services, bureau de change and money remittances. i thank you all for your attention.

set out in king iii, in more detail. as discussed at the 2010 ( ogm ), the bank has conducted a bankwide gap analysis, and steps are being taken to address those areas we regard as having room for improvement. it is necessary to emphasise that king iii is a voluntary code, and a tool for enhancing governance, which is the approach the bank has taken. question 8 – definition of corporate body a request has been made to set out clearly the definition and status of the bank with regard to profitability. the sarb act clearly stipulates that the bank is a juristic person, with its primary objective being to protect the value of the currency of the republic in the interest of balanced and sustainable economic growth. there should be no ambiguity about this matter. the bank does not perform its duties with a profit motive. on the contrary, in the exercise of its responsibilities, it may well take actions that are in the national interest but will result in the bank being loss - making. it is the obligation of the bank to act in the best interests of the country, and not in the narrow interests of the profitability of the bank or its shareholders. there are legal limits placed on the rights of the shareholders of the bank – for instance a limit of 10, 000 shares, a fixed dividend, the election of only some of the non - executive board members and no role in the appointment of the governor and deputy governors, among others. amendments to the sarb act the amendments to the sarb act were promulgated in september 2010. in terms of these amendments, membership of the board of the bank was expanded from 14 to 15. the board has also agreed to use as a guideline the nine - year rule contained in king iii for the service periods of board members. as a result, three new non - executive directors will be elected by shareholders at this ogm. there are currently four vacancies for non - executive directors appointed by government. once all these appointments have been made, the board will comprise a significant proportion of new members. while this may raise challenges for bis central bankers ’ speeches continuity, i am confident that the new - look board will continue to maintain effective corporate governance oversight of the bank. other changes to the board have come about as a result of the appointment of mr lesetja kganyago as deputy governor, who assumed office on 16 may 2011. i would like to take this opportunity to welcome him again to the bank