crisis revolved around private debt and complex financial products making it difficult to determine where risk lay ; in 2011, the crisis is centred around public debt with much greater clarity on where exposure and risk lie. most importantly, in 2008, governments were a part of the solution ; in 2011, governments are the problem. in 2008, we were dealing with unknown unknowns ; in 2011, we are dealing with known unknowns. 4. what is striking, and what is important from the view point of this conference, is that no matter where a financial crisis originates, no matter what the causes are and no matter how it evolves, banks become the centre of the crisis. and when banks come under stress, deposit insurance becomes a critical variable in containing the crisis and restoring confidence. to be able to discharge this responsibility efficiently and effectively is then the challenge for the deposit insurance system. 5. the global financial crisis has triggered a re - examination of how financial safety nets function and of the relationships among supervisors, bank insolvency agencies and deposit bis central bankers ’ speeches insurers. the crisis made us realize that depositors are more risk - sensitive than we had thought. more than ever before, we know that the threat of even small losses can lead to destabilizing runs. this reinforces the case for a truly integrated policy response to shocks, where agencies responsible for supervision, regulation, insolvency and deposit insurance act quickly and in a well - coordinated manner. 6. we also learnt from the crisis that three pillars are required to support a resilient financial system. the first pillar is effective supervision. important lessons have emerged from the crisis on making supervision stronger and more effective. the second pillar is a robust regulatory framework that integrates a system - wide approach and has built - in buffers to smooth cyclical volatility. and the third pillar, the theme of this conference, is a resolution framework that is quick and effective, and one that creates the proper backstop to efforts at limiting excessive risk. 7. there are varying models around the world on how responsibilities for the above three pillars are allocated across different agencies. the specific regulatory architecture of a country has implications for the role and mandate of the deposit insurance system. in some cases, deposit insurance systems are actively involved in the resolution process, in some cases less actively so, and in some cases not at all. in india, bank resolution rests entirely with the regulators and supervisors, and the dicgc plays

##eficiary accounts, philpass emerges as a safer, faster, and more efficient option for remitting overseas workers. another highlight of this project is the agreement by participating banks to charge a significantly lower standard back - end processing fee of 50 pesos per remittance transaction. the back - end processing fee normally charged ranges from a low of p100. 00 to a high of p550. 00 per transaction. in other words, overseas filipinos will be saving at least p50 to p500 per transaction in remittance fees whenever abroi members forward the money to beneficiary accounts in other banks. estimates indicate that remittance transactions average 66 million per year, of which transmission through “ credit - to - other banks ” accounts for 8 % or an average of more than 5, 000 transactions daily. this means savings of at least p75 million in annual remittance fees for overseas filipinos. at least p75 million. for our overseas workers, this represents additional money that can benefit their families and other beneficiaries. for the bangko sentral and our banks, this represents yet another way for us to express our support for our overseas workers who continue to play a pivotal role in keeping our economy sound and stable. i understand that systems integration of abroi member banks with the bangko sentral ’ s philpass will be completed before the end of this year, with test runs expected to begin in january 2010. given this timeline, the philpass - abroi linkage should be fully operational by late february or early march next year. once again ladies and gentlemen, i thank everyone involved in this important undertaking that will benefit millions of our overseas filipino workers and their families. let us consider this as our joint christmas gift to them. mabuhay ang ating overseas workers! mabuhay ang pilipinas! maraming salamat sa inyong lahat.