Brunei's Local News - Brudirect.com

Bandar Seri Begawan - The US financial sub prime crisis has been a wake up call for developed economies to move away from the culture of debts and the need for swift interventions by the governments in the free markets.

The Acting Minister of Finance II and Deputy Minister of Defence, Pehin Datu Singamanteri Col (Rtd) Dato Seri Paduka Awg 1-1] Mohammad Yasmin bin Hj Umar made the remark, in his keynote address, at the 17th Asean banking Conference and 38th Asean Banking Council Meeting at the Empire Hotel yesterday.

He was speaking in a conference that was attended by over 200 bankers, including envoys from Asean member countries, who referred to the theme of "The impact of the US Sub Prime Crisis and Inflation on Asean Economies" as timely and relevant.

This is the first time the Brunei Association of

Banks is hosting the conference and the council meeting, which marked it as an historical event. The conference was a platform for bankers, from domestic and foreign banks operating in the Asean region, to participate and share their experiences and knowledge.

The acting minister further noted that central banks in the region learned the necessity to guard against currency meltdown in the'post 1997 crisis and urged financial sector to be prudent, strongly capitalised, to act responsibly in the long-term interest and stability of national institutions and economy.

He also commented that transparency is the key to the integrity and proper market conduct of financial institutions.

Mr Glen Rase, Chairman of the Brunei Association of Banks and Country Corporate Officer for Citibank NA, Brunei, remarked that this is the first time Brunei is hosting the event and looked forward to receiving new initiatives and proposals from the participants on how banks in Asean could cooperate to overcome the global turmoil as a result of the global financial crisis.

Mr Apisak Tantivorawong, Chairman of the Asean Bankers Association who is also the Chairman of the Thai Bankers' Association and President of the Krung Thai Bank, looked forward to sharing with all the participants’ knowledge and their views on the likely impact of the global financial crisis on. Asean.

He hoped that the gathering would provide a useful forum for finding ways to alleviate the current global crisis in the spirit of joint cooperation. -- Courtesy of Borneo Bulletin