 Well, it's a great honour to have the chance to co-chair this event. HSBC has its roots in Asia Pacific and I have the privilege at this moment in time of being the group chief executive of the firm. We see a world in which the economies are moving at two quite different speeds where the developed world is still struggling to shrug off the effects of the global financial crisis and where the emerging markets actually have very high growth but on occasions bordering on too high growth and overheating with signs of inflation emerging. What we think is actually quite interesting is that in our view by 2050 19 of the 30 largest economies in the world will actually be from what today are called emerging markets and nine of those are from Asia Pacific. So I think what I hope to get from this is a sense of the perspective of the countries of Asia Pacific and their sense of their role in the world's economy and therefore increasingly also their influence in the world's political arena as the next five to ten years unfold. The first quarter of this year has been quite remarkable in the first quarter of this year we've had an earthquake in New Zealand which for ourselves resulted in the destruction of our building in Christchurch. We've had an earthquake in Japan which obviously had considerable massive human tragedy but at the same time illustrated the vulnerability of the global supply chain and we've obviously had political unrest in places in the Middle East potential revolutions in countries such as Egypt a civil war in Libya and significant disturbances within Bahrain. All of these just in the business that I run have had a significant impact both on our staff on our customers and indeed the families of our staff and customers. So actually we live in a world that's very fragile, fragile from the point of view both of political risk and fragile from the point of view of the impacts of nature. So it is extremely timely and the first 90 days of this year have contained extraordinary examples of both natural disasters and political risk. Well as a banker we sit at the heart of the debate as to the future role of banks within society. Clearly the global financial crisis had an extreme impact in Western Europe, the UK in particular and in the United States of America and so far the regulators in the United States and the UK and the European Union have taken the lead on moving towards a new framework for global regulation of financial institutions and let's be clear financial institutions have a significant impact on the real economy and therefore the creation of jobs which really lies at the heart of most government's main concerns. I think it would be very interesting to see what the Asian countries think about the regulatory environment going forward. So far Asia has actually been quite silent in this regard completely understandably because the crisis really didn't impact Asia. In fact the Asian central banks learned an awful lot from the Asian financial crisis of 9798. I actually was in Hong Kong during that period of time running HSBC's dealing rooms based in Hong Kong and it's very interesting that the Asian central banks adopted far more intrusive macro prudential policies than we have seen from Western regulators. What I mean by this if they've prescribed the maximum loan to value that a bank can lend on for example a mortgage they've intervened with cash reserve ratio requirement changes when they feel the economy is overheating and actually to be honest we see those macro prudential tools as essential in the armory of any government to manage essentially the business cycle. So far though we've seen little enthusiasm from the Western governments to want to adopt macro prudential tools but seem to be trying to solve the issue in terms of the context of simply forcing the institutions to hold more and more capital. The problem with that of course is that has an impact by definition on the amount of credit those same banks can extend to the real economy and therefore the amount of jobs they can create. So it'd be very interesting to see whether there is actually an Asian view on regulation that may be applicable to the West.