 Llyrgrifon i'i gael y gallwn gwirionedd yma y dyma i wych i wneud i chi. Rwy'n dweud iddyn ni'n dweud i'ch ei ddweud yma i ymgyrch yn ymgyrch o Eucliffe, ond mae'r ddechrau yn 10 ymgyrch yn 10 ymgyrch. Felly, rwy'n dweud i chi'n dweud i chi'n dweud i'ch ymgyrch mewn gwirionedd tyfu, mae'n dweud i chi'n dweud i chi'n dweud i chi'n dweud i chi. Well 10-year today is actually very special because we are so pleased to see what Ecliff has become after 10 years. It is very fulfilling and rewarding to see that it is evolving to become exactly what we had hoped for. Ond ydy'r ysgol y gallwn ymddangos, sy'n ymdyn nhw'n ffordd. Yn ymddangos, mae'n cael ei wneud 13 ysgol yw Gwbner. Yn ymddangos, mae'n gweithio'r 14 yma. Yn ymddangos, mae'n cael ei wneud. Mae'n gweithio'r Gwbner yw yma yw 2000, yma y 1 yma. Ychydig i chi'n i. Mae'n gweithio'r gweithio'r gweithio'r gweithio sy'n i, mae'n gweld sydd fathio'r gweithio. mae'r ystyried yn gweld ar ganhwyngau, ym mwych arno i wahanol ac mae'r teulu newydd drwy gynyddiadau yn mynd i gyd yn gweithio. Diolch, mae yna yn gyfrannu cyfnodau. Mae'n amlwg ystod ar y cyfnodriaeth yw'r wahabiadfa yw rhai. Mae'n amlwg yma yn deimlo, mae'n gwirionedd sydd allanogau a'r unir datblygiadol, y bwysig, y cyfnodol, y cyfnodol, y cyfnodol, y cyfnodol. Mae'r bwysig yn ymdweud, mae'r CEO'n ymdweud, a'r bwysig yn ymdweud. Mae'r bwysig yn ymdweud yn ymdweud yn y 1990, ond y byd y cyfrifysgau rhaid. Mae'r bwysig yn ymdweud yn ymdweud yn ymdweud yn y mdweud ymdweud, a'r ymdweud yn ymdweud yn ymdweud yn neud mewn cyfnodolol. Ac maen nhw'n ei chyfnodol i'r llun ymraddagau? maen nhw'n ei chyfnodol ymdweud yn mewn cyfnodol i'r ymdweud yn ei chyfnodol. Mae'n bod gyda diogel yn cael ei gyfnodydd, i'w hynod o'ch cynnigau yw'n gweld ddechrau, sy'n gofynu'r ydydd arall, ac yn rhan o ddweud bod hynny'n gofyn nhw'n gweithio. Gweithio'r ydych chi'n gweithio yma, cyd-af ychydig yn y cyfnogi'r ysgrifennu ymddangos How do you unlock the potential of your organisation to be high performing in this more demanding and high-pressure environment? How as leaders do you deal with the tremendous demands that are placed on you and tremendous pressures confronting you? How essentially do you develop your capabilities gyda'r gondol yn ysgolwyddiant, a dyweddig yn ymddangos y duach, mae'n gwneud mewn adegau, mwy ddim yn ddweud ar gyfer y lleol, a'r lleol yn ddweud ar gyfer y lleol. Yr ysgrifennu wneud yw'n gweithio? Yw'n gweithio'n gweithio'n gweithio neu'n gweithio'n gweithio? Mae gynylltu heddiw i gydagallwyru i'ch ciffur dwydding. Yr ystod wrth i'w ddiddordeb sydd yn gallu gydag llwythau, amser, a oedd chi'n gweld â'r llyfr. Felly, mewn meddwl o bobl, i'r yn choreography ar gyfer y maen nhw, that determine the lives of people around you. Well, in my journey, leadership journey, I have experienced many challenging circumstances and probably what everyone always has such great interest on is the Asian financial crisis because it made all the difference. We could have become or we could have been totally devastated. We could have gone under an IMF programme and become even more devastated and damaged, which happened in our neighbouring countries. It was very sad, especially for Indonesia, because if you go under an IMF programme, you are subject to their conditionality. And the sad part is that when they implement or recommend and ask you to implement the wrong policies, they can walk away when it's gone all wrong. But for us, we have what is called accountability. You cannot walk away. Well, during my term, 13 years term as governor, I have done organisational transformation in the bank three times. And each time was highly challenging. And the reason and the motivation for this was to ensure that our central bank remained effective in a continually changing environment. And many of I see some alumni members here and they've attended your programme, but they would have experienced these changes. And the starting point for me was already there. The organisation was already well run and a solid organisation with high standards of excellence. But we were ambitious. We wanted to be there. And we were extremely ambitious and we wanted to be a leading central bank. When we said that, there were many who had scepticism. We going to be a leading central bank in the world. Well, what is going to stand in our way? Nothing except ourselves. We had a board that was very supportive if we could justify what we wanted to do. And I'd like to just talk very briefly about six things that helped me in leading the bank. The first is having great clarity and sense of purpose on what outcomes we wanted to achieve. And this is important not only for generating the outcomes and aligning everyone in the organisation to know what is it that we wanted to achieve. It is also so that you're not going to be distracted. You're not going to be distracted, especially during times of crises. There's so much noise around you. There's so many people telling you what you should be doing from the IMF, from the politicians, from the financial markets. They're all telling you you have to raise interest rates so that you get capital inflows. But you know if you raise interest rates and global investment banks with their chairmen who are coming in and telling us Cam Desu, the managing director of the IMF, was making public announcements that we should raise interest rates and when we didn't there was more tax on our currencies, it was actually like going to a war because you have your reserves, that is your bullets being drained by when you try to defend the currency. And you know the resources attacking you, those who were attacking you, had resources that were far in excess of what you had to defend yourself. And therefore we saw like the Thai currency collapse at that time and we saw then the Indonesian Rupiah and then even the Korean Won and the Philippine Peso all one after another. And then of course we had a prime minister at that time who was so angry with that and so there was a lot of rhetoric about the speculators who were speculating against us and as that rhetoric escalated because emotions run high at that time, there was more attack and we saw right up saying that we want to see blood, especially when we were the last one still standing and at one point in time we actually drew a graph every time that rhetoric went out, the currency went down and so we drew a graph. Of course we did highlight some other events that affected the currency and he said, what are you trying to tell me? Are you trying to tell me that I mustn't speak? And so these were the kind of things that were happening at that time and this actually lasted for one and a half years. It started in about May of 97 and it continued wave after wave of attack and it was very frightening, many people were frightened. The private sector came to us and said, tell us where the currency is going to settle and we couldn't of course because sometimes events happened that were far beyond our control in another part of the world and the last one actually was the collapse of the Russian ruble. At that time we had hardly any economic relations with Russia but when the Russian ruble collapsed our currency moved from 360 to 420 and so it was extremely frightening. Now as a leader I was asked once, did you ever show, were you frightened? And I said of course it was very frightening and did you ever, did yourself ever know how you felt? And I said never because you must never even show that flicker in your eye of fear because you will cause panic and that is the last thing that you want to do. So having clarity on what outcomes is to achieve having an ability to envision, to have a vision and I was told also in learning about leadership that leaders are those who are able to envision to see further into the future and the further into the future that you can envision shows an important quality of a leader. Well, it also allows you to have the whole organisation aligned to that outcome and in managing the crises when Dr. Mahadeir, Tun Mahadeir asked me to become the acting central bank governor at that time and he had been discussing these control measures for about three months already in the National Economic Action Council. It was openly discussed. In fact one member of the council wrote 33 reasons why he shouldn't implement these measures because it would cause the country to be devastated and damaged and nobody would ever want to come and do any business with us and there were 33 reasons. But of course there were two developments that happened at that time that really made us look at it very, very seriously and one is, well I already mentioned, the Russian ruble collapsed and it went to 420. Originally before the crisis it was at 250 and we saw the rupture was at 2500 and it went to uncharted territory at 17,000 and what about us? And I had written a paper, a note for the government and I said that if it breached five ringgit to the US dollar it would go to 10 or 15 as well. That was the risk. Of course there are many untold stories of what contingencies that we took but of course it led us to think more seriously about these controls but when he asked me and this is a very interesting relationship which I've told to very few people he asked me when he first called me to tell me that he wanted me to be the acting governor at that time at the height of the crisis that was a turning point. It was to me a moment in history for our country that I said to him that I didn't have, I wasn't brought up with about controls. In fact on the contrary, my experience and learning was all on deregulation, liberalisation and greater market orientation and he said to me that I was the right person to take charge of this because I knew how the system worked and people also held me in high regard. The upshot is I did accept his decision and he said we are all in it together. He announced it to the Economic Council and we would work together. I took all his controls and what we did was we recommended to him to do just a subset of the measures, a very small subset of the measures that he had originally thought of. Now how did we reach that? It was all about looking at what outcome we wanted to achieve and this is what I put to him. I said is the outcome about dealing with households and we knew that there were some households taking out a few million here and there and the answer is no. Is it about affecting businesses who are transferring funds a few million or hundreds million here and there and the answer then is no. What is it about then? It's about affecting the speculators. They were dealing in billions and so we should just focus on those measures that would affect the speculators and this was how the decision was made. There were a few people who were very skeptical that he would listen to this kind of reason but he did, he did. I think because he also wanted the outcome of restoring stability in our financial markets especially in the foreign exchange market. So I come back to the point is knowing where you want to go, what outcome you want to achieve for the whole organisation, for a specific policy, for a specific decision. That is very, very vital and I can give you a few other examples. For example, an outcome that we want to achieve in our bank is to increase access to financing whether it's a multi-conglomerate or a micro enterprise. We want that access because that is the machinery or that would facilitate economic growth and that is the final outcome that we want to achieve and when the whole organisation becomes aligned whether you're in the payment system or when you're in regulation or financial institutions or your economics department is all aligned to that and I would, I'm so pleased and all my staff look every year at this doing business index I think it's for 155 countries in the category of access to financing Malaysia has been ranked number one for five consecutive years so we have produced the institutional arrangements that produce the desired result that we want to achieve. In Islamic finance, I told Mahadeir at that time as well we want every part of government to be aligned to making Malaysia an international Islamic financial centre. We know that for countries that are already financial centres they just have to add the Islamic component. We are not having an aspiration to be an international financial centre where you open up for all international players to come in. That is not our objective but we want to become an international Islamic financial centre and that again we are evolving into one because every part of government is part of an executive committee that we meet two or three times a year so that the whole country will be aligned to making Malaysia that centre. Having strategic focus is important then the other thing which is very very important is to be able to manage in a highly interconnected environment knowing what the relations are how do you connect the dots and when you look at the European crisis look at how nobody anticipated a small country like Greece or so much disruption in Europe look at how Cyprus an even smaller country and when the subprime crisis happened in the US they all said it was confined just to that subprime market to the housing sector who would have thought that it would brought down the whole financial system of the largest country in the world economy in the world it is so important to see what are the relationships that exist are you able to connect the dots and I call it having a capability of doing integrated thinking that is so very important and one tool that I introduced in the bank was mind mapping because it teaches you how to connect the dots that's how your brain works talking about energy and the brain your brain doesn't work linearly you don't write headings and subheadings because your brain doesn't work that way your brain works in associations and linkages and now I'm looking at a mind map I have hundreds and thousands of mind maps now I met Tony Bouzan who developed it by chance in London and ever since then I have been using mind maps to prepare strategies for decision making for making speeches and so on and of course my staff don't draw them they use the software and they don't prepare notes from me they prepare these mind maps in these softwares so that is one of the tools of course and the other one is to be comprehensive the third thing is to expect the worst and this I learnt from the people at the Bank of Thailand when their currency collapsed when their currency collapsed in I think about July of 1997 the IMF came in in early August and they thought their very entry would cause confidence to be restored markets to be stabilized and the economy to start recovering they didn't anticipate the worst is about to happen and that is why in the European crisis and even in the US they do not anticipate the worst it happens and then after a long while they react to what's happened and then the next thing happens so the Bank of Thailand told us when the IMF came in they always expected that everything would get better but things got worse so this is what you have to do really anticipate what is the worst scenario what is the worst things that can happen down the road so when we set up Dana Harta and Dana Model were we experiencing a banking crisis the answer is no we didn't have a banking crisis then why did we set up an asset management corporation well in the early part of 1998 we saw that banks were taking all their credit officers and putting them into recoveries nobody they were all trying to recover their loans that were going bad and nobody was extending new loans and of course this is the first thing that makes a financial crisis translate into an economic crisis and therefore we knew then that we had to do something we had to take away all these bad loans from the banking balance sheets and allow them to refocus again on lending and that is the motivation for setting up Dana Harta and then of course as we took away the bad loans their capital got eroded and they had to be recapitalised and that was the role of Dana Model and when we invited the people in Sweden who had done something like this and they came they were so excited they said gosh you're doing this before you enter a banking crisis we did it when we were in a full-fledged crisis and so if we look at the track record the cost of the crisis to our country is something like 3 or 4% of GDP the cost of the crisis of course the IMF and the World Bank made the cost of the crisis to Indonesia, Thailand they're so bitter about it and Korea Korea future generations are paying for their crisis we paid for it, we issued bonds after 10 years we provided for it and after 10 years we repaid the cost for the cost of the crisis whereas in Korea they have to roll over the bonds that means future generations are going to pay for the crisis because the cost of it was so massive for us it's the lowest that we know in history lowest fiscal cost, lowest cost to the central bank lowest cost in labour dislocation and so on and in terms of economic growth so being prepared for the worst and look at what are the possible mitigating areas and then of course building your organisational capability that is so important investing in every aspect of organisational capability and then what Rajiv mentioned having that unwavering perseverance it is so important where does that energy come from to have that unwavering perseverance and I was told in Jim Collins' book the latest book, his book Good to Great making your organisations not just good but great organisations that is one of the fifth level of leadership to have an unwavering professional perseverance and of course this comes from in a crisis that you want to survive the crisis and for us, for our country of course we want to not be devastated and that is what makes us but in the other of having this enthusiasm and energy and passion is all about making breakthroughs going into uncharted territory you find that excitement and it is exhilarating for you to be involved in this great outcomes for the whole organisation to feel but to do all this you have to be able to be standing on solid ground I was once asked we have a meeting once a year in Basel where all the central bank governors meet about 180 of us and once I was participating in a panel and there was a question from the audience how do you deal with political interference and the first speaker who is actually a good friend of mine the governor from South Africa at that time his name is Tito Mondueni he said of course you have to stand your ground and then when it came to me I said of course you have to stand your ground but you have to be sure that you're standing on solid ground therefore you must know your business you must really know and have a solid foundation on the basis of how you make your decisions then finally sustaining the energy levels this is so vital if your organisation is going to have the energy to strive forward and deliver you need the energy as leaders and you need to so how do you have to search into yourself at how that energy is derived and of course for us it's breaking you ground delivering results that these are the very exciting outcomes that generate energy and this energy really is mutually reinforcing because there are times that I have to admit that I was down really down and that is the time the staff will know it and they will generate the energy for you and there are times when they are worn out and you generate the energy and then it becomes mutually reinforcing and that is how one of the ways also of moving forward on this seeking new frontiers so the energy is derived from this excitement so in conclusion I hope that the alumni stay connected with Ecliff and that Ecliff will support you in your leadership journey we are also looking at breaking new ground in how we can support you so we can work together as well and be mutually reinforcing to make this organisation what we had envisioned it to be to generate future leaders for not only Malaysia but our Asian region thank you very much