CHAPTER 2: VISION QUEST & POLICY RECOMMENDATIONS
“We are not aiming to be the most efficient financial institution network. But we are aiming for a financial system that is most beneficial to Thailand’s economic development, especially for the rural areas that have been left behind.” Governor M.R. Pridiyathorn Devakula, December 2002
Following the successful conclusion of the seminar in January 2002, the Bank of Thailand established the Financial Sector Master Plan Committee (Steering Committee) to guide the FSMP development process, starting from identifying the critical issues to finalizing the FSMP’s policy recommendations, before submitting the complete proposal to the Minister of Finance for approval (Figure 1). The Steering Committee was comprised of representatives from government sector, regulatory agencies, financial institutions, financial user groups, general public, and a number of recognized experts (Box 2). Using information and analysis provided by the Bank of Thailand’s working group and external consultants, the Steering Committee sifted through detailed background studies to produce outputs supportive of Thailand’s developmental needs.
I. FORMULATING THE FSMP
The process of formulating the FSMP was divided into the following three stages. Throughout the entire process, the Steering Committee applied a mind mapping technique (replicated in Figure 2) to help extract and keep track of the overriding issues derived from the vast amounts of information presented for their consideration.
Figure 1: Function of Steering Committee
• Internal Studies • External Consultant Benchmarking Report • Nationwide Customer Survey INPUT • Internal Studies • External Consultant Benchmarking Report • Nationwide Customer Survey INPUT
• End-state Vision
• FSMP Action Plans
• Finalize FSMP