• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Banks must centralise risk data by 2016

Jan 09 2013 14:55
Reuters

London - The world's top banks have three years to build up a single picture of all their risks to help make the wider financial system safer, global regulators said on Wednesday. 

"The financial crisis that began in 2007 revealed that many banks, including globally systemically important banks (G-SIBs), were unable to aggregate risk exposures and identify concentrations fully, quickly and accurately," the Basel Committee on Banking Supervision said in a statement. 

G-SIBs refers to the world's top 28 banks like Goldman Sachs, HSBC, Deutsche Bank and Morgan Stanley which are required to undergo closer scrutiny and hold extra capital from 2016. 

Such banks operate globally with many branches and subsidiaries, making it harder and costlier to have a single snapshot of risks. 

The Basel Committee, which groups regulators and central bankers from 27 financial centres, set out principles these banks must implement in full by January 2016 to strengthen their aggregation of data on risks. 

"These principles are a significant step towards improving banks' risk management capabilities and they will also contribute to G-SIBs' resolvability, hence reducing the potential recourse to taxpayers," Basel Committee chairman Stefan Ingves said. 

He spoke after the signing ceremony for a $45m loan for Sudan from the Arab Monetary Fund (AMF), an Abu Dhabi development fund.     

 

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

banks

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...