2008年-ECB欧洲央行_Recent_Policy_Initiatives_to_Strengthen_the_Resilience_of_the_Financial_System_6页_231kb

IV SPECIAL FEATURES: POLICY INITIATIVES TO STRENGTHEN FINANCIAL SYSTEM RESILIENCE

Core Content

This special feature outlines the main policy initiatives taken at the international and European levels to enhance the resilience of the financial system in response to the financial turmoil. These initiatives focus on improving capital, liquidity, and risk management; increasing transparency and valuation standards; reforming credit rating systems; enhancing supervisory cooperation; and strengthening depositor protection. The efforts are part of a broader regulatory and supervisory overhaul aimed at addressing systemic vulnerabilities and restoring market confidence.

Main Policy Initiatives

1. Prudential Oversight and Regulatory Reforms

• Capital Requirements:

  • The Basel Committee on Banking Supervision (BCBS) is revising Basel II capital requirements, including those for securitisation and liquidity facilities.
  • The EU is revising the Capital Requirements Directive (CRD), with two comitology directives and one co-decision proposal expected in early 2009.
  • The revised CRD includes updates on large exposures, capital quality, securitisation, and liquidity risk management.

• Liquidity Risk Management:

  • The BCBS published the "Principles for Sound Liquidity Risk Management and Supervision" in September 2008, aiming to improve banks' resilience to liquidity shocks.
  • The Committee of European Banking Supervisors (CEBS) issued 30 principles-based recommendations on liquidity risk management in September 2008.
  • The European Commission proposed changes to the CRD, focusing on liquidity risk management policies and stress testing practices.

• Supervisory Review Process:

  • The BCBS is developing principles for sound stress testing practices under Pillar 2 of the new capital framework.
  • The ECB and BSC have emphasized the need for improved risk disclosures and transparency in financial institutions.

2. Transparency and Valuation Standards

• Risk Disclosures:

  • The Financial Stability Forum (FSF) called for enhanced risk disclosures in April 2008, which have been supported by global supervisors.
  • Large financial institutions now provide more detailed qualitative and quantitative information on risk exposures in their mid-year reports.

• Valuation Reforms:

  • The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) have revised valuation standards for illiquid markets, aligning with US practices.
  • The FSF and Ecofin Council emphasized the need to avoid distortions caused by differing accounting rules between US and European banks.
  • The BCBS issued a consultative paper in November 2008 on assessing fair value practices of financial instruments.

3. Credit Ratings and Market Functioning

• Securitisation and Ratings:

  • The originate-to-distribute model led to a surge in securitised assets and derivatives, but also created informational asymmetries and opacity.
  • The ECB and BSC identified misaligned incentives in the model, leading to lax lending standards and inadequate due diligence.

• Credit Rating Reforms:

  • The BCBS and IOSCO have proposed reforms to credit rating agencies (CRAs), including revising the "Code of Conduct Fundamentals for Credit Rating Agencies" in May 2008.
  • The European Commission launched a public consultation on CRA regulations in July 2008 and adopted a formal proposal on 12 November 2008.
  • The goal is to improve the quality of ratings, manage conflicts of interest, and enhance due diligence.

4. Supervisory Cooperation and Crisis Management

• Cross-Border Supervision:

  • The FSF has promoted the development of supervisory colleges for major global financial institutions.
  • The CEBS is reviewing good practices for supervisory colleges, with an operational assessment planned for early 2009.

• Crisis Resolution:

  • The BCBS is analyzing crisis resolution procedures, with a focus on responsibilities and legal frameworks.
  • The Ecofin Council has established a working group to assess policy responses that could reduce pro-cyclical effects in the financial system.

5. Depositor Protection

• Deposit Insurance:
  • The G10 countries agreed to strengthen deposit insurance arrangements, including the "Core Principles for Deposit Insurance" developed by IADI.
  • The EU proposed increasing the minimum deposit coverage from €20,000 to €50,000 immediately and to €100,000 within one year.
  • The reimbursement period for frozen deposits is planned to be reduced from three months to three days.
  • Some European governments have committed to providing unlimited deposit coverage for individual savers.

Future Priorities

• Consistency and Coordination:

  • Authorities are focusing on ensuring consistency in policy responses and identifying interactions between different measures.
  • The FSF is analyzing these issues internationally, while the EU is also working to align its policies with international standards.

• Systemic and Pro-Cyclical Risks:

  • The FSF has launched an initiative to mitigate pro-cyclical behavior in the financial system, which could negatively impact the real economy.
  • Four work streams have been established to examine the regulatory challenges related to capital regimes, loan-loss provisioning, compensation arrangements, valuation methods, and leverage.

• Reassessment of Financial Regulation:

  • A reassessment of the scope of financial regulation is being considered, with a focus on unregulated institutions, instruments, and markets.
  • The G20 leaders agreed on a comprehensive reform plan, including strengthening regulatory regimes and ensuring oversight of all financial participants.

Conclusion

These policy initiatives represent a coordinated and comprehensive response to the financial crisis, aiming to restore confidence, improve resilience, and ensure long-term stability. The focus on capital, liquidity, transparency, and supervision reflects a shift towards more robust and systemic regulatory frameworks.