2011年-FSB全球金融稳定委员会_Overview_of_Progress_in_the_Implementation_of_the_G20_Recommendations_for_Strengthening_Financial_Stability_33页_339kb

Summary of the FSB Report on G20 Financial Stability Recommendations

Core Content

This report outlines the progress made in implementing the G20 recommendations aimed at strengthening global financial stability. It highlights the efforts of national authorities and international bodies, with the Financial Stability Board (FSB) playing a central role in coordination and monitoring. The report covers key areas such as banking system soundness, supervision of systemically important financial institutions (SIFIs), regulatory perimeter expansion, and the convergence of accounting standards.

Main Views

1. Strengthening Banking System Resilience

• Basel III Implementation: The Basel III framework for capital and liquidity was endorsed at the G20 Seoul Summit and detailed rules were issued in December 2010. Implementation is scheduled to begin in 2013 with full application by 2019.
• Transition Periods: Transition periods are in place for both the leverage ratio and liquidity ratios to allow for gradual implementation and observation.
• Progress in Adoption: While many jurisdictions are implementing Basel III, there are concerns about consistency and timeliness. The BCBS is monitoring national implementation and plans to assess alignment with Basel III standards.
• Basel II Implementation: The G20 requested that all major financial centres adopt Basel II by 2011. Some countries, like Indonesia and Argentina, are still in the process of implementation, while others have made progress.

2. Addressing SIFIs

• Resolution Frameworks: The FSB has developed a resolution framework that aims to ensure the safe and orderly resolution of failing financial institutions without destabilizing the financial system or exposing taxpayers.
• G-SIFI Identification: A methodology for identifying globally systemically important institutions (G-SIFIs) was finalized, using indicators such as size, interconnectedness, and complexity. The initial list includes 29 institutions, with potential changes over time.
• Loss Absorption Capacity: G-SIFIs are required to have higher loss absorption capacity, with additional capital requirements ranging from 1.0% to 2.5% CET1. A top bucket requiring 3.5% CET1 is reserved for the most systemically important institutions.
• Recovery and Resolution Plans (RRPs): Jurisdictions are working on RRPs for G-SIFIs, which are expected to be finalized by end-2012. These plans outline credible options for reversing financial deterioration or resolving failed institutions.

3. Enhancing Supervision of SIFIs

• Supervisory Intensity: Increasing the intensity and effectiveness of supervision is a key component of the FSB’s framework for SIFIs. Supervisors are being encouraged to improve their tools and methods to focus on key risks and weaknesses.
• Basel Core Principles: The BCBS is revising the Basel Core Principles for Effective Banking Supervision, which are used to assess supervisors under the FSAP. The revised principles will be consulted on by the end of 2011.
• Supervisory Colleges: Strengthening cross-border supervisory relationships is a priority, with supervisory colleges playing an important role in enhancing communication and coordination. However, challenges remain, particularly around data sharing and legal constraints.

4. Regulatory Perimeter and Derivatives Markets

• Shadow Banking Oversight: The FSB has developed a framework to strengthen oversight of the shadow banking system, including annual monitoring and detailed policy recommendations.
• OTC Derivatives Reform: Progress is being made on OTC derivatives reform, with the FSB coordinating international efforts to meet the end-2012 deadline. Only a few jurisdictions have the necessary legislation in place.

5. Accounting Standards and Financial Integrity

• Convergence of Standards: The convergence of international accounting standards is still in progress, and the FSB continues to encourage standard-setters to complete the process.
• Market Integrity: The FSB is working to improve market integrity and efficiency, including the development of a scoreboard to track progress across all reforms.

Key Information

• Implementation Timelines: The transition period for Basel III is set to end by 2019, with the full application of the leverage ratio and liquidity ratios expected by 2018.
• Annual Scoreboard: The FSB will provide an annual scoreboard to G20 Leaders to track progress on all financial reforms.
• Peer Review Council: A Peer Review Council will be established to assess the full and consistent implementation of G-SIFI measures, with the first thematic review planned by end-2012.
• Cross-Border Cooperation: Crisis management groups and cooperation agreements are being developed to ensure effective resolution of cross-border firms, with some countries already operational in this area.

Conclusion

The FSB report underscores the ongoing efforts to implement the G20 recommendations for financial stability, highlighting both progress and remaining challenges. The focus is on ensuring the resilience of the global financial system through comprehensive reforms, improved supervision, and consistent implementation across jurisdictions.