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Seventy representatives from 23 central banks and supervisory authorities and 21 leading commercial banks ended a two-day meeting to discuss the implementation of Basel II in Asia and other supervisory priorities in Hong Kong today (December 12). The purpose of the meeting was for banks and bank regulators to share knowledge and concerns to promote the common goal of achieving prudent risk measurement and management under Basel II, which is important for the safety and stability of the banking sector. Participants agreed that regular exchange of information and views can play an important role in enhancing banking risk management and regulation.
The meeting was co-organised by the Financial Stability Institute and the EMEAP* Working Group on Banking Supervision. Among the topics discussed were implementation of Pillar 1 credit and operational risk approaches, cross-border issues in Basel II, innovative capital instruments and enterprise-wide risk management. Distinguished speakers offering their views and insights at the meeting included Mr Nout Wellink, Chairman of the Basel Committee on Banking Supervision; Mr Josef To?ovsk?, Chairman of the Financial Stability Institute; and senior executives from major international banks active in the region.
* EMEAP, the Executives' Meeting of East Asia-Pacific Central Banks, is a co-operative organisation comprising central banks and monetary authorities of eleven economies: Australia, China, Hong Kong SAR, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore and Thailand. The Working Group on Banking Supervision is one of the three Working Groups established under EMEAP. The current Chair of this Working Group is the Hong Kong Monetary Authority.
Ends/Tuesday, December 12, 2006
Issued at HKT 17:54
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