Remarks of Stefan Ingves, Chairman of the Basel Committee on Banking Supervision and Governor of Sveriges Riksbank, prepared for roundtable discussion at the European Ideas Network Seminar on Long-term growth: organizing the stability and attractiveness of European Financial Markets, Berlin (Deutsche Bank), 19-20 January 2012.
“Good morning and thank you for inviting me to share some thoughts with you on the question of whether a specific treatment is warranted for systemically important financial institutions, or “SIFIs”. In the few minutes I have to introduce this topic, I will set out the basis for the Basel Committee’s response to this question, which is an unqualified “yes”. I will say a few words about the Committee’s view and the actions we have taken on SIFIs that have been strongly influenced by recent experience. I will then review how our response will help to address the “too-big-to-fail” issue. Our work on this issue is ongoing and I will then say a few words about the Committee’s current efforts. I will conclude by sharing with you my thoughts on the direction of future work related to global systemically important banks – or G-SIBs.”
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