Report of the Working Group on Highly Leveraged Institutions
5 April, 2000
At its inaugural meeting on 14 April 1999, the Financial Stability Forum (FSF) established an ad hoc Working Group on Highly Leveraged Institutions. Mr. Howard Davies, Chairman, Financial Services Authority, United Kingdom, chaired the Group.
The Group’s report was submitted to the Financial Stability Forum for discussion at its meeting in Singapore on 25-26 March 2000. The Financial Stability Forum welcomed the report and endorsed its recommendations.
As Chairman of the Forum, I have transmitted the report to the G-7 Ministers and Governors. I have also forwarded it to the G-20 Ministers and Governors, and to the heads of the IMF and the World Bank, with the request that the reports be forwarded through Executive Directors to Ministers and Governors in anticipation of the April meetings of the International Monetary and Financial Committee and the Development Committee. The Forum urged national authorities, international financial institutions, and the international groupings and other agents referred to in this report to consider promptly the Group’s recommendations and to take the necessary actions to implement them.