18 April 2013
The recent financial crisis highlighted major gaps in information on
the large globally active financial institutions that play a key role
in the international financial system. Prior to the crisis, little
consistent information was available on the bilateral linkages between
such
institutions, or on their common exposures and liabilities to
financial sectors and national markets, information that is needed to
identify risk concentrations and the build-up of systemic risks.
Therefore, as part of a wider initiative to improve data to support
financial stability, the G-20 called on the FSB, in close consultation
with the IMF, to convene relevant central banks, national supervisors,
and other international financial institutions, to develop a common data
template for systemically important global financial institutions. An
FSB working group was established to deliver essential improvements to
the availability, quality and consistency of data on these major global
financial institutions. Please see the October 2011 FSB Consultative
Paperfor a detailed recall of the context of the project.
The specific mandate, which addresses recommendation 8 and 9 in the
November 2009 joint IMF-FSB Report to the G20 "The Financial Crisis and
Information Gaps", includes, to:
The FSB has agreed to develop this framework based on an incremental
approach that will be implemented by the national home authorities
overseeing G-SIBs (as identified under the latest FSB list) and other
large banks.
The FSB announces the successful implementation of the first phase
of the initiative (Phase 1) with the start in March 2013 of the
harmonized collection and pooling of improved consolidated data on
bilateral counterparty credit exposures of major systemic banks, as well
as their consolidated aggregated exposures. The latter are to be
reported according to the guidelines already implemented in the context
of the international banking statistics of the Bank for International
Settlements (BIS). These confidential data will be held centrally by an
international data hub ("data hub") that will be hosted by the BIS, and
reports based on these data will be shared only with national
supervisory authorities participating in the network pursuant to a
multilateral framework.
Participating authorities have formed a Governance Group to oversee the pooling and sharing of information.
Extensions of the project will be considered in stages to
progressively expand and enhance the framework potentially with improved
data on bilateral funding dependencies (Phase 2) and consolidated
balance sheet (Phase 3).
Following implementation, participating national authorities will
take responsibilities to maintain the common data template for G-SIBs
and provide further technical support and guidance to reporters...
Source: http://www.financialstabilityboard.org/publications/r_130418.htm
File: www.financialstabilityboard.org/publications/r_130418.pdf
