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Graham Bishop’s blog to 17th April 2011

The EBA announced the benchmark to be used in the 2011 EU-wide stress test will be set at 5% of risk-weighted assets. (View Article) Importantly, I understand that there will be country-by-country disclosure of sovereign debt holdings in the banking book. So markets will have the raw material to do their own adjustments to create what they regard as the real stress test.

UK Independent Banking Commission (the Vickers group) produced its Interim report and consultation on reform options. The key element is a proposed firewall between retail banking and everything else. (View Article) However, the British Bankers Association gave it a guarded welcome but recognised that banks like any other company must be able to fail and not assume the tax-payer will step in.

FSB meeting in Rome assessed the vulnerabilities still affecting the global financial system. (View Article) The lengthy list of actions included the emphasis that all jurisdictions need to take immediate, concrete steps to ensure that the G-20 commitments on OTC derivatives reform can be implemented in an internationally consistent manner by the agreed end-2012 date. It also finalised the details for its second thorough peer review of compensation practices.

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