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NEWS RELEASE

Comptroller of the Currency

Administrator of National Banks

NR 2008-40


FOR IMMEDIATE RELEASE

Contact: Kevin M. Mukri

April 14, 2008  

             (202) 874-5770


Financial Stability Forum Issues Report on
Enhancing Market and Institutional Resilience

WASHINGTON — The Financial Stability Forum (FSF) has presented to the G7 Finance Ministers and central bank Governors a report making recommendations for enhancing the resilience of markets and financial institutions. The recommended actions are in five areas:

  • Strengthened prudential oversight of capital, liquidity and risk management
  • Enhancing transparency and valuation
  • Changes in the role and uses of credit ratings
  • Strengthening the authorities’ responsiveness to risks
  • Robust arrangements for dealing with stress in the financial system
Public sector and private sector initiatives are underway in these areas. The FSF will facilitate coordination of these initiatives and oversee their timely implementation, thus preserving the advantages of integrated global financial markets and a level playing field across countries. To restore confidence in the soundness of markets and institutions, it is essential that steps are taken now to enhance the resilience of the global system. At the same time, the FSF recognizes the strains under which the financial system is currently operating and will pursue implementation in a way that avoids exacerbating stress in the short term. The FSF will report on progress in June followed by a fuller follow-up report in September. The FSF will continue to closely monitor implementation thereafter.


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The Office of the Comptroller of the Currency was created by Congress to charter national banks, to oversee a nationwide system of banking institutions, and to assure that national banks are safe and sound, competitive and profitable, and capable of serving the banking needs of their customers in the best possible manner.  OCC press releases and other information are available at http://www.occ.gov.  To receive OCC press releases and issuances by email, subscribe at http://www.occ.gov/listserv.htm.