2008年-FSB全球金融稳定委员会_Ongoing_and_Recent_Work_Relevant_to_Sound_Financial_Systems_3页_69kb

报告摘要

Financial Stability Forum Summary (Rome Meeting, 28-29 March 2008)

Core Content

The Financial Stability Forum (FSF) convened in Rome on 28-29 March 2008 to address pressing financial system challenges and discuss policy responses. The meeting focused on the stability of global financial markets, the risks posed by current market conditions, and the need for coordinated actions to strengthen resilience.

Main Challenges in the Financial System

Securitisation Markets Closure: Many securitisation markets are effectively closed, leading to the accumulation of assets on bank balance sheets.
Valuation Losses: Mortgage and other asset valuations have declined, straining capital positions and tightening credit conditions.
Liquidity Hoarding: Banks are hoarding liquidity, shortening their funding maturities and causing strains in interbank and other lending markets.
Deleveraging Process: Ongoing deleveraging since last summer is being hindered by a lack of transparency and valuation difficulties for certain credit instruments.

Policy Recommendations and Actions

Enhanced Disclosures: Financial institutions are encouraged to improve risk exposure disclosures and refine valuation practices for structured credit and poorly performing assets.
Capital Replenishment: Banks, securities firms, and financial guarantors have made progress in capital replenishment and should continue to do so.
Liquidity Support: Central banks have provided liquidity to address market pressures and will continue to do so as needed.
Cooperative Enforcement: Authorities will work together to investigate and penalize market abuse or manipulation.
FSF Report to G7: A report to be delivered to G7 Finance Ministers and Central Bank Governors in April outlines key weaknesses and proposes concrete policy recommendations to enhance resilience. These include:
- Prudential oversight of capital, liquidity, and risk management.
- Transparency, disclosure, and valuation practices.
- Role and use of credit ratings.
- Authorities' responsiveness to risks and stress arrangements.

Hedge Fund Industry

The FSF's 2007 report urged the hedge fund industry to enhance sound practice benchmarks.
Best practice standards have been developed by the UK-based Hedge Fund Working Group and a similar US-based group.
These standards are to be released shortly and include boards to monitor and update them.
The FSF requests regular reports on the adoption of these standards and their effectiveness in improving transparency and risk management.

Sovereign Wealth Funds (SWFs)

The FSF discussed ongoing work by the IMF and OECD to develop voluntary best practice guidelines for SWFs.
The IMF is coordinating with SWFs to focus on governance, institutional arrangements, and transparency.
The OECD is working on guidance for recipient countries regarding SWF investments.
Members of the FSF welcomed these efforts and the participation of SWFs in guideline development.

Institutions and Groups Attending the FSF Meeting

Chairs

Mr Mario Draghi (Chairman)

National Authorities

Australia: Reserve Bank of Australia
Canada: Department of Finance, Bank of Canada, Office of the Superintendent of Financial Institutions
France: Ministry of the Economy, Finance and Industry, Banque de France, Autorité des Marchés Financiers
Germany: Federal Ministry of Finance, Deutsche Bundesbank, BaFin
Hong Kong: Hong Kong Monetary Authority
Italy: Ministry of the Economy and Finance, Banca d'Italia, CONSOB
Japan: Ministry of Finance, Bank of Japan, Financial Services Agency
Netherlands: De Nederlandsche Bank
Singapore: Monetary Authority of Singapore
Switzerland: Swiss National Bank
United Kingdom: H M Treasury, Bank of England, Financial Services Authority
United States: Department of the Treasury, Board of Governors of the Federal Reserve System, Securities and Exchange Commission