This week's risk management news includes UK's Independent Commission on Banking's report, the launch of a private banking code in Singapore, and HKMA's decision to allow unlimited yuan deposits.
April 13, 2011 | The Asian Banker Editor
UK’s Independent Commission on Banking proposes banks form separate retail units
UK’s Independent Commission on Banking has released an interim report
which proposes that UK banks place all their retail-related business operations in a separate unit and increase their capital against it. This is to ensure that these retail subsidiaries will be able to operate even if the investment and commercial banking units suffer losses. A summary of the report is available here.
Singapore’s PBAG launches PB Code
Singapore’s Private Banking Advisory Group (PBAG), with the support of the Monetary Authority of Singapore, has launched a Private Banking Code of Conduct (PB Code) to help elevate the standard of private banking operations in the country. According to the code, private banking employees are expected to sit for a competency assessment before offering financial advice. Additionally, financial institutions and their employees are expected to adhere to certain principles pertaining to ethics and risk management. The full code can be accessed here.
HKMA allows unlimited yuan deposits to curb credit risk
The Hong Kong Monetary Authority will allow Hong Kong banks to keep unlimited funds in special yuan-denominated deposit accounts that will be maintained with the People’s Bank of China. The move is aimed at reducing credit risk and to encourage yuan deposit growth in the country. The deposit accounts can be opened at Bank of China Hong Kong.
Re-disseminated by The Asian Banker
...Categories:
Risk And Regulation Working GroupKeywords:Independent Commission On Banking, MAS, HKMA
