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Risk Management News Updates, October 6th 2010


October 06, 2010 | Aditya Puri

IMF cuts crisis related write downs estimate by 4%
The IMF cut to $2.2 trillion its estimates of crisis-related writedowns of bad loans and securities that banks-mostly in Europe, the UK, and the US-will have to take, down from its April estimate of $2.3 trillion. The cuts were announced in the IMF's financial stability report released on October 5.

CEBS opposes FASB model for financial instrument accounting
The committee of European Banking Supervisors (CEBS) said it does not agree with the US Financial Accounting Standards Board (FASB)'s recent exposure draft on accounting for financial instruments. "Financial instruments should be accounted for using a mixed attribute measurement model - which aligns with the business model of most banks - and not an (almost) full fair value measurement model, as proposed by the FASB," it said.

IMF warns of dangers of global monetary tightening
Dominique Strauss-Kahn, Managing Director of the IMF warned that moves by central banks across the world to cut interest rates and carry out billions of pounds worth of quantitative easing could upset the global economy recovery as currencies chased each other ever lower.

Fighting property bubbles in southern China
Chinese regulators will reportedly prohibit families in the southern city of Shenzhen from buying a third home and non-local tax payers from buying any unit. They also ordered banks to demand a down payment of at least 30 % from all mortgage applicants and to suspend loans to buyers of third homes on September 29.

Re-disseminated by The Asian Banker

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Categories: Risk And Regulation Working Group
Keywords: IMF, CEBS, FASB,