Wednesday, February 4, 2009

Banking Law Reform

According to the head of the SIB, Edgar Barquin, the new amendments are still being fine tuned but they are intended to give more powers to the supervisory authority of the financial system, the Monetary Board. The reforms also seek to strengthen the management of risks and the requirement of a risk rating for banks.

The reforms provide a legal framework based on technical accounting and operating standards of the Basel Committee and regulations for the management of credit.

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