The report concludes that institutions need to make further efforts to bring their disclosures into line with the good practices identified in the June report. CEBS will consider to how the good practices should be applied in the longer run.
CEBS published the findings of an analysis following up on the application of its recommendations in the 'Report on banks' transparency on activities and products affected by the recent market turmoil' published on 18 June 2008.
Main findings of the follow-up report include that around 80% of the banks provide detailed disclosures on the impact of the market turmoil and on exposure levels. However, disclosures on business models and to a lesser extent on risk management practices as well as accounting and valuation practices are less detailed.
Therefore, the report concludes that institutions need to make further efforts to bring their disclosures into line with the good practices identified in the June report.
CEBS will consider to how the good practices should be applied in the longer run. Also a further review in 2009 of banks’ year end annual reports and Pillar 3 disclosures is planned before taking action.
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