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07 February 2008

Speech McCreevy: Credit Crisis & the Aftermath




Speaking at the Annual Dinner of the Society of Business Economists in London, Commissioner McCreevy talked about issues that need to be focused on now by financial institutions, and their regulators and supervisors.

 

He underlined that corporate governance needs to be strengthened especially in respect of the oversight of the management of credit, market, liquidity, and operational risk. “The risks associated with using broker channels to source mortgage transactions, and how those risks are managed is another issue that requires attention”, McCreevy said. 

 

The Commissioner called regulators to work with Member States to strengthen cross border cooperation and supervision. “We need to reinforce the supervision of major cross border banking groups and financial conglomerates as well as our capacity for financial crisis prevention, management and resolution”, he outlined.

 

McCreevy finally announced a review of Basel 2 and of accounting rules, including issues pertaining to the valuation of assets in illiquid markets.

 

Full speech



© Graham Bishop


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