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Bank
Supervision
 External Audit Quality and Banking Supervision
Bank of International Settlements. December 2008.
In recent years, there has been a change in banking supervisors' reliance on audited information and in the nature of the major external audit firms. Concerns about the risk of audit failures, the global expansion of the major audit firms, increased complexity of both accounting standards and financial instruments, and the challenges associated with fair value estimation processes, which have been amplified by the current market crisis, have reinforced bank supervisors' need to be confident of audit quality. This paper describes the Basel Committee on Banking Supervision's (the Committee) understanding of these circumstances and steps it intends to take regarding key findings.
 Financial Sector Integrity
Remarks by Dr Nout Wellink, President of the Netherlands Bank and Chairman of the Basel Committee on Banking Supervision, at the October 2008.
All markets are built on confidence. Confidence in the quality of the products, in the reputation of the seller, in the timeliness of delivery. The financial market is especially dependent on confidence. Confidence in every layer and link in the system. Confidence in reliable figures and sound people and in well-enforced laws against fraud and corruption. Integrity and confidence are not synonymous, but they are interdependent. Confidence is essential for economic transactions and that confidence is based on the integrity of market players. And it's also self-evident that integrity is a topical subject, which plays an important role in the causes of, and the solutions for, the current credit crisis.
 Guidelines for Applying the Standardized Approach to Determine Own Funds for Operational Risk
Banco de España
This document gives guidelines for those credit institutions that have opted to apply the Standardized Approach and is intended to help them comply more adequately with the criteria and requirements for use of this method, which are contained in Rule ninety-seven of Circular 3/2008. These Guidelines contain a set of indications and, in some cases, practical examples, prepared by the Banco de España to explain and clarify certain essential points for the application of this method, with the ultimate objective of enhancing the quality, homogeneity and consistency of the information provided by credit institutions.
Guidelines on the Internal Capital Adequacy Assessment Process (ICAAP) at Credit Institutions
Banco de España
The aim of these guidelines is to simplify the application of the internal capital adequacy assessment process (ICAAP) for institutions, as provided for in article 123 of Directive 48/2006 of the European Council and of the Parliament on the taking up and pursuit of the business of credit institutions.
Recommended
Readings
 Banking in Brazil . Structure, Performance, Drivers, and Policy Implementatations
Eduardo Urdapilleta & Constantinos Stephanou. The World Bank. Finance and Private Sector Unit. January 2009.
The objective of this paper is to analyze the industry structure of banking services in Brazil in order to shed light on financial performance and its drivers at a disaggregated level. The study illustrates how differences across market segments—which tend to be averaged out in aggregate analysis—need to be taken into account when analyzing performance and designing public policy for the banking sector.
Financial Risk Management in Emerging Countries
Remarks by Mr. Martín Redrado, Governor of the Central Bank of Argentina, at the 12th annual conference of the Central Bank of Chile “Financial stability, monetary policy and Central Banking”, Santiago , Chile . November 7, 2008.
The international financial crisis finds developing countries in a position that considerably differs from other episodes in the past: instead of causing the crisis, they are the ones suffering its impact at this time. I will describe how the emerging world is dealing with the crises. In particular, economic policy responses will be assessed with special emphasis on the challenges faced and the financial risk management strategies pursued by developing countries. Then, I provide my view on how the developed world is handling the crisis with a few ideas on the role that international financial institutions must play.
Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro and Financial Policies
Asli Demirgüc-Kunt & Luis Servén. The World Bank. Finance and Private Sector Team & Macroeconomics and Growth Team. January 2009.
The recent global financial crisis has shaken the confidence of developed and developing countries alike in the very blueprint of financial and macro policies that underlie the western capitalist systems. In an effort to contain the crisis from spreading, the authorities in the US and many European governments have taken unprecedented steps of providing extensive liquidity, giving assurances to bank depositors and creditors that include blanket guarantees, and structuring bail-out programs that include taking large ownership stakes in financial institutions, in addition to establishing programs for direct provision of credit to non-financial institutions. Emphasizing the importance of incentives and tensions between short term and longer term policy responses to crisis management, this paper draws on a large body of research evidence and country experiences to discuss the implications of the current crisis for financial and macroeconomic policies going forward.
BIS Quarterly Review. International Banking and Financial Market Developments
Bank for International Settlements. December 2008.
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