Financial Stability Board Statement: FSB completes peer review of Australia
( September 26, 2011, 10:20 GMT | Official Statement) -- MLex Summary: The four big domestic banks in Australia could pose systemic and moral hazard risks in Australia, the global body of financial regulators has said. The FSB said the authorities had a framework in place to address those risks and that future policies will be consistent with work on "too big to fail" banks at international level by the FSB and the Basel Committee on Banking Supervision. Strong progress has also been made on Financial Sector Assessment Program recommendations like the promotion of effective risk management practices and strong capital reserves by banks as well as the close monitoring of their risks by the prudential regulator.The Financial Stability Board (FSB) published today the report on the peer review of Australia. This forms part of a regular programme of peer reviews of FSB member jurisdictions, which began with the publication of the peer review of Mexico last year and of Italy and Spain earlier this year. Canada and Switzerland also volunteered to undergo a peer review in 2011, and their reports will be published following approval by the FSB Plenary....
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