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The Turner Report, De Larosiere and bank capital

The Turner Report, FSA discussion paper and their impact on financial institutions

Now that policy makers and regulators have had time to take stock of the tumultuous events at the end of 2008, it is becoming clear that the financial services industry is likely to operate in a very different regulatory landscape. Among the many recommendations, the report by Lord Turner, chairman of the FSA, and the linked FSA discussion paper have been particularly praised for their possible solutions, both in the UK and internationally, to ensure banks are better placed to withstand other seismic events. Using the Turner report as a broad framework for discussion, this roundtable will consider some of the issues raised and solutions posed including:

• It seems likely that banks and other financial institutions are going to be required to hold more core capital going forward. What impact is this likely to have on the way banks raise capital including the use of hybrid / innovative capital instruments?

• Is an asset based leverage ratio necessary or desirable?

• How best can arrangements be put in place to deal with issues of procyclicality?

• Does there need to be a major review of what assets are eligible for inclusion in the trading book and is mark to market accounting appropriate for all such instruments?

• Should a core funding ratio be imposed on financial institutions?

• How best should risks posed by unregulated entities such as ABCPs, SIVs and hedge funds be dealt with?

• How can risks associated with branches of non-domestic banks operating in a jurisdiction be mitigated without completely tearing up the “passporting” rules?

Simon Crompton, IFLR
Bruce Duncan, Citigroup
Peter Green, Morrison & Foerster
Jeremy Jennings-Mares, Morrison & Foerster
Chris Bates, Clifford Chance
Recorded Jun 11 2009 94 mins
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IFLR, Citigroup, Morrison & Foerster, Clifford Chance
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  • Title: The Turner Report, De Larosiere and bank capital
  • Live at: Jun 11 2009 10:00 am
  • Presented by: IFLR, Citigroup, Morrison & Foerster, Clifford Chance
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