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NOTICIAS

INTERNACIONAL
publicado el 23 de MARZO 2009
Lord Turner recommendations mark the end of light touch supervision and herald a far more prescriptive approach
Michael Raffan, Head of Freshfields Bruckhaus Deringer’s Financial Services Group on UK banking system reform plans

Lord Turner’s proposals for reforming the UK banking system represent an effective abandonment of ‘light touch’ supervision in favour of a far more prescriptive approach and set out a blueprint for a shake-up of global banking regulation to prevent a recurrence of the financial crisis we have seen unfold in recent months, according to international law firm Freshfields Bruckhaus Deringer’s Financial Services Group.
 Commenting on today’s proposals, Michael Raffan, Head of Freshfields Bruckhaus Deringer’s Financial Services Group said: ‘Lord Turner’s blueprint for future supervisory practice effectively obliterates the words ‘light’ and ‘touch’ from the way UK banks will be supervised in the future. No longer will a firm’s business model be left to senior management: the FSA will seek to understand it and take action if in its view the decisions of management lead to unacceptable risks to regulatory objectives. Its monitoring will be focussed on outcomes and the FSA expects this will lead to earlier intervention in systems and controls. In short, the FSA is clearly setting out its stall to be more vigilant, more engaged and far more questioning. We are entering the age of “intrusive and individualised supervision”.
‘Critics of today’s measures may see the FSA’s proposals for regulatory change as risking “regulatory balkanisation”. But the truth is that while the FSA may be out in front of other regulators in the development of its thinking, it wants to shape the international debate rather than go it alone. In many respects the report synthesises the current consensus on the way forward, but in some areas its proposals are much more specific than those put forward by others, and in one or two important areas the FSA’s ideas are quite new’ he continued. ‘It is important to take the time to get this right – and in practice it should be possible to do so. The system cannot afford to be immediately deleveraged, as many of today’s measures seek to achieve. So the UK has time to try to persuade international regulators of its way of thinking.
‘Lord Turner’s view is clearly that the amount of risk taken on by banks has to be scaled back, but he is clearly not in favour of a complete separation of “core banking” and investment banking - no UK Glass-Steagall.
‘Taken in their entirety, today’s recommendations represent the first systematic and detailed attempt by a regulator to tackle the whole field of regulatory reform. Long-term, a new regulatory system built on these premises would make the financial system more sustainable at the cost of making it less profitable.’ said Raffan.
‘If today’s report implies that global regulation is still a step too far, the FSA supports much greater international coordination. It is quite happy for there to be a new EU-level regulator provided that it doesn’t have power to supervise or intervene in the case of individual banks’ concluded Raffan.

Lord Turner’s new proposals include:
Cross-border branches – In the light of the Icelandic bank experience the FSA considers that current EU cross-border passporting rights for bank branches are untenable. The FSA wants host states to be able to require the establishment of a locally incorporated and regulated subsidiary and/or to limit retail deposit taking, and/or national deposit protection schemes to be pre-funded.
Counter-cyclical capital requirements – While the need for counter-cyclical capital requirements seems to be the current international consensus, the FSA sets out some more detailed thinking on what these requirements might look like. It proposes either a dynamic provisioning model along the lines of the Spanish system, or a variable minimum capital ratio ranging perhaps from 4% in bad times to 7% in good times (core tier one capital). Such a system would be driven in part by hardwired formula-based requirements and in part by regulatory discretion.
Fair-value accounting - There has been a fierce debate in recent months over "fair-value accounting", with many in the industry complaining about its unhelpful and pro-cyclical effects, and the IMF (among others) saying that the clock should not be turned back on this. The FSA has proposed a new solution. It suggests that existing accounting rules would continue to be used to value trading book and banking book assets. But this system would be augmented by an additional requirement for banks to create a non-distributable "Economic Cycle Reserve", which would set aside profit in good years to anticipate losses likely to arise in future. The FSA strongly favours movements in the Economic Cycle Reserve being reflected somewhere on the profit and loss account.
Liquidity - The FSA published a consultation paper on new liquidity rules in December last year. The FSA is now floating an additional idea on this, which is that banks might be required to comply with a funding ratio limit, ie a maximum permissible ratio of loans to deposits.

 

 

 
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