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Statement from the IIF Board of Directors on the Report of the Enhanced Disclosure Task Force
Washington D.C., October 29, 2012 — Today the private-sector Enhanced Disclosure Task Force, organized under the auspices of the Financial Stability Board (FSB), released its report of principles and recommendations for enhanced risk disclosures by financial institutions. The Task Force included representatives of the industry, rating agencies, investors, and analysts, and consulted with the FSB on its report.
The Board of Directors of the Institute of International Finance (IIF) welcomes this report as a valuable contribution to the shared goal of enhancing risk disclosures by financial institutions and notes in particular the leadership of the industry representatives in formulating this report. In particular, the Institute endorses the overall objective of continuing to refine and improve the quality and usefulness of risk disclosure across the industry generally, building upon current efforts by individual firms, policy makers and the industry as a whole.
The Institute is distributing this Report to its members, recommending that they evaluate how the Principles and Recommendations of the report may be applicable to their individual organizations. As indicated in the Report, not all principles and recommendations are applicable or relevant to all institutions. The recommendations and the timing around their implementation also need to be considered as evolving in the context of ongoing regulatory developments, notably those pending on liquidity and risk weighted assets. Firms should, however, consider the recommendations in light of the importance of further improving confidence in the transparency and effectiveness of risk disclosures among all stakeholders.
The IIF stands ready to continue contributing to the common objectives of advancing transparency and high quality risk disclosures by banks and looks forward to working with members and policy makers on strengthening the resilience of the financial system and reinforcing the credibility of the financial services industry.