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Extra resources for The Financial Crisis. Reform and Exit Strategies Book
Sample text
Therefore management decisions about allocating capital to risky activities would take account of the full market cost of capital, and the potential risks and rewards of investing in the asset, but would not be influenced by regulatory rules specific to that asset. 25 These would be used to accumulate a reserve which would be available to absorb losses as they occur. The size of the regular provisions, hence the eventual build-up of the loss reserve, might vary from bank to bank, depending on the size of the tangible equity cushion above the required minimum.
Their enforcement is essential since rules that are not enforced will THE FINANCIAL CRISIS: REFORM AND EXIT STRATEGIES – ISBN 978-92-64-07301-2 – © OECD 2009 II. PRIORITIES FOR REFORMING INCENTIVES IN FINANCIAL MARKETS - 33 likely be ignored, inviting fraud and other abuse. This points to the need to ensure that staffing, funding and processes to make enforcement effective must be in place. 2. a. a. 6% 1. Supervisory staff only. 2. Commissione Nazionale per le Societa e le Borsa 3. Instituto per la vigilanza sulle assicurazioni private e di interesse collettivo Source: OECD STAN database; How Countries Supervise their Banks, Insurers and Securities Markets, 2008, London.
It is notable that in the United States supervisory resources failed to keep pace with the rapid growth of the industry being supervised. There was a significant increase in staffing at the Securities and Exchange Commission following the passage of the Sarbanes-Oxley Act. 5% in terms of full time staffing and nearly 28% in terms of real value added between 2000 and 2006. In some cases, notably that of the Office of Thrift Supervision, they contracted. In contrast, supervisory resources at the main agencies in the larger European countries generally increased in line with the industry.