IIF Calls For Renewed Efforts To Promote Greater International Regulatory Consistency
June 5, 2013 — The Institute of International Finance today released a report encouraging national and global policymakers to promote greater consistency between national regulations. The report reviews current consistency efforts underway and contains sixteen specific recommendations for action. The report, Promoting Greater International Regulatory Consistency, responds to mounting concern in both the financial services industry and regulatory community that the determination to achieve global cooperation and coordination is waning, with jurisdictions tempted towards exceptions and purely national approaches—despite considerable efforts since the financial crisis to agree on and implement international standards.
IIF Market Monitoring Group highlights risks of a liquidity-fueled rally: while fundamentals remain weak, parts of corporate sectors exposed
Warns of potential ripple effects as the U.S. moves closer to exit from accommodative monetary policyJune 4, 2013 — Following their recent meeting in Rome, members of the IIF’s Market Monitoring Group agreed today to release the following statement, noting: a lack of fundamental support for financial market rallies; risks associated with exit strategies and a potential rise in U.S. bond yields; a need to reconsider zero risk-weighting of domestic government bonds for members of a currency union; potential vulnerabilities exist in parts of the corporate sector; and restrictions on trading “naked” sovereign CDS might impair market efficiency.
Leaders of Asia-Pacific Financial Services Firms Meet in Seoul
May 10, 2013 — The 2013 IIF Asia CEO Summit was held in Seoul, Korea, during May 8-10, and hosted by KB Financial Group. The conference brought together more than 100 senior officials from banks and other financial institutions active in Asia, along with analysts and regional policy makers. It focused on a review of the global and regional economic and financial outlook and policy challenges, the opportunities for further development of the Asian financial system, the institutional and regulatory impediments to the development of local currency corporate bond markets, and a roundtable discussion on the impact of new global regulatory reforms on the Asia region. It was concluded that while the banking system in Asia remained well capitalized and resilient, the evolving global financial regulatory framework would pose some challenges, including for cross-border activity and infrastructure financing.
IIF CAIM raises concerns that proposed EU Financial Transaction Tax could hurt savers and pensioners
April 23, 2013 — The IIF’s Council on Asset and Investment Management (CAIM) today released a position paper on the proposed EU Financial Transaction Tax (FTT). CAIM raised concerns that any revenue potentially generated by the proposed FTT would be considerably outweighed by the potential costs in terms of burden on end-users of financial services, potentially weaker economic growth and job losses.
Tim Adams on CNBC: The broader impact of Cyprus
April 1, 2013 — In an interview with CNBC, IIF Managing Director Tim Adams discusses the broader impact of the Cyprus crisis and the need for improvements in the central financial architecture of the Euro Area.
Hung Tran on CCTV America: Japan's economic outlook
March 7, 2013 — In an interview on CCTV America, IIF First Deputy Managing Director Hung Tran discusses Japan’s economic outlook.
Global economic recovery is too reliant on central bank liquidity
March 7, 2013 — In its March edition of the Capital Markets Monitor, published today, the IIF warns that “political and policy uncertainties have intensified” in the last month, strengthening the headwinds against the nascent global economic recovery. Central banks have committed themselves to do ‘whatever it takes’ to stabilize financial markets and economies, but political deadlock represents a risk to this stabilization. The critical problem resulting from prolonged political stalemate is that essential policy reforms could be delayed – with the consequence that wider investor confidence may be undermined.
IIF releases its Latin America Regional Overview at the annual Latin American CEO meeting
March 7, 2013 — The Institute of International Finance published today the new edition of its Latin America Regional Overview, at the conclusion of its 2013 annual meeting of Latin America Chief Executives, hosted in Santiago by Banco de Chile.
IIF holds annual meeting of Middle Eastern and North African banks’ CEOs
February 23, 2013 — This year’s annual meeting of Middle Eastern and North African bank chief executive officers – the 16th such gathering – concluded today in Doha. Organized by the IIF and hosted by the Qatar National Bank, the event was attended by around 100 top executives of the region’s banks and other financial services’ firms, as well as senior representatives of global firms active in the MENA Region. The two-day event was designed, as in previous years, to facilitate networking and the exchange of views on the challenges facing financial institutions in the region, within the context of regional political turmoil and a sluggish global economy.
Two New Board Members at the IIF
February 20, 2013 — Mr. Michael Corbat, Chief Executive officer of Citigroup, and Mr. Antony Jenkins, Chief Executive of Barclays, have joined the Board of Directors of the Institute of International Finance with immediate effect.
Tim Adams on Bloomberg, CNBC: Currency wars and the need for international coordination
February 15, 2013 —
The G20 Agenda under the Russian Chairmanship
February 15, 2013 — The IIF, in partnership with the Ministry of Finance of the Russian Federation, held a high-level conference in Moscow on February 14-15, just ahead of the first 2013 G20 meeting of Finance Ministers and Central Bank Governors. The discussions focused on the Russian G20 agenda. Proceedings were opened by Anton Siluanov, Minister of Finance of the Russian Federation, Alexey V. Ulyukaev, First Deputy Chairman, Bank of Russia, and Timothy Adams, IIF Managing Director.
IIF calls on the G20 to strengthen the global regulatory framework
February 11, 2013 — Members of the G20 need to take decisive action to raise global growth, reduce unemployment, enhance the global regulatory framework, and bolster financial stability, according to the IIF. This broad message was conveyed to the G20 (currently under the presidency of Russia), in the IIF’s latest Policy Letter, released at a press briefing in Washington, D.C. today. Tim Adams, the Managing Director of the IIF, said at the briefing: “We would like to bring to the attention of the G20 several important issues which, if not promptly addressed, would seriously hinder the global economy from exiting the financial crisis and attaining sustainable growth.”
IIF Publishes New Edition of Flagship Report, Capital Flows to Emerging Market Economies
January 22, 2013 — The IIF today publishes its authoritative report, Capital Flows to Emerging Market Economies. Private capital flows to emerging economies have revived strongly since mid-2012, thanks to a more risk-friendly attitude by investors. This turnaround was also supported by policy actions, including aggressive monetary easing in mature economies, and also strong fundamentals in emerging market economies. We estimate that overall flows dipped slightly in 2012 year-on-year, to $1,080 billion (against flows in 2011 of $1,084 billion), despite the strong pick-up in momentum in 2012H2.
Charles Dallara to join Partners Group
January 21, 2013 — The IIF would like to inform its members that outgoing Managing Director Charles Dallara has accepted a position at Partners Group, the global private markets investment manager, where he will serve as a Partner and as Chairman of the Americas. For more information, please refer to the Partners Group press release.
Leading Insurers Call for Careful Consideration of Unintended Consequences Emerging from IAIS Proposals on Systemic Risk
December 17, 2012 — The debate on systemic risk regulation in insurance is at a critical point. The IAIS, in collaboration with the FSB, is developing a methodology to identify potential Global Systemically Important Insurers (G-SIIs) and is elaborating proposed policy measures. The IIF endorses the objectives and goals of this work, and emphasizes the importance of assessing the extent to which the activities of insurance firms may be a source of systemic risk.
IIF Promotes Hung Tran to the Position of First Deputy Managing Director
December 14, 2012 — IIF Managing Director Charles Dallara today announced the promotion of Hung Tran, currently Deputy Managing Director and Counsellor, to the position of First Deputy Managing Director, with immediate effect.
Tim Adams appointed to succeed Charles Dallara as IIF Managing Director
December 10, 2012 — Mr. Tim Adams, Managing Director of The Lindsey Group, the Washington D.C.-based economic advisory firm, has been appointed by the Board of Directors of the Institute to succeed Charles Dallara as IIF Managing Director. He will join the Institute on January 1, 2013 as Managing Director-Designate, and take up his new position on February 1.
Charles Dallara on Voice of America: Start Greece's Engines of Growth
December 6, 2012 — In an interview on Voice of America, IIF Managing Director Charles Dallara discusses Greece, Cyprus, Europe, and the financial crisis.
IIF Market Monitoring Group Welcomes Euro Area Agreement on Financing for Greece, Urges Further Euro Area Integration, U.S. "Fiscal Cliff" Resolution
November 29, 2012 — Members of the IIF’s Market Monitoring Group today released a statement welcoming the November 27 package for Greece, and underscoring the importance of reaching timely decisions on key elements of the single supervisory mechanism for Euro Area banks. The statement also highlights the imperative of timely resolution of U.S. “Fiscal Cliff” negotiations, and warns of risks in emerging markets, including potential deterioration in asset quality.
Charles Dallara Discusses Greek Debt Reduction on CNBC
November 27, 2012 — IIF Managing Director Charles Dallara told CNBC that it is critical for Greece to restart its engines of growth, without which no adjustments will help achieve debt sustainability.
Challenges of Implementing Basel III Regulation in Emerging Africa
November 15, 2012 — In an interview with CNBC Africa Beyond Markets, George Abed, IIF Senior Counselor & Director of Africa/Middle East, discusses challenges of implementing Basel III regulation in the emerging African banking jurisdictions.
Charles Dallara addresses the Hellenic Bank Association in Athens, calls for a new Strategy to enable Greece and Europe to emerge from the Crisis
November 14, 2012 — Charles Dallara today in Athens, Greece, said that “less austerity and more growth” was urgently needed in both Greece and Europe, adding that “until the Greek economy returns to growth,” doubts will persist regarding Greece’s membership of the Euro and these will fuel contagion elsewhere in the Euro Area. “It is time to recognize that austerity alone condemns not just Greece but the whole of Europe to the probability of a painful and protracted era of little or no economic growth,” he said.
IIF Publishes First-Ever Regional Overview on Sub-Saharan Africa
November 7, 2012 — The IIF today released its first regional report on Sub-Saharan Africa (SSA), covering seven countries including Cote d’Ivoire, Ghana, Kenya, Nigeria, South Africa, Tanzania and Zambia. These together account for 65% of the region’s economy. The analysis, conducted by the Africa and Middle East Department of the IIF, reveals that the seven have achieved an average annual 4.7% rate of economic growth since 2007, a remarkably strong performance during the global financial crisis.
Statement from the IIF Board of Directors on the Report of the Enhanced Disclosure Task Force
October 29, 2012 — The IIF Board of Directors welcomes the report of the Enhanced Disclosure Task Force 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.
Mr. Evangelos Venizelos, President of PASOK, and IIF Managing Director Mr. Charles Dallara meet in Washington, D.C.
October 26, 2012 — Mr. Evangelos Venizelos, leader of the Panhellenic Socialist Movement (PASOK) and former Deputy Prime Minister and Minister of Finance of Greece, met today with Mr. Charles Dallara, Managing Director of the IIF, for informal discussions in Washington, D.C. They had a cordial exchange of views on the progress Greece is making on adjustment and reform and what remains to be done, both in Greece and in Europe more generally, for the Eurozone to emerge from the sovereign debt crisis.
Joint Committee Welcomes the Voluntary Nature of Greek Debt Restructuring, Underscores Importance of Cooperative Approach Based on the Principles
October 24, 2012 — Against the backdrop of the sovereign debt crisis in the Euro Area, and particularly following the voluntary debt exchange for Greece, it is vital for the international financial community to work to strengthen the framework for crisis prevention and resolution. Towards that end, a report just issued by the public-private sector Joint Committee on Strengthening the Framework for Sovereign Debt Crisis Prevention and Resolution strongly recommends that sovereign issuers take a voluntary approach to pursuing good-faith negotiations with creditors to achieve agreement on fair debt restructuring, should it prove to be unavoidable, in accordance with the well-established Principles for Stable Capital Flows and Fair Debt Restructuring.
Agricultural Bank of China Chairman, Mr. Jiang Chaoliang, appointed to the IIF Board of Directors
October 17, 2012 — The IIF announced today the appointment of Mr. Jiang Chaoliang, Chairman of Agricultural Bank of China, to its Board of Directors.
President and CEO of The Bank of Tokyo-Mitsubishi UFJ, Mr. Nobuyuki Hirano, appointed to the IIF Board of Directors
October 17, 2012 — The IIF announced today the appointment of Mr. Nobuyuki Hirano, President and CEO of The Bank of Tokyo-Mitsubishi UFJ, to its Board of Directors.
Meeting of the Group of Trustees of the Principles
October 14, 2012 — Statement by the Co-Chairmen on behalf of the Group of Trustees
- Mr. Agustín Guillermo Carstens, Governor, Banco de México
- Mr. Zhou Xiaochuan, Governor, People’s Bank of China
- Mr. Toshihiko Fukui, President, the Canon Institute for Global Studies and Former Governor of the Bank of Japan
- Mr. Christian Noyer, Governor, Banque de France
2012 Annual Membership Meeting Press Conference Opening Statements
October 13, 2012 — Opening statements of IIF Board Chairman Douglas Flint, IIF Vice Chairmen Rick Waugh and Roberto Setubal, IIF Board Member Urs Rohner, IIF Task Force on Risk Governance Chairman Koos Timmermans, and IIF Deputy Managing Director and Counsellor Hung Tran at the 2012 IIF Annual Membership Meeting.
Net Private Capital Flows to Emerging Markets Set For Modest Decline in 2012
October 13, 2012 — The IIF today released in Tokyo the October edition of its Capital Flows to Emerging Market Economies report, in which private flows to Emerging Markets are forecast to reach $1,026 billion in 2012, rising modestly to $1,100 billion in 2013. This represents an upward revision of the forecasts made in the last Capital Flows report (in June this year) of $114 billion and $106 billion respectively; but total private flows nevertheless remain significantly lower than their historic high of 2007, when they reached $1,236 billion.
IIF Releases Report on the Potential Impact of Regulatory Change on End-Users
October 13, 2012 — Today in Tokyo at its Annual Membership Meeting, the IIF published a new report, Specific Impacts of Regulatory Change on End-Users: Initial Report. The Initial Report is the first output of a Task Force set up by the IIF Board to look at ways in which financial regulatory change is currently impacting, and may in future impact, end-users of financial services.
IIF Emerging Markets’ Bank Lending Conditions Survey shows stable conditions in 2012Q3
October 13, 2012 — The IIF today published its latest issue of the quarterly Emerging Markets’ Bank Lending Conditions Survey (EMLC), which finds that the tighter funding conditions that were seen in Emerging Markets since early 2011 have “moderated significantly over the last few months” and have “eased for the first time since 2010Q4.”
IIF Releases Report on Governance for Strengthened Risk Management
October 13, 2012 — At its Annual Membership Meeting in Tokyo, the IIF published a new study on industry sound practices in risk management, entitled the Report on Governance for Strengthened Risk Management.
October Policy Letter Calls For Coordinated Global Policymaking, to Reinvigorate Economic Growth
October 4, 2012 — The October 2012 Policy Letter from the IIF argues that the “global economy is at a crossroads” and calls for global policy coordination to fend off “substantial” downside risks. Commitment to a “substantive policy coordination process” has recently weakened, as individual countries have turned inward and focused on domestic priorities and objectives. The IIF calls for a coherent group within the G20, of those critical countries where major action is needed, to take the lead in forming a broad consensus on adopting policy adjustments that would facilitate the global economic recovery, which currently is stalling.
Market Monitoring Group welcomes moves on Single Supervisory Mechanism for Euro Area Banks
September 16, 2012 — Since the last MMG communiqué on June 29, announcements by European authorities—including the Euro Area Summit Statement, the ECB’s bond purchase program and the European Commission’s framework for a single supervisory mechanism for Euro Area banks—represent welcome and tangible steps towards restoring confidence in Euro Area sovereign debt markets and the European banking sector.
Meeting of the Paris Club with Representatives of Non Paris Club Bilateral Creditors and Representatives of the Private Sector
September 11, 2012 — The Institute of International Finance and the Paris Club jointly organized for the 12th consecutive year a meeting between Paris Club creditors, representatives of non-Paris Club bilateral creditors and of private creditors. The IMF and the World Bank also attended this meeting.
As in previous years, representatives of non-Paris Club bilateral creditors were invited to this meeting. Representatives of Brazil, the Czech Republic, Kuwait, Israel, Poland, the Republic of Korea, Romania, South Africa, and the United Arab Emirates took part in the meeting.