The government should not save large financial institutions engaged into speculations for the sake of high profits – advised Paul Volcker, former chief of the US Federal Reserve and the current chairman of the Economic Recovery Advisory Board under President Barack Obama.
The Bank of Russia is now attending the problem of foreign currency risks, in which it has only been pretending to be interested until now. Today, the regulator is sending request letters to major players of the market, asking them to clarify how exactly they are insuring their risks on foreign currency operations.
The Practice Note updates the current guidance, which was issued in December 2005, for changes in the regulatory environment for pensions in Ireland including the Occupational Pensions Schemes (Disclosure of Information) Regulations 2006.
The Trustees of the International Accounting Standards Committee (IASC) Foundation, the oversight body of the International Accounting Standards Board (IASB), today announced enhancements to their governance arrangements. These changes, which are aimed at enhancing public accountability, stakeholder engagement and operational effectiveness, complete the second part of the IASC Foundation’s five-yearly Constitution Review.
European insurance companies are recovering from the financial crisis with fewer losses than banks – states the overview of European insurance sector in 2010 by Ernst & Young’s international department for insurance-related services.
The Association of Russian Banks (ARB) warns that the “bad asset” problem may destabilize the whole banking system, which is why it has to be recapitalized more than twice, up to 3 trillion rubles.
Banks should account for their losses in two radically different ways to satisfy the opposing demands of regulators, politicians and accountants, says the global head of one of the world’s biggest accounting firms.
