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  • FSB Welcomes Industry Initiative To Remove Cross-Border Close-Out Risk

    Date 12/10/2014

    The Financial Stability Board (FSB) welcomes the announcement today by the International Swaps and Derivatives Association (ISDA) of the agreement of a protocol to the ISDA Master Agreement as an important step to improve the effectiveness of cross-border resolution actions. Under this protocol, counterparties agree to the cross-border enforceability of temporary stays on early termination and cross-default rights in over-the-counter (OTC) bilateral derivatives contracts. As part of this announcement, an initial set of 18 global systemically important banks (G-SIBs) and other large dealer banks have committed to execute the protocol by the time of the Brisbane G20 Summit in November. Once enacted, the protocol will help to reduce the risk that resolution of a bank with significant cross-border operations triggers a cascade of termination events in bilateral OTC derivatives contracts that leads to disruption in the wider market and undermines the measures that the authorities are taking to maintain financial stability and to prevent costs to the taxpayer.

  • Major Banks Agree To Sign ISDA Resolution Stay Protocol

    Date 12/10/2014

    The International Swaps and Derivatives Association, Inc. (ISDA) today announced that 18 major global banks (G-18) have agreed to sign a new ISDA Resolution Stay Protocol, which has been developed in coordination with the Financial Stability Board to support cross-border resolution and reduce systemic risk. This represents a major step in strengthening systemic stability and reducing the risk that banks are considered ‘too big to fail’.

  • Federal Reserve Board And FDIC Welcome ISDA Announcement

    Date 12/10/2014

    The Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation welcome the announcement today by the International Swaps and Derivatives Association (ISDA) of the agreement of a new resolution stay protocol.

  • Development Committee Communiqué - Joint Ministerial Committee Of The Boards Of Governors Of The Bank And The Fund On The Transfer Of Real Resources To Developing Countries, Washington, DC October 11, 2014

    Date 12/10/2014

    1. The Development Committee met today, October 11, 2014, in Washington, D.C.

    2. The global economy remains on a cautious watch and is subject to considerable downside risks. Shared prosperity will require inclusive economic growth, job creation, and a sustained multilateral effort to empower the poorest and most vulnerable. We encourage the World Bank Group (WBG) and the International Monetary Fund (IMF) to work together with member countries to implement bold policies to boost growth and to build resilience.

  • Communiqué Of The Thirtieth Meeting Of The IMFC Chaired By Mr. Tharman Shanmugaratnam, Deputy Prime Minister Of Singapore And Minister For Finance

    Date 11/10/2014

    The global recovery continues, but is uneven and weaker-than-expected, and downside risks have increased. We are committed to lifting potential growth and to creating a more robust, sustainable, balanced, and job-rich global economy. We will pursue bold and ambitious measures to: invigorate demand and remove supply constraints through appropriate macroeconomic policies and critical structural reforms; place government debt on a sustainable track; safeguard financial stability; reinforce cooperation to manage spillovers; and continue to rebalance global demand. We are deeply concerned about the human and socioeconomic impact of Ebola. We welcome the Managing Director’s Global Policy Agenda.

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