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IBFed statement on the publication of the EDTF report on enhanced risk disclosures - 29/10/12

29 Oct 2012

The IBFed has today made the following statement upon the publication of a report by the Enhanced Disclosure Task Force, set up under joint industry chairmen and with the support of the Financial Stability Board, on enhanced risk disclosures of banks:

“IBFed has welcomed the opportunity to provide a representative to participate in the work of the EDTF, alongside representatives of the investment and auditing communities, as well as the opportunity to provide some feedback on the EDTF draft. We believe that this initiative represents an important occasion on which the official sector has reached out to work jointly with the industry and would recommend that further opportunities for such collaboration are identified in future.

The IBFed shares with the EDTF the view that it is important for banks to provide investors and other users of their published financial information disclosure with high quality, decision-useful information about the key risks they face and the way these are managed and mitigated. 

The principles in the EDTF Report make an important contribution in this regard and we recognise the Report as a noteworthy resource for banks active in the international capital markets to draw upon as they consider their future communication with users. We note in particular that the EDTF developed its recommendations for enhanced risk disclosures with large international banks in mind, and those which access the major public equity and debt markets, and that aspects of the recommendations will not be relevant to smaller banks and subsidiaries of listed banks.”

 
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