AVN 46.68 Decreased By ▼ -0.23 (-0.49%)
BAFL 28.59 Increased By ▲ 0.09 (0.32%)
BOP 3.70 Increased By ▲ 0.08 (2.21%)
CNERGY 3.11 Decreased By ▼ -0.03 (-0.96%)
DFML 10.68 Increased By ▲ 0.08 (0.75%)
DGKC 53.81 Increased By ▲ 2.85 (5.59%)
EPCL 42.52 Increased By ▲ 0.02 (0.05%)
FCCL 12.16 Increased By ▲ 0.30 (2.53%)
FFL 5.90 No Change ▼ 0.00 (0%)
FLYNG 6.00 Increased By ▲ 0.16 (2.74%)
GGL 9.88 Decreased By ▼ -0.04 (-0.4%)
HUBC 68.53 Increased By ▲ 0.63 (0.93%)
HUMNL 5.64 Increased By ▲ 0.12 (2.17%)
KAPCO 21.90 Decreased By ▼ -0.19 (-0.86%)
KEL 1.77 Increased By ▲ 0.01 (0.57%)
LOTCHEM 28.27 Increased By ▲ 1.37 (5.09%)
MLCF 28.39 Increased By ▲ 0.54 (1.94%)
NETSOL 72.58 Decreased By ▼ -0.12 (-0.17%)
OGDC 75.34 Increased By ▲ 0.04 (0.05%)
PAEL 9.22 Increased By ▲ 0.05 (0.55%)
PIBTL 4.22 Increased By ▲ 0.27 (6.84%)
PPL 58.06 Decreased By ▼ -0.04 (-0.07%)
PRL 14.06 Decreased By ▼ -0.21 (-1.47%)
SILK 1.11 Decreased By ▼ -0.03 (-2.63%)
SNGP 40.69 Increased By ▲ 0.02 (0.05%)
TELE 6.59 Decreased By ▼ -0.08 (-1.2%)
TPLP 11.73 Decreased By ▼ -0.05 (-0.42%)
TRG 93.49 Decreased By ▼ -0.31 (-0.33%)
UNITY 13.03 Increased By ▲ 0.12 (0.93%)
WTL 1.17 Decreased By ▼ -0.01 (-0.85%)
BR100 4,131 Increased By 4.9 (0.12%)
BR30 14,077 Increased By 105.9 (0.76%)
KSE100 41,353 Increased By 86.2 (0.21%)
KSE30 14,664 Increased By 5.9 (0.04%)
Follow us

PARIS: The Basel Committee on Banking Supervision, charged with worldwide oversight, said Thursday that it would “learn lessons” from the US bank failures and the emergency buyout of Credit Suisse that have roiled financial markets.

The near-implosion of Credit Suisse last week, leading to its sale to fellow Swiss giant UBS, came after the collapse of two tech-lending banks in the United States triggered fears of international fallout.

The Basel committee, established in 1974, said after a meeting that it would “take stock of the regulatory and supervisory implications stemming from recent events, with a view to learn lessons”.

“Banks and supervisors must therefore be vigilant to the evolving outlook to ensure that the global banking system is resilient,” the watchdog said.

The committee also noted the high inflation and feeble growth in many countries, as well as geopolitical tensions, were posing “risk-management challenges to banks”.

“Recent events have further highlighted the importance of a resilient global banking system underpinned by effective bank governance and risk-management practices, robust regulatory standards, and strong supervision supported by proactive cross-border cooperation,” the committee said.

Switzerland’s secretive Credit Suisse rescue rocks global finance

The committee reaffirmed its goal of implementing in a “full and consistent manner” the Basel III framework, a series of wide-ranging overhauls of international banking standards decided in the wake of the 2008-2009 financial crisis.

Several of the Basel III reforms have yet to be finalised.

Fears of possible contagion for other banks reached a fever pitch last week after the failure of Silicon Valley Bank and Signature Bank in the US – both linked to the tech sector – and the near-collapse of Credit Suisse as depositors rushed to pull out their money.

SVB Financial seeks bankruptcy protection for reorganization

On Wednesday, the president of the French banking federation, Philippe Brassac, insisted there was “no banking crisis” in Europe and said responsibility for the current tensions lay essentially with the United States.

“The banks have often said that ‘regulation is too heavy, too important’ (but) its fault is that it has not been applied to a sufficient number of firms, notably in the United States,” Brassac said.

Comments

1000 characters

Global bank watchdog vows to ‘learn lessons’ after turmoil

Virtual pipeline LNG import terminal: Govt mulling granting tax exemptions

$5bn trade with Turkiye achievable in 3 years: PM

AEDB grants 6-month LoI extension to two wind IPPs

IK says will be tried in military court

Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024

Power supply to Balochistan and Sindh will improve: NTDC energises Guddu-Shikarpur transmission line

Roosevelt Hotel given to NYC govt for 3 years: govt

PIA starts direct Karachi-Skardu flights

Crackdown on tax defaulting vehicles to begin today

Israel buries three soldiers killed near Egypt border