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Opening remarks during the signing of the establishment of a supervisory college for financial conglomerate supervision

· Benjamin E Diokno, Governor of the Bangko Sentral ng Pilipinas (Philippines)

Summary written by Dark Majestic in its own words · topics: banking regulation and supervision

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· Benjamin E Diokno Wiki · Bangko Sentral ng Pilipinas WikiOpening remarks during the signing of the establishment of a supervisory college for financial conglomerate supervision

ContextOpening remarks by Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), during the Signing of the Multilateral MOU on Establishment of Supervisory College for Financial Conglomerate Supervision, Manila, 24 January 2022.

Why it mattersDiokno sets up group-wide oversight of bank-led groups.

Problems raised
  1. Financial conglomerates create risks.
  2. Supervision must be group-wide.
  3. Legal frameworks need clarity.
Solutions proposed
  1. Establish a supervisory college.
  2. Apply Basel principles.
  3. Coordinate supervisors.
Read full speech on bis.org ↗

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