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IOSCO Conference

IOSCO Conference. Panel 4 Fair Value Accounting: Investors’ perspective vs prudential concerns Intervention by: Fernando Restoy, Vice Chairman of the CNMV. 9 October 2009 Basel. IOSCO Conference. 5 messages.

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IOSCO Conference

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  1. IOSCO Conference Panel 4 Fair Value Accounting: Investors’ perspective vs prudential concernsIntervention by: Fernando Restoy, Vice Chairman of the CNMV 9 October 2009 Basel

  2. IOSCO Conference 5 messages • Accounting is not unrelated to financial stability…but the (only) relevant link is transparency • Distribution of responsibilities: recognition of profits and financial position (for ASSs). Control of pay-outs and reserves (for regulators). • But there is strong accounting case to accept some substantive proposals by regulators: e.g. forward-looking provisions • And also a revision of fair value application…but do not exaggerate the “prudential” implications of fair value accounting (Table) • The IASB is conceptually right but its strategy may not be optimal (End)

  3. IOSCO Conference Fair value effect on banks’ losses (2007-2010). World 3

  4. IOSCO Conference Fair value effect on banks’ losses (2007-2010). World 4

  5. IOSCO Conference Panel 4 Fair Value Accounting: Investors’ perspective vs prudential concernsIntervention by: Fernando Restoy, Vice Chairman of the CNMV 9 October 2009 Basel

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