Revised Guide to Interagency Country Exposure Review Committee Process Issued
December 15, 2008
Circular No. 12038

The Federal Reserve Board, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (the agencies) have revised the Interagency Country Exposure Review Committee (ICERC) procedures and adjusted the criteria for applying ICERC ratings. As a result, the agencies are issuing a revised Guide to the Interagency Country Exposure Review Committee Process.

The agencies revised the guide to reflect improvements in regulated institutions’ cross-border exposure analyses and country risk management programs, as well as improvements in the availability of information on country and transfer risk. The agencies will now assign ICERC ratings only to those countries in default, and will eliminate several rating categories.

Questions concerning this interagency guide should be directed to Sabeth Siddique, Assistant Director, Credit Risk, at (202) 452-3861, or Donald Gabbai, Senior Supervisory Financial Analyst, Credit Risk, at (202) 452-3358. In addition, questions may be sent via the Board’s public website.

See the SR letter for full details.

SR 08-12 offsite