October 15, 1998
NOTE TO EDITORS
Available is a special issue of the Federal Reserve Bank of New York's Economic Policy Review, which is devoted to the proceedings of the conference Financial Services at the Crossroads: Capital Regulation in the Twenty-First Century. The conference, which was co- sponsored by the Federal Reserve Bank of New York, the Bank of England, the Bank of Japan, and the Federal Reserve Board of Governors, took stock of the existing system of bank capital rules and identified key objectives for the future development of capital regulation.
Speakers at the conference included Federal Reserve Chairman Alan Greenspan; Chase Manhattan President Thomas Labrecque; Deutsche Bundesbank Board Member Edgar Meister; and Tom de Swaan, who at the time of the conference was the Chairman of the Basle Committee on Banking Supervision and Executive Director of De Nederlandsche Bank.
Many views were expressed by conference participants on a variety of subjects. However, a consensus did emerge on three important points:
Specific topics addressed in the conference papers included the impact of capital rules on bank risk taking, industry approaches to monitoring risk, capital standards for bank in emerging economies, and proposals for reforming the regulatory framework put in place by the Basle Accord of 1988.
Contact: Douglas Tillett