バーゼル銀行監督委員会を通じた銀行監督における国際協力の発展--「バーゼル・コンコルダット」採択後の成果とアンブロシアーノ銀行の経営破綻への対応 International cooperation in banking supervision at the Basel Committee: major achievements before and after the failure of Banco Ambrosiano
The Basel Committee on Banking Supervision was established at the end of 1974 by the central-bank governors of the G10 countries, to restore international financial system stability in the aftermath of the failure of Bankhaus Herstatt. Its first major achievement was the adoption of the "Concordat" which set up the basic principles for international cooperation in the area of banking supervision. Since the adoption of the Concordat, the Committee has held regular meetings three or four times a year to further promote international cooperation in banking supervision. Among its major achievements were: (1) the use of supervision on a consolidated basis; (2) the effective monitoring of banks' solvency and liquidity adequacy; (3) best practices concerning country risk management and supervision; and (4) the prudential control of foreign exchange operations and the role of supervision. Also, the Committee provided members with opportunities to exchange information on the following banking supervisory matters: (1) the quality of bank capital; (2) arrangements for bank audits and affiliation relationships between banks and non-banks; (3) deposit insurance arrangements; (4) the supervision of banks' trust business; and (5) the role of profit and loss analysis in bank supervision. However, doubts emerged regarding the effectiveness of international cooperation in banking supervision under the Concordat in the summer of 1982, when Italian bank Banco Ambrosiano and its Luxembourg affiliate Banco Ambrosiano Holding collapsed and the Eurocurrency market was seriously disturbed. The Committee promptly reappraised the original Concordat and finalized its revised version in May 1983. In a change from the original Concordat, under which primary responsibility for supervising foreign subsidiaries and joint ventures rested with the host authorities in the division of responsibilities, the revised Concordat incorporated the principle of consolidated supervision, emphasizing the joint and overlapping nature of parent and host authorities' supervisory responsibilities. This paper discusses international cooperation in the area of banking supervision promoted by the Basel Committee by reviewing a wide range of documents such as publications and reports of the Committee. Also, it focuses on the revision of Concordat in the aftermath of the failure of Banco Ambrosiano.
経済志林 76(4), 251-286[含 英語文要旨], 2009-03