Supervision of Financial Conglomerates : The Case of Chile
46 Pages Posted: 22 Apr 2005
Date Written: March 2005
Abstract
This paper describes the presence of financial conglomerates and assesses the extent to which the risks they introduce to the Chilean financial system are mitigated by existing oversight arrangements (and at what cost). In particular, the paper questions whether the current silo-based supervisory framework, which has served the system fairly well until now, can continue unchanged given growing inter-linkages in the financial system. A high-level short- and medium-term supervisory reform agenda is proposed, which addresses identified vulnerabilities relating to financial conglomerates and continues the migration from a rules-oriented to a risk-based supervisory approach that has gradually been taking place in Chile in recent years.
Keywords: consolidated supervision, risk-based supervision, financial groups, financial
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