WSBI calls for strengthening of the financial system via financial inclusion
[18 06 2012]
At the occasion of the G20 Summit in Los Cabos, Mexico on 18 and 19 June, WSBI calls upon G20 Leaders to improve access to financial services for all layers of the population. Comprehensive strategies need to be designed by banking and financial authorities and institutions working with unserved people and by optimal use of digital infrastructures. Services however need to remain affordable to low income populations and sustainable for financial services providers. This strategy is detailed in the Marrakech Declaration that WSBI members adopted at their recent congress.
The WSBI also calls upon the G20 to improve the international financial architecture in an interconnected world. Global regulations, such as the Basel III accord, are often designed as a set of measures for large, internationally active credit institutions but are then applied to the banking sector as a whole. Decentralised banking models, such as the business model of savings banks, will suffer disproportionally from Basel III and more specifically in the field of SME lending. Furthermore the interaction between Basel III and the treatment of Global SIFIs needs to be carefully assessed to avoid distortion of competion.
Finally, the WSBI welcomes the work carried out by the Financial Stability Board to assess the implementation of further regulation on shadow banking in order to avoid the circumvention of banking regulation and therefore the competitive disadvantage for regulated banks that shadow banking practices involves.
WSBI - The Global Voice of Savings and Retail Banking
WSBI (World Savings Banks Institute) is an international banking association that represents savings and retail banks and associations thereof in 90 countries of the world (Asia-Pacific, the Americas, Africa and Europe). WSBI represents more than 6,150 financial institutions. At the end of 2010, these institutions operated through more than 227,000 branches and outlets, employed more than 2.2 million people and served more than 600 million customers. Assets of member institutions amounted to more than US $15.6 trillion at the end of 2010.
Please visit www.savings-banks.com for more information.
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