Singapore, 6 July 2004...The Monetary Authority of Singapore (MAS), in its capacity as Chair of the EMEAP¹  Working Group on Banking Supervision, and the Financial Stability Institute (FSI) jointly hosted a meeting on the Practical Application of Basel II.  The meeting took place on 5 and 6 July 2004, in Singapore.

The meeting provided a platform for members of the G10 central banks and supervisory authorities to share key features of the recently approved Basel II framework with Asian central banks and supervisors.  It also gave the central bankers and regulators the opportunity to discuss the implementation of Basel II in their respective jurisdictions.  The final version of the new Basel II framework was released by the G10 central banks and supervisory authorities on 26 June 2004. 

Mr John Palmer, Deputy Managing Director for Prudential Supervision at MAS, who opened the meeting, commented, "This meeting gave the G10 and Asian central bankers and banking supervisors a good opportunity to update each other on their respective banking environment.  The Asian regulators heard first hand about challenges faced in implementing Basel II within G10 countries.  This information will be helpful in our own efforts to implement Basel II."

The EMEAP Working Group on Banking Supervision will continue its efforts to assist EMEAP members in implementing the Basel II framework within an Asian context. Work by Asian central banks and supervisors on Basel II will contribute to the utilisation of the new framework internationally.

***

Note to Editors:

The EMEAP Working Group on Banking Supervision comprises central banks and representatives from the supervisory agencies from the EMEAP countries.  The Working Group studies banking supervision issues that are of interest to central banks including the implementation of the Basel II framework in Asia. Singapore was appointed the chair of the working group for a two-year term in June 2004.  For more information on EMEAP, please visit www.emeap.org .

The Financial Stability Institute (FSI) was jointly created by the Bank for International Settlements (BIS) and the Basel Committee on Banking Supervision in 1999 to assist supervisors around the world in improving and strengthening their financial systems. The FSI assists financial sector supervisors worldwide with the implementation of sound standards and practices, primarily through meetings, seminars and conferences covering a wide range of supervisory topics.  For more information on the FSI, please visit www.bis.org .

***