regulators to study and revert back as agreed. Also pointed out by Uganda was comparison with other bilateral and multilateral organisations. Recommendations The meeting recommended the following: a) In order to enable COMESA member Central Banks to make informed decision on the implication of the proposal to their regulatory and supervisory activities, ATI should officially communicate to member countries via CMI, the following: The insurance agreement or underwriting policy and confirm if that is standard for all banks; and The financial performance for the last five years including shareholding structure plus any other information ATI consider necessary to the regulators to make informed decisions. Comparison of its agreements with other agreements of bilateral and multilateral organisations b) There is need to have mechanisms in place to ensure that ATI does not issue guarantees beyond its capital base to guard against speculative underwriting of businesses. Work plan for Financial System Development and Stability Sub-Committee for the Year 2014 (Agenda item 5) The work plan was presented by the Director of CMI. Recommendations After the presentation, the subcommittee recommended the following: The need for CMI to circulate electronically the Terms of Reference for the Financial System Development and Stability Sub-Committee and the Medium Term Strategic Plans of the CMI to the members of the The need for consolidation of the Financial Soundness Indicators for all member countries and put them on the CMI website. It was proposed that the member country, which assumes the chairmanship of the COMESA Committee of Central Banks should consolidate the information which will be received from member countries. Based on this proposal, the Reserve Bank of Malawi, which will assume chairmanship next year, will be responsible for the consolidation of the 2014 Financial Soundness Indicators of all member countries.
regulators to study and revert back as agreed. Also pointed out by Uganda was comparison with other bilateral and multilateral organisations. Recommendations The meeting recommended the following: a) In order to enable COMESA member Central Banks to make informed decision on the implication of the proposal to their regulatory and supervisory activities, ATI should officially communicate to member countries via CMI, the following: The insurance agreement or underwriting policy and confirm if that is standard for all banks; and The financial performance for the last five years including shareholding structure plus any other information ATI consider necessary to the regulators to make informed decisions. Comparison of its agreements with other agreements of bilateral and multilateral organisations b) There is need to have mechanisms in place to ensure that ATI does not issue guarantees beyond its capital base to guard against speculative underwriting of businesses. Work plan for Financial System Development and Stability Sub-Committee for the Year 2014 (Agenda item 5) The work plan was presented by the Director of CMI. Recommendations After the presentation, the subcommittee recommended the following: The need for CMI to circulate electronically the Terms of Reference for the Financial System Development and Stability Sub-Committee and the Medium Term Strategic Plans of the CMI to the members of the The need for consolidation of the Financial Soundness Indicators for all member countries and put them on the CMI website. It was proposed that the member country, which assumes the chairmanship of the COMESA Committee of Central Banks should consolidate the information which will be received from member countries. Based on this proposal, the Reserve Bank of Malawi, which will assume chairmanship next year, will be responsible for the consolidation of the 2014 Financial Soundness Indicators of all member countries.
Report-of-the-8th-Meeting-of-the-COMESA-Financial-System-Development-and-Stability-Sub-Committee-2013.docx