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Bermudan Banks To Hold Additional Capital Buffer,
by Phillip Morton, Investors Offshore.com
Monday, March 09, 2009
As part of its continued monitoring of market conditions in Bermuda in relation
to the global financial crisis and its implementation of the Basel 2 capital accord,
the Bermuda Monetary Authority (BMA) has been reviewing capital levels across Bermuda’s
banking sector.
The BMA's findings show that Bermuda’s banks are exceeding the authority’s
current capital requirements. However, the authority has announced that as a
precautionary measure it is requiring banks to hold an additional capital buffer
to withstand a severe economic downturn.
Based on stress test results, the authority and each bank have agreed on the
level of capital that is required to absorb the losses simulated by the severe
economic downturn; and still maintain high quality Tier 1 capital of at least
6% of risk-weighted assets, based on Basel 2 capital rules.
BMA CEO Matthew Elderfield commented: “The measures we have announced
today mean that the Bermuda banking system will be ready to withstand a severe
economic downturn and still be in a strong financial position. This is a precautionary
measure in line with the prudent and conservative approach to managing the financial
crisis which has been taken by the Authority, government and banking sector.”
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