Québec City – As part of its 16th Annual General Meeting and Annual Conference held this week in Québec City under the auspices of the Autorité des marchés financiers (the "AMF"), the International Association of Deposit Insurers ("IADI") today released, for public consultation, an in-depth research paper on resolution issues for financial cooperatives.
This paper was drafted by the Subcommittee on Resolution Issues for Financial Cooperatives (the "SRIFC"), which is chaired by Julien Reid, Senior Director, Oversight of Financial Institutions, Resolution and Deposit Insurance at the AMF.
The research paper stems from collaboration that relied on the findings of a survey that was distributed to more than 100 deposit insurers and resolution authorities as well as on case studies from 16 of the 17 deposit insurers that are SRIFC members. The research paper sets out the fundamentals of the issues faced in adapting resolution tools developed for banks to financial cooperatives.
"Through its chairmanship of the SRIFC, the AMF has shared the unique expertise it has acquired in supervising and regulating Desjardins Group, a domestic systemically important financial institution and the largest cooperative group in North America," said AMF President and CEO Louis Morisset. "One of the objectives pursued with the publication of this research paper is to help raise greater awareness and generate better understanding of the specific issues associated with adapting bank resolution tools to financial cooperatives."
Following the end of the public consultation period, the SRIFC will review all comments received, synthesize the information and submit a final report.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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