09/11/2020 | Press release | Distributed by Public on 09/11/2020 06:33
For Immediate Release
OTTAWA ─ September 11, 2020 ─ Office of the Superintendent of Financial Institutions, Bank of Canada
The Basel Committee on Banking Supervision (BCBS), the Office of the Superintendent of Financial Institutions (OSFI) and the Bank of Canada are pleased to announce that the 21st International Conference of Banking Supervisors (ICBS) will be held as the first virtual ICBS from 19-22 October 2020.
The BCBS announced in October 2019 that Canada would host the ICBS in Vancouver, B.C., but given the impact of the Covid-19 pandemic, the conference will proceed as a virtual event for this year. This approach will make full use of technology to create an interactive and dynamic experience. During this year's virtual event, participants will be able to discuss key issues affecting the global supervisory and central banking community, and hear from leading academic experts from relevant fields. Sessions are also designed to offer multilingual content.
The ICBS, which has been held every two years since 1979, brings together senior central bankers and bank supervisors from more than 100 countries as well as representatives of international financial institutions. The conference promotes the discussion of key supervisory issues and fosters continuing cooperation in the oversight of international banking. With its wide membership of policymakers and supervisors, the ICBS presents a unique opportunity for a broad-based discussion on issues that are timely and relevant to supervisors in advanced and emerging market economies alike.
'On behalf of the Basel Committee, I wish to express my sincere gratitude to the Bank of Canada and the Office of the Superintendent of Financial Institutions for making this year's ICBS possible, especially given the challenges brought forth by the Covid-19 pandemic. The event will be an excellent opportunity to discuss the future of banking supervision among the broad community of supervisors and will enhance the outreach of the Committee.'
Pablo Hernández de Cos, Chairman
Basel Committee and Governor of the Bank of Spain
'As this year's co-host of the ICBS, we have reimagined the meeting as a virtual conference. In that way participants can come together and share their perspectives during this exceptional period, and experience what 'the conference of the future' will be like.'
Jeremy Rudin, Superintendent
Office of the Superintendent of Financial Institutions
'The Bank of Canada is delighted to co-host this year's virtual ICBS conference. The COVID-19 pandemic has presented the global financial system with new challenges and it is as crucial as ever that we bring supervisory authorities and other experts together to discuss a range of important issues.'
Tiff Macklem, Governor
Bank of Canada
The Basel Committee on Banking Supervision (BCBS) is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability.
The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987, to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks. OSFI supervises more than 400 federally regulated financial institutions and 1,200 pension plans to determine whether they are in sound financial condition and meeting their prudential requirements.
The Bank of Canada is the nation's central bank. Its principal role is 'to promote the economic and financial welfare of Canada,' as defined in the Bank of Canada Act. The Bank has four main areas of responsibility. In implementing Canada's monetary policy, the Bank aims to preserve the value of money by keeping inflation low, stable and predictable. The Bank also promotes safe, sound and efficient financial systems, designs, issues and distributes Canada's bank notes, and acts as fiscal agent and banker for the Government of Canada.
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