Prudential Risk

Resolution & Recovery

Hong Kong’s Target Insurance Deemed Insolvent, Winding-up Initiated

By Editors | 18/07/2022

Target is Hong Kong’s largest motor insurer, providing coverage for mini buses and more than 60 percent of the 18,000-plus taxis in the city.

Credit Risk

Pakistan Sets January 2023 Deadline for IFRS 9 Adoption

By Editors | 18/07/2022

IFRS 9 will prompt a one-off increase in banks’ loan-loss provisioning, diminishing shareholder capital. Banks will also be pressured by increased taxes.

Credit Risk

CBIRC Calls on Banks to Help Resolve Mortgage Boycotts

By Editors | 18/07/2022

Hundreds of thousands of homebuyers stopped making payments on mortgages involving more than 200 property projects last week.

Liquidity Risk

Korea Extends Corporate Debt Purchase Programmes to March 2023

By Editors | 17/07/2022

Policy banks will have KRW 6 trillion until 30 March 2023 to buy up corporate bonds and commercial paper.

Credit Risk

CBIRC Directs Banks, Insurers to Support Manufacturers

By Darien Choong | 15/07/2022

The CBIRC says banks should “actively and rationally cede profits to manufacturing sector enterprises” while also strengthening risk controls.

Conduct, Culture & Accountability

ASIC Bans Excessive Fees Charged to Small Credit Customers

By Editors | 15/07/2022

ASIC’s orders prohibit the provision of short term credit and continuing credit contracts which involve unreasonably high fees charged to retail clients.

CBDCs

BOJ to ‘Carefully’ Examine CBDC Impact on Bank Deposits

By Sanday Chongo Kabange | 14/07/2022

A shift away from bank deposits may not occur if banks offer “smooth exchange of CBDC and deposits” and “attractive services related to CBDC”.

Emerging Prudential Risks

FSB Updates G20 on Covid-19, Climate, Crypto Work

By Editors | 13/07/2022

Accompanying the letter to the G20 is a report on exit strategies to address COVID-19 scarring in the financial sector, and a statement on crypto-asset regulation.

Fraud, Scams & Cybercrime

Crypto Firm Celsius Network Accused of Running Ponzi Scheme

By Editors | 12/07/2022

A lawsuit filed by a former Celsius money manager says the company mismanaged customer funds, failed to perform basic internal auditing, and manipulated crypto-assets.