By Isaac Cohen*
The Financial Stability Board (FSB) released, on November 16, the 2018 list of global systematically important banks (G-SIBs), whose difficulties may endanger global financial stability. https://www.bis.org/press/p181116.htm
Chaired by Mark Carney, former governor of Canada’s central bank and presently Governor of the Bank of England, the Board’s secretariat is located at the Bank for International Settlements (BIS), headquartered in Basel, Switzerland. The BIS was founded in 1930 and is owned by 60 central banks, representing countries which together account for about 95 percent of world product.
The list identifies 29 banks considered global systemically important financial institutions (G-SIFIs), which have to comply with higher requirements of capital, loss absorbing capacity, dissolution planning and supervisory expectations.
Below is the list, presented alphabetically by country:
Canada (1) Royal Bank of Canada.
China (4): Agricultural Bank; Bank of China; Construction Bank; Industrial and Commercial Bank.
France (4): BNP Paribas; Groupe BPCE; Groupe Crédit Agricole; Société Générale.
Germany (1): Deutsche Bank.
Italy (1): Unicredit.
Japan (3): Mitsubishi UFG FG; Mitzuho FG; Sumitomo Mitsui FG.
Netherlands (1): ING Bank
Spain (1): Santander
Switzerland (2): Credit Suisse; UBS.
United Kingdom (3): Barclays; HSBC; Standard Chartered.
United States (8): Bank of America; Bank of New York Mellon; Citigroup; Goldman Sachs; JP Morgan Chase; Morgan Stanley; State Street; Wells Fargo.
*International analyst and consultant, former Director ECLAC Washington. Commentator on economic and financial issues for CNN en Español TV and radio, UNIVISION, TELEMUNDO and other media.
