Wednesday, June 1, 2011

Marriner S. Eccles Building
Federal Reserve Board
20th and C Streets, N.W.
Washington, D.C.

9:15 -9:45

Registration and Light Breakfast

9:45 – 9:55

Welcoming Remarks and Administrative Announcements

Sarkis Yoghourtdjian, Assistant Director, Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System

9:55 – 10:05

Opening Remarks

Patrick Parkinson, Director, Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System

10:05 –10:15

Inaugural Address

Ben Bernanke, Chairman, Board of Governors of the Federal Reserve System

10:15– 10:30

Coffee Break

10:30– 11:00

Keynote Address
Riad Toufic Salamé, Governor, Central Bank of Lebanon

11:00 –12:30

Session 1: Addressing “Too Big to Fail”—Restricting Size, Scope, and Corporate Structure?

Several novel approaches have been suggested to reduce the probability of failure of institutions perceived as “Too Big To Fail”; e.g., by restricting the activities they can undertake. This session will examine the outcome of these proposals and the challenges that their application and their wider acceptance could pose.

Session Chair:   Maryann F. Hunter, Deputy Director, Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System

Speakers:          Ron Feldman, Senior Vice President, Federal Reserve Bank of Minneapolis

Thomas Huertas, Member of the Executive Committee, U.K. Financial Services Authority

Morris Goldstein, Senior Fellow, Peterson Institute for International Economics

The Wrong Way To Break Up Banks, Ron Feldman 
From Bail-out to Bail-in,Thomas F.Huertas

12:45 – 2:30

Luncheon

Hosted by the Board of Governors of the Federal Reserve System; Terrace Level—Dining Room E

Keynote Speaker: J. Nellie Liang, Director, Office of Financial Stability, Policy and Research, Board of Governors of the Federal Reserve System

2:30 – 4:00

Session 2: Improving supervisory intensity and effectiveness in dealing with SIFIs

While discussions are still ongoing on the regulatory approaches for dealing with SIFIs through higher prudential requirements, there is a broad consensus that their supervision needs to be made more effective. This session will discuss the approaches that are being contemplated for banks and non-banks and what is needed to make them successful.

Session Chair:   Jonathan Fiechter, Deputy Director, Monetary and Capital Markets Department, International Monetary Fund

Speakers:          Nor Shamsiah, Deputy Governor, Bank Negara Malaysia

Krirk Vanikkul, Deputy Governor, Bank of Thailand

Aerdt Houben, Director Financial Stability Division, De   Nederlandsche Bank, Chair of the FSB Working Group on Data Gaps

Improving supervisory intensity and effectiveness in dealing with SIFIs, Nor Shamsiah Yunus 
Improving Supervisory Intensity and Effectiveness in Dealing with SIFIs, Mr. Krirk Vanikkul
SIFIs and data gaps: seeing the forest and the trees, Aerdt Houben

4:00 – 4:15

Coffee Break

4:15 – 5:45

Session 3: Policing the Perimeter—Monitoring Risks in the Shadow Banking System

Much of the regulatory response has been targeted at banks and there is concern that risks could be pushed further into the less-regulated shadow banking system. This session will discuss how this segment could be drawn in to the regulatory perimeter and the risks monitored.

Session Chair:   Aditya Narain, Division Chief, Monetary and Capital Markets Department, International Monetary Fund

Speakers:         Atsushi Miyanoya, Director-General, Financial System and Bank Examination Department, Bank of Japan

Tobias Adrian, Vice President, Federal Reserve Bank of New York

Liao Min, Director General, Shanghai Office, China Banking Regulatory Commission

Shadow Banking - Japan’s experiences and the BoJ’s approaches, Atsushi Miyanoya 
Monitoring Risks in the Shadow Banking System, Tobias Adrian, FRBNY 
Shadow Banking Activities and Its Supervision in China, Liao Min

5:45 – 6:15

Group Photograph
June Seminar Official Photograph 2011

6:15 – 7:15

Reception
Hosted by the Board of Governors of the Federal Reserve System, Eccles Building Atrium

Thursday, June 2, 2011

Venue: The International Monetary Fund
Headquarters 1 Building, Meeting Halls A and B 700 - 19th Street, N.W.Washington, D.C. 20431

8:30 – 9:00

Check-in and Light Breakfast

9:00 – 9:30

Opening Remarks
Speaker: José Viñals, Director and Financial Counselor, Monetary and Capital 
              Markets Department, International Monetary Fund
              Opening Remarks, José Viñals 

9:30 – 11:00

Session 4: Different strokes for different folks - experience and expectations from macroprudential policy responses
Consensus is evolving on what the macroprudential policy framework should entail. Meanwhile, some national and regional authorities have set up arrangements to provide a coherent macroprudential response. This session will share experiences on how these arrangements are functioning and the challenges and opportunities that they present

Session Chair: Jan W. Brockmeijer, Deputy Director, Monetary and Capital
                      Markets Department, International Monetary Fund

Speakers: Anand Sinha, Deputy Governor, Reserve Bank of India

                Mauro Grande, European Central Bank, Director General,
                Directorate for General Financial Stability
                Caio Fonseca Ferreira, Senior Advisor to the Executive Board,
                Central Bank of Brazil

Presentations:

Macroprudential Policies‐ Indian Experience, Anand Sinha 
Macro-prudential supervision in the European Union, Mauro Grande
Brazilian Experience with Macroprudential Policy, Caio Fonseca Ferreira  

11:00– 11:15

Coffee Break

11:15– 12:45

Session 5: Preparing for the 1,000 year floods—new instruments and new roles

The crisis has reemphasized or redefined several roles, including

that of bank management and their creditors, in how they should contribute to the preparations for distress, and the instruments that can aid in this. This session will discuss the plans for, and experience in, instruments such as contingent capital, bail-ins and living wills.

Session Chair: Robert Sheehy, Deputy Director, Monetary and Capital
                      Markets  Department, International Monetary Fund

Speakers:Thomas J. Jordan, Vice Chairman of the Governing Board, Swiss
               National Bank

               Paul Wright, Senior Director, Institute of International Finance

               Mark van der Weide, Senior Associate Director, Board of  
               Governors  of the Federal Reserve System

Presentations:
Preparing for the 1000 year floods – the Swiss approach to the TBTF problem,Thomas J. Jordan
Preparing For The 1000 Year Floods, Paul Wright

12:45 - 2:15

Luncheon (by invitation only)

Hosted by the International Monetary Fund Headquarters 1 Building, Gallery, Second Floor 700 - 19^th Street, N.W.

Washington, D.C. 20431

Keynote Address

John Lipsky, Acting Managing Director, International Monetary Fund

2:15 – 3:45

Session 6: Resolving the big bangs—cooperation and coordination before and after things go wrong

The crisis has proven the need for coordination and cooperation among supervisory authorities, especially for effective resolution of large cross-border financial groups. This session will discuss the various dimensions of interaction among relevant authorities during early intervention and resolution of financial institutions.

Session Chair: Barend Jansen, Assistant General Counsel, Legal   
                      Department,  International Monetary Fund

Speakers: Eva Hüpkes, Advisor, Financial Stability Board
                Louis Kasekende, Deputy Governor, Bank of Uganda
                Jack P. Jennings, Senior Associate Director, Board of Governors   
                of  the Federal Reserve System
                Antonio Pancorbo de Rato, Senior Advisor, Directorate General of  
                Regulation, Bank of Spain

Presentations:
Resolving SIFIs – cooperation and coordination before and after things go wrong, Remarks by Eva Hüpkes 
Resolving the big bangs – cooperation and coordination before and after things go wrong, Dr Louis Kasekende 
Recovery and Resolution Planning Progress& Resolution Work I,Jack Jennings

3:45 – 4:00

Coffee Break

4:00 – 5:00

Session 7: Breakout Groups

Participants will choose from among these topics to discuss the challenges in their countries and to share experiences.

A. Where should macroprudential responsibilities be located?

This group will discuss the emerging national arrangements for determining and implementing macroprudential policy responses and the role of financial stability committees.

Moderator: Michael Moore, Deputy Division Chief, Monetary and Capital 
                Market Department, International Monetary Fund

B.How to better define the roles and responsibilities of supervisors and resolution authorities?

This group will discuss current and proposed arrangements for bank recovery and resolution as well as the need for coordination between supervisory and resolution authorities.

Moderator: Jack P. Jennings, Senior Associate Director, Board of Governors of
                 the Federal Reserve System

C. Pillars II and III under Basel III—Are they still important?

This group will discuss how these pillars adapt to remain meaningful and to provide a friction free interface with Basel III.

Moderator: Damodaran Krishnamurti, Senior Financial Sector Specialist,
                Financial Systems Department, The World Bank

5:00 – 6:00

Session 8: Reports from Breakout Groups and General Discussion

Session Chairs: Jonathan Fiechter, Deputy Director, Monetary and Capital 
                        Markets Department, International Monetary Fund

                        David Scott, Program Manager, Financial and Private Sector
                        Development, The World Bank 

6:30 – 8:00

Dinner (by invitation only)

Hosted by Ms. Sri Mulyani Indrawati, Managing Director, The World Bank Group, former Indonesian Finance Minister

The World Bank, 12^th Floor Gallery

Friday, June 3, 2011

Venue: World Bank

Main Complex Building, Executive Board Room Room MC13-121

1818 H Street, N.W. (corner of 18^th and H Streets) Washington, D.C.

9:00 – 9:30

Keynote Address:

Martin J. Gruenberg, Vice Chairman, Federal Deposit Insurance Corporation, Chairman of the Executive Council and President of the International Association of Deposit Insurers (IADI)

9:30 – 11:15

Session 9: Continuing Reforms in the Aftermath of the Crisis

While significant progress has been made in a number of areas, the international community recognizes that some outstanding issues need to be tackled in order to provide a strong base for sustainable development.

Session Chair: Consolate Rusagara, Director, Financial Systems Department,
                      The World Bank

Speakers: Access to Financial Services - The Role of Regulators: Carlos
               Herrera Serrano, Executive Vice-President for Regulatory Policy, 
               Mexican Banking and Securities Commission

               Improving Consumer Protection: Susan Rutledge, Coordinator,  
               Consumer Protection and Financial Literacy Program, World Bank

               Technology, Regulation, and Access to Finance: Michael Klein,
               Professor, Frankfurt School of Finance and Management and Senior
               Visiting Professor, Johns Hopkins University

               Access to Finance – Country Experience: Hala Helmy El-Said,
               Executive Director, Egyptian Banking Institute

Presentations:

Access to Finance -The Egyptian Experience, Hala El Said  

11:15 - 11:30

Coffee Break

11:30 – 1:00

Session 10: Sovereign Risks—Dealing with the New Reality?

Risk-free exposure to sovereigns has formed the basis for many regulatory prescriptions. Now, some sovereign balance sheets under strain have themselves become sources of risk for banks and other market participants. How should this conundrum be approached by national supervisors?

Session Chair: Christopher Towe, Deputy Director, Monetary and Capital
                      Markets Department, International Monetary Fund

Speakers: Manuel Marfán, Deputy Governor, Central Bank of Chile
                Gamal Negm, Sub-Governor Banking Supervision, Central Bank of
                Egypt

                Jayan Dhru, Managing Director, Global Financial Institutions Group,
                Standard and Poor’s

Risk Free Exposures to Sovereigns, Mr. Gamal Negm