Italy’s Draghi on new Sifi guidelines
Mario Draghi, the governor of the Bank of Italy, on Saturday said the Financial Stability Board's guidelines on prudential measures for systemically important financial institutions, or Sifis, were set to be published by the middle of 2011.
At an event in Verona, Italy, Draghi said: "By the middle of this year we plan to have established the parameters for identifying global Sifis, to which to start applying more rigorous prudential rules."
Draghi said the criteria would not only include the size of intermediaries but also the extent to which they are interconnected with others and their importance in specific segments of the financial market. He said the measures, which include higher ordinary capital ratios and the use of bail-ins and contingent capital, would also require national authorities to apply a balanced approach when applying discretion to the rules.
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