Banking supervision at the heart of discussions of CPLP central banks

17 September 2013

Boosting banking supervision was the main issue discussed by the central banks of the Community of Portuguese-Speaking Countries (CPLP), at the three-day meeting that ended Saturday in Benguela, Angola, Angolan news agency Angop reported.

During the meeting, the deputy governor of the National Bank of Angola (BNA), António André Lopes, said that the international financial crisis had forced a review of how supervision is approached, and it had now taken a central and essential role in the activity of central banks.

Lopes also noted that the 2008 financial crisis had bankrupted a number of financial institutions, “in economically robust and structurally solid countries.”

In terms of development in the world economy, Lopes said that the less optimistic projections were being confirmed as the European and North American economies had been able to return to the levels of growth seen before the financial and sovereign debt crises.

The deputy governor of the Angolan central bank added that some central banks had taken unconventional monetary policy measures, which gave clear signals to the market of their willingness to intervene in order to reduce the risks of liquidity crises.

“As well as reviewing the standards of prudence of governance models and internal controls of financial institutions, and the role of external auditors, we are now dealing with the concept of consolidated supervision,” he said.

The meeting, which was not attended by representatives of Brazil and Timor-Leste (East Timor), had representatives from the central banks of Portugal, Guinea Bissau, Mozambique, Cape Verde, Sao Tome and Principe and Angola. (macauhub)