G20 watchdog to review lessons from recent bank rescues
LONDON (Reuters) - The G20's Financial Stability Board said on Tuesday its members would review the lessons from recent actions by authorities in Switzerland, the United States and elsewhere to rescue ailing banks.
Markets have been roiled by the collapse of U.S. technology lender Silicon Valley Bank followed by the failures of other U.S. regional lenders and the emergency rescue of Swiss lender Credit Suisse by rival UBS.
The Financial Stability Board (FSB) coordinates financial rulemaking among Group of 20 Economies and is chaired by the head of the Dutch central bank Klaas Knot.
"Members agreed to review the lessons to be learned from the recent actions by authorities to resolve financial institutions," the FSB said in a statement published after a virtual meeting of members held on Tuesday.
"FSB members remain vigilant and stand ready to take policy measures to maintain the resilience of the global financial system," the statement added.
Recent events had highlighted the importance of the G20's financial reforms after the 2008 global financial crisis to improve financial institutions' resilience, the statement added.
"The events have also underlined the importance of ongoing work by national authorities to complete the implementation of the agreed reforms in a full, timely and consistent manner," the FSB added.
(Reporting by Iain Withers; Editing by Angus MacSwan, Alexandra Hudson)