Translation of "Systemically important financial institution" in German

The first sign of trouble came after the collapse of Lehman Brothers in September 2008, when the European Union’s finance ministers decided, at an emergency meeting in Paris that October, to provide a virtual guarantee that no other systemically important financial institution would be allowed to default.

The consequences of the lack of a common treasury first became apparent after the bankruptcy of Lehman Brothers in 2008, when governments, in order to prevent financial markets from collapsing, had to guarantee that no other systemically important financial institution would be allowed to fail.

Policymakers responded to the collapse of Lehman Brothers by announcing that no other systemically important financial institution would be allowed to fail, which required substituting state credit for frozen markets.

The FINMA resolution plan outlines how a systemically important financial institution can be restructured and exit the market in an orderly fashion.

The main aim here is to protect taxpayers from losses that could occur if a global systemically important financial institution were to become insolvent.

We need to intensify our work towards effective global convergence policies on crisis management and systemically important financial institutions.

All systemically important financial institutions in the euro area are now overseen by the ECB’s joint supervisory teams and the national supervisory authorities.

I would like to stress that we are not making this proposal because we have doubts about the regularity of the EIB's activity but because, in our view, as a general rule, as the G20's London Declaration clearly stated two years ago, 'all systemically important financial institutions, markets, and instruments should be subject to an appropriate degree of regulation and oversight'.

We welcome the endorsement of the Basel III reform and the fact that the G20 will continue to work on systemically important financial institutions.

That, in turn, requires the sharing of obligations – for example, through common deposit insurance or an emergency backstop for systemically important financial institutions.

On the other hand, systemically important financial institutions and other counterparties with large OTC derivative portfolios trading with each other should apply the concentration limits at least to initial margin including with respect to eligible collateral comprising Member States' sovereign debt securities.

Given the information that statutory auditors and audit firms of systemically important financial institutions have access to, their experience could help the ESRB in its work.

The Revision will cover leverage ratio, dynamic provisioning, liquidity, procyclicality/buffers, definition of capital, systemically important financial institutions and counterparty credit risks.

We hope that the Commission would therefore consider the agreement by the Basel Committee that systemically important financial institutions should have loss absorbing capacity beyond the minimum standards.

In the next six months, the G20 is scheduled to agree on the broad contours of a new global financial architecture for systemically important financial institutions, measures for crisis management and for a stronger capital framework.

The report of the IMF, the BIS and the FSB, of 28 October 2009, presented to the G-20 Finance Ministers and Central Bank Governors, entitled ‘Guidance to Assess the Systemic Importance of Financial Institutions, Markets and Instruments: Initial Considerations’ also states that the assessment of systemic risk is likely to vary depending on the economic environment.

Progress is needed on achieving internationally consistent frameworks for all systemically important financial institutions, on identifying and publically listing non-cooperative jurisdictions, on the convergence of accounting standards, on strengthening the regulation of the shadow banking system, on combating the existence of tax havens and on reducing overreliance on credit ratings.

Systemically important financial institutions: The Commission is consulting on appropriate measures to deal with the risk posed by such institutions.

And further work is needed to agree ambitious measures on Systemically Important Financial Institutions, shadow banking, and paving the way towards a single set of high quality globally accepted accounting standards.

They took note of proposals put forward by the United States administration with regard to systemically important financial institutions, and of ongoing work within the Council on this issue.

The leaders of the G20 called on the IMF and FSB ( Financial Stability Board ) to produce guidelines on how national authorities can assess the systemic importance of financial institutions , markets , or instruments .

The G7 process supports the G20's declared objective that all systemically important financial institutions, markets and instruments should be subject to an appropriate degree of regulation and oversight.

The failure of systemically important financial institutions can have serious repercussions for national economies as key financial services would no longer be available.

FINMA plays an active role in discussions with international bodies on the recovery and resolution of global, systemically important financial institutions and influences their outcome as far as possible.

At international level, the Basel Committee on Banking Supervision and the Financial Stability Board (FSB) have defined globally systemically important financial institutions - a category to which both the Swiss big banks currently belong - which will in future have to meet additional capital requirements over and above the minimum standards established by Basel III.