>> See the WSBI Intitutional Positions for G20 decision makers (.pdf)
BRUSSELS, 18 July 2016 – In the recently released WSBI position paper to G20 decision makers, it welcomes the G20 Chinese Presidency objective of more effective and efficient global economic and financial governance and that the G20 should continue to play a role to keep the momentum of reform.
As regards continuing financial sector reform, WSBI agrees on the overall principle that the G20 needs to continue these reforms in order to implement standards already agreed upon and to further the work on setting standards. In this respect it does, however, have a number of concerns that it would like to highlight as summarised below:
WSBI acknowledges that global developments regarding green finance and the fight against climate change have an impact on the local banking model of its members, and has even developed guidance in this respect. WSBI members are thus active and work towards identifying ways of adapting themselves and contributing to global, regional and national debates in the numerous issues that the subject of green finance and fight against climate change encompass: integration of environmental risks as systemic risks for banks and their stability, non-financial disclosure, green bonds, climate stress tests, energy efficiency, etc.
WSBI members support the on-going worldwide initiatives to address tax avoidance and evasion. We believe that it is imperative to have one system for multilateral automatic exchange of information (AEOI). WSBI therefore calls for the different institutions involved to consider the enormous reporting requirements placed on individual institutions and to coordinate the request for information so as to ensure global standardisation.