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Bank Negara Malaysia
1.1
Background
• 1954, government appointed G.M. Watson of Bank of England & ir ydney !aine, "i#e!$an#ellor of %niversity Malaya to advise on t$e model of #entral anking.
• 1959, Bank Negara 'ana$ Melay( )as (p and r(nning
• in#e 1959, BNM $as een $elmed y * governors+
a- 'an ri W Wil#ok /an 1959 0 /(ly 192
- '(n 3smail Bin Mo$d li /(ly 192/(ly 1967-
#- 'an ri d(l 8i8 Bin 'a$a /(ly 1967 0 /(n 1965-
d- 'anri ato /affar Bin (ssein /(n 1965 0 May 1994-
e- 'an ri ato: $mad Bin Mo$d on May 1994 0 (g 1996-
f- 'an ri ato eri d(l assan Bin (laiman ept 1996 0 pril 2777-
g- 'an ri ato ri r ;eti k$tar 8i8 May 2777 !(rrent-
< '$e la) re=(ires t$e ann(al a##o(nt to e a(dited y (ditor General of Malaysia. report to e
p(lis$ed yearly efore end of Mar#$
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!entral Bank of Malaysia #t 2779 '$e !entral Bank of Malaysia #t 2779 '$e #t- #ame into for#e to)ards
t$e end of 2779. Wit$ t$is, t$e !entral Bank of Malaysia #t 1956 is
repealed and t$(s, #eases to apply. '$e #t )ill enale Bank Negara Malaysia to more effe#tively manage
emerging risks and #$allenges in performing its role and responsiilitiesas t$e nation:s #entral ank.
>rimary ?(n#tions of BNM
• 'o form(la and #ond(#t monetary poli#y in Malaysia• 'o iss(e #(rren#y in Malaysia
• 'o reg(late and s(pervise finan#ial instit(tions )$i#$ are s(@e#t to t$ela)s enfor#ed y t$e Bank
• 'o provide oversig$t over money and foreign eA#$ange markets
• 'o eAer#ise oversig$t over payment systems• 'o promote a so(nd, progressive and in#l(sive finan#ial system
• 'o $old and manage t$e foreign reserves of Malaysia
• 'o promote an eA#$ange rate regime #onsistent )it$ t$e f(ndamental oft$e e#onomy
• 'o a#t as finan#ial adviser, anker and finan#ial agent of t$e Government
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1.2 Banking tr(#t(re• Malaysian finan#ial system is str(#t(red into t)o ma@or #ategories+
i- ?inan#ial 3nstit(tion and
ii- ?inan#ial Market
• ?inan#ial instit(tions #omprise Banking ystem and Non Bank ?inan#ial
3ntermediaries
• ?inan#ial Market #omprises fo(r ma@or markets+
Money & foreign EA#$ange Market
!apital Market
erivatives Market &
ffs$ore market
(Refer to unit 1 page 17- The financial system structure inMalaysia)
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'$e ?inan#ial ystem tr(#t(re in Malaysia
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>rimary ?(n#tions of Bank Negara Malaysia (nit 1, pg *-
1. 'o form(late and #ond(#t monetary poli#y in Malaysia.
2. 'o iss(e #(rren#y in Malaysia.
C. 'o reg(late and s(pervise finan#ial instit(tions )$i#$ are s(@e#t to t$e la)s enfor#ed y t$eBank.
4. 'o provide oversig$t over money and foreign eA#$ange markets.
5. 'o eAer#ise oversig$t over payment systems.
. 'o promote a so(nd, progressive and in#l(sive finan#ial system.
*. 'o $old and manage t$e foreign reserves of Malaysia.
6. 'o promote an eA#$ange rate regime #onsistent )it$ t$e f(ndamentals of t$e e#onomy.
9. 'o a#t as finan#ial adviser, anker and finan#ial agent of t$e Government.
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Desson C 'an o#k Dim
?(n#tions of Bank Negara Malaysia
3ss(e #(rren#y and keep eno(g$ international reserves tomaintain t$e val(e.
Banker and finan#ial advisor to Government.
>romote monetary staility and finan#ial staility.
3nfl(en#e t$e #redit sit(ation+ Monetary poli#y instr(ments.
#t as lender of last resort+ >rovide emergen#y f(nding liket$ro(g$ t$e dis#o(nt )indo) to insolvent anks.
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3ss(e #(rren#y and keep eno(g$
international reserves to maintain t$e val(e.
spe#ifi# f(n#tion of BNM is to e t$e sole iss(ed of #(rren#y int$e #o(ntry, is $as eA#l(sive a(t$orisation to iss(e all legal tender#(rren#y for (se in t$e #o(ntry
3t also plays an important role in maintaining a s(ffi#ient amo(nt of
#(rren#y reserve in order to ens(re stailise for t$e MalaysianFinggit
BNM maintain gold & foreign reserves to a#k(p t$e val(e of#(rren#y.
BNM $olds t$e nation:s international reserve in t$e form gold,foreign reserve, reserve positioned )it$ 3M? and $olding of F
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Banker and finan#ial advisor to
Government.
'o advise government on finan#ial related matters
3t also advises t$e government on its loanprogramme as )ell as raising loans forgovernment and managing goverment p(li# det
')i#e a year, governor of BNM )ill o(tline t$eperforman#e and #$allenges of t$e e#onomy tot$e ?inan#e Ministry as )ell as makere#ommendation for a#tion
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>romote monetary staility and finan#ial
staility....#on:t
s t$e #o(ntry:s monetary a(t$ority, BNM is responsile
for maintainen#e of monetary staility and a so(nd
finan#ial str(#t(re
'$is means making approa#$es #$anges in monetary
poli#y to ens(re t$at inflation is kept lo) and t$e
p(r#$asing po)er of FM is not diminis$ed.
n important poli#y #onsideration is also to ens(re
finan#ial staility in#l(ding staility in t$e domesti#
money and foreign eA#$ange market
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>romote monetary staility and finan#ial staility.
!entral ank $as t$e aility to #ontrol t$e si8e of its alan#e s$eet. 3n ot$er )ords,it $as t$e aility to #ontrol t$e si8e of t$e assets as )ell as liailities t$at eAist in its
alan#e s$eet.
1. Open market operation
3t is t$e pro#ess of (ying and selling of government se#(rities y t$e #entral ank in orderto infl(en#e t$e money s(pply. '$e (ying and selling a#tivities of government se#(rities )illin#rease or de#rease t$e assets of t$e #entral ank.
. !oreign e"change inter#ention
3t is t$e transa#tion of (ying and selling of foreign #(rren#y reserves y t$e #entral ank.
$. %iscount loan
is#o(nt loan is t$e loan provided y t$e #entral ank to #ommer#ial anks.
&. 'ithdraal of deposits y depositors
3t is t$e de#ision made y depositors to )it$dra) t$eir money from t$e anks and t$is )illaffe#t t$e eA#ess reserves of t$e #ommer#ial anks.
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3nfl(en#e t$e #redit sit(ation+ Monetary
poli#y instr(ments.
BNM m(st ens(re t$at general money s(pplyand #redit vol(me are s(ffi#ient to meet t$edemand in t$e domesti# e#onomy )it$o(t
#reating (nder press(re on meas(res in t$ee#onomy
BNM reg(late t$e vol(me of money and t$e
generation of #redit y t$e #ommer#ial ankst$ro(g$ )ide range of monetary poli#yinstr(ments FF, M, is#o(nt loan......-
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#t as lender of last resort
BNM a#ts as last so(r#e of f(nds for !B & ot$eranking instit(tions )$ere t$ey en#o(nters$ortage of f(nds.
BNM eAtend its finan#ial assistan#e in varo(sforms+
is#o(nt of ills s(#$ as 'HB, government
se#(ritiesire#t loan
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Desson C 'an o#k Dim
!ommer#ial Banks
Moili8ing s(rpl(s f(nds in t$e e#onomy.
ffering transa#tion a##o(nts like savings a##o(nt, #(rrent
a##o(nt and fiAed deposit.
ffering payment system+ Do#al and overseas e.g 'M and ''.
ffering loans and finan#ing for e#onomi# gro)t$.
Mis#ellaneo(s finan#ial servi#es+ !redit #ard, ins(ran#e andm(t(al f(nds.
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Desson C'an o#k Dim
3nvestment Banks
%nder)riting+ 3nitial >(li# ffering I3>J.
dvisory+ Merger & a#=(isition.
?(nd management.
?inan#ial innovation+ ffering str(#t(red prod(#tsand #all )arrants.
?(nd raising.
e#(rities trading.
Wealt$ managementH >rivate Banking. eposits+ W$ole sale (siness.
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Desson C 'an o#k Dim
3slami# Banking
ame as #onventional #ommer#ial and investmentanking eA#ept ased on yaria$ prin#iples of m(t(alrisk and profit s$aring et)een parties, t$e ass(ran#eof fairness for all parties involved and transa#tions
dedi#ated to assets or (nderlying (siness a#tivities.
#tivities s(#$ as gamling (masir), spe#(lation(gharar) and t$ose t$at involve interest (riba) are not
alloed.
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Desson C 'an o#k Dim
Non Bank ?inan#ial 3ntermediaries
1. >rovident and pension f(nds
'$e main aim of provident or pension f(nd is to provide enefits to its
memers )$en t$ey retire from t$eir eAisting employment.
imilar to ot$er finan#ial instit(tions, provident and pension f(nds also$ave t$eir o)n so(r#es and (ses of f(nds.
o)ever, sin#e t$ey do not a##ept deposits and give o(t loans, t$eyare not #ategorised as anking finan#ial instit(tions.
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Desson C 'an o#k Dim
Non Bank ?inan#ial 3ntermediaries
2.3ns(ran#e #ompanies
3ns(ran#e #ompanies are also nonank finan#ial instit(tions.
Nevert$eless, t$ey do play a signifi#ant role in t$e Malaysian
finan#ial system.
'$ey perform t$e role of intermediaries t$at link t$e defi#it (nits )it$
t$e s(rpl(s (nits t$ro(g$ t$eir investment a#tivities.
'$eir main so(r#es of f(nds in#l(de premi(ms paid y
poli#y$olders.
'$ese premi(ms are t$en (sed for t$e p(rpose of investment in
sele#ted instr(ments in order to generate in#ome.
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Desson C 'an o#k Dim
Non Bank ?inan#ial 3ntermediaries
C. evelopment ?inan#ial 3nstit(tions ?3s-
Malaysian evelopment ?inan#ial 3nstit(tions ?3s- are spe#ialised
finan#ial instit(tions estalis$ed y t$e Government )it$ t$e spe#ifi#
mandate to develop and promote key se#tors t$at are #onsidered strategi#
to t$e overall so#ioe#onomi# development o@e#tives of Malaysia.
'$e fo#(sed se#tors in#l(de agri#(lt(re, small and medi(m enterprises
MEs-, infrastr(#t(re, maritime, eAportoriented se#tor and also
#apitalintensive and $ig$te#$nology ind(stries.
?3s provide a range of spe#ialised finan#ial prod(#ts and servi#estoget$er )it$ #ons(ltation and advisory servi#es to s(it t$e spe#ifi# needs
of t$e targeted se#tors for t$e p(rpose of long term e#onomi# development.
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!eature of Banking *ssets *nd +iailities
Dists of main #riterion anks )ill e emp$asi8ing efore
granting long term loan to t$eir #lients+
< !apital ade=(a#y and t$e role of #apital FW!F K !apitalH'otal risk
)eig$ted assets A 177L-
• ssets and liaility management 0 o) m(#$ to lend to makea profit
• 3nterest rate risk 0 indi#ate $o) #$anges in interest ratesaffe#t profitaility
• Di=(idity proportion of o(tstanding loans to total assets
if 7*7L of total assets are loaned o(t, t$e ankis #onsidered to e $ig$ly illi=(id
• sset =(ality 0 W$at is t$e defa(lt risk of t$e loan ook
• >rofitaility 0 earnings and reven(e gro)t$.
(Refer to unit 1, page 17 !eature of anking assets and liailities)
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1.C '$e Feg(latory ?rame)ork of t$e Malaysian
Banking 3nd(stry
Regulatory Bodies in Malaysians Banking /ndustry• !entral Bank of Malaysia #t 2779
• ?inan#ial ervi#e #t 271C
• 3slami# ?inan#ial ervi#es #t 271C
• evelopment ?inan#ial 3nstit(tions #t 2772
• nti Money Da(ndering & nti 'errorism ?inan#ing #t 2771
• Money !$anging #t 1996
(Refer to unit 1, page $0-$ pieces of legislation to regulate and
super#ise the financial system)
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?inan#ial ervi#e #t 271C
'$e ?inan#ial ervi#es #t 2712 ?- #ame into operation on
C7 /(ne 271C.
'$e ?, )$i#$ $as t$e aim of promoting finan#ial staility, is aneAtensive legislation )$i#$ #onsolidates t$e vario(s legislationspertaining to anking, investment anking, ins(ran#e andpayment systems (sinesses and t$e oversig$t of t$e money
market and foreign eA#$ange administration in Malaysia.
'$(s, t$e Banking and ?inan#ial 3nstit(tions #t 1969, t$e3ns(ran#e #t 199, t$e EA#$ange !ontrol #t 195C and t$e>ayment ystems #t 277C are all repealed y t$e ? alt$o(g$li#en#es )$i#$ )ere iss(ed and approvals )$i#$ )ere granted(nder t$e repealed legislations are deemed to $ave een iss(ed(nder t$e ? and #ontin(e to apply.
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1.$ Regulatory !rameork of the Malaysian
Banking /ndustry
/(stifi#ation for reg(lating t$e finan#ial system+
'o ens(re finan#ial staility and maintain market parti#ipants: #onfiden#e in t$e finan#ial market
'o ens(re t$at anks, investment firms and ins(ran#e #ompanies#omply )it$ appli#ale r(les and maintain ade=(ate #ontrol of t$eir(siness and risk.
'o prote#t #ons(mer & ot$er (sers in finan#ial servi#e s(#$ as
ank depositors, ins(ran#e poli#y $olders, investors on se#(rities
market.
'o prote#t anking #onfidentiality
'o avoid mis(se of anks eing (sed for #riminal p(rpose eg.
la(ndering t$e pro#eeds of #rime
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3nstr(ments & Fe=(irements of Bank Feg(lation
• !apital re=(irement min re=(irement of 6Lrisk #apital )eig$ted ratio-
• Feserve re=(irement Di=(idity reserve ratio-
•!orporate governan#e a set of pro#ess, poli#ies, la) affe#ting t$e )ay a#orporation is administeredHdire#tedH#ontrolled stake$olders-
• ?inan#ial reporting and dis#los(re re=(irements
•!redit rating re=(irement !redit rating agen#y FM, MF!- to dis#lose toinvestors H prospe#tive investors-
• Darge eApos(res restri#tions single #(stomer limit not more t$an 5L of ank:s
total #apital
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Feg(latory Body of e#(rities 3nd(stry
'$e se#(rities ind(stry in Malaysia is governed y+
1. e#(rities 3nd(stry #t 196C.
2. e#(rities 3nd(stry !entral epository- #t 1991.
C. e#(rities !ommission #t 199C.
4. !ompanies #t 195.
5. e#(rities 3nd(stry !entral epositories- ?oreign )ners$ip- Feg(lations199.
. e#(rities 3nd(stry Feporting of (stantial $are$olding- Feg(lations1996.
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!larifi#ation of ome Basi# 'erms Basel 3 & 33
>illar 1+ '$e r(les t$at define t$e minim(m ratio of #apital to risk )eig$ted assets.
>illar 2+ '$e s(pervisory revie) pillar, )$i#$ re=(ires s(pervisors to (ndertake a =(alitative
revie) of t$eir ankOs #apital allo#ation te#$ni=(es and #omplian#e )it$ relevant standards.
>illar C+ '$e dis#los(re re=(irements, )$i#$ fa#ilitate market dis#ipline.
3nternal Fatings+ '$e res(lt of a ankOs o)n meas(re of risk in its #redit portfolio.
EAternal !redit assessments+ Fatings iss(ed y private or p(li# se#tor agen#ies.
!onsolidation+ '$e meas(rement of a ankOs risk on a gro(p)ide asis.
perational Fisk+ '$e risk of dire#t or indire#t loss res(lting from inade=(ate or failed
internal pro#esses, people and systems, or from eAternal events.
!redit Fisk+ '$e risk of loss arising from defa(lt y a #reditor or #o(nterparty.
Market Fisk+ '$e risk of losses in trading positions )$en pri#es move adversely.
!redit Fisk Mitigation+ range of te#$ni=(es )$erey a ank #an partially prote#t itself
against #o(nterparty defa(lt for e
sset e#(ritisation+ '$e pa#kaging of assets or oligations into se#(rities for sale to t$ird
parties.
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E?3N3'3N of :1966 Basel ##ord:
set of agreements set y t$e Basel !ommittee on Bank
(pervision B!B-, )$i#$ provides re#ommendations on
anking reg(lations in regards to #apital risk, market risk
and operational risk.
'$e p(rpose of t$e a##ords is to ens(re t$at finan#ial
instit(tions $ave eno(g$ #apital on a##o(nt to meet
oligations and asor (neApe#ted losses.
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Basel 1Basel /, that is, the 12 Basel *ccord, is primarily focused on credit risk and appropriate risk-
eighting of assets. *ssets of anks ere classified and grouped in fi#e categories according to
credit risk, carrying risk eights of 3-
45 (for e"ample cash, ullion, home country det like Treasuries),
45 (securitisations such as mortgage-acked securities (MB6) ith the highest *** rating),
45 (municipal re#enue onds, residential mortgages),
1445 (for e"ample, most corporate det), and some assets gi#en 8o rating.
Banks ith an international presence are re9uired to hold capital e9ual to 5 of theirrisk- eighted assets (R'*).
The tier 1 capital ratio : tier 1 capital ; all R'*
The total capital ratio : (tier 1 < tier < tier $ capital) ; all R'*
+e#erage ratio : total capital;a#erage total assets
Banks are also re9uired to report off-alance-sheet items such as letters of credit, unused
commitments, and deri#ati#es. These all factor into the risk eighted assets.
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'ier 1 !apital vs 'ier !apital
'ier 1 !apital
'ier 1 #apital #onsists of s$are$olders: e=(ity and retained earnings. 'ier 1#apital is intended to meas(re a ank:s finan#ial $ealt$ and is (sed )$en aank m(st asor losses )it$o(t #easing (siness operations. %nder Basel333, t$e minim(m tier 1 #apital ratio is L, )$i#$ is #al#(lated y dividing t$eank:s tier 1 #apital y its total riskased assets.
'ier 2 !apital
'ier 2 #apital in#l(des reval(ation reserves, $yrid #apital instr(ments and
s(ordinated term det, general loanloss reserves, and (ndis#losedreserves. 'ier 2 #apital is s(pplementary #apital e#a(se it is less relialet$an tier 1 #apital. 3n 2715, (nder Basel 333, t$e minim(m total #apital ratio is6L, )$i#$ indi#ates t$e minim(m tier 2 #apital ratio is 2L, as opposed toL for t$e tier 1 #apital ratio.
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Basel 3 & 33
The first Basel Accord, known as Basel I, )as iss(ed in 1966 and fo#(ses
on t$e #apital ade=(a#y of finan#ial instit(tions. '$e #apital ade=(a#y risk, t$e
risk t$at a finan#ial instit(tion )ill e $(rt y an (neApe#ted loss-, #ategori8es
t$e assets of finan#ial instit(tion into five risk #ategories 7L, 17L, 27L, 57L,
177L-. Banks t$at operate internationally are re=(ired to $ave a risk )eig$t of
6L or less.
The second Basel Accord, known as Basel II, is to e f(lly implemented y
2715. 3t fo#(ses on t$ree main areas, in#l(ding minim(m #apital re=(irements,
s(pervisory revie) and market dis#ipline, )$i#$ are kno)n as t$e t$ree pillars.
'$e fo#(s of t$is a##ord is to strengt$en international anking re=(irements as
)ell as to s(pervise and enfor#e t$ese re=(irements.
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ifferen#e et)een Basel 1 & 33
'$e main differen#e is t$at t$e Basel 3 a##ord
mainly fo#(sed on capital requirements for anks.
'$e Basel 33 adds supervision and marketdiscipline to t$ese #apital re=(irement t$ro(g$
t$e '$ree >illar #on#ept. '$e first pillar is ao(t #apital re=(irement.
'$e se#ond pillar is ao(t reg(lation and
s(pervision.
'$e t$ird pillar des#ries market dis#ipline.
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Basel 33 %nit 2, page 26KC7-....#on:t Basel 33 go eyond Basel 3 minim(m #apital re=(irements, allo)ing leaders to (se internal
models to as#ertain reg(latory #apital, )$ile seeking to ens(re t$at anks amend and improve
risk management #(lt(re from t$e ottom (p.
strong risk management #(lt(re goes $and in $and )it$ aligning anksO #apital re=(irements
)it$ prevailing modern risk management pra#ti#es and )it$ ens(ring t$at t$e fo#(s on risk is
elevated to super#isory le#els and market discipline t$ro(g$ en$an#ed risk and #apital
related dis#los(res.
3n /(ne 2774, t$e Bank for 3nternational ettlements B3- finalised t$e Basel 33 !apital ##ord
Basel 33- follo)ing more t$an five years of ind(stry and reg(latory #ons(ltation.
key o@e#tive of Basel 33 is to revise t$e r(les of t$e 1966 Basel !apital ##ord in s(#$ a )ayas to align anksO reg(latory #apital more #losely )it$ risks.
Basel 33 is to etter align reg(latory #apital meas(res )it$ t$e in$erent risk profile of a ank
#onsidering #redit, market, operational and ot$er risks.
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Basel 33 %nit 2, page 26KC7-
'$e Basel 33 frame)ork #onsists of t$ree pillars,i.e.,
>illar 3+ minim(m #apital re=(irements,
>illar 33+ s(pervisory revie) and>illar 333+ market dis#ipline
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'$e Basel 33 ?rame)orkThe key differences etween the 1988 capital Accord and
Basel II are summarised
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'$e Basel 33 ?rame)ork
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?irst >illar
'$e first pillar deals )it$ maintenan#e of
reg(latory #apital #al#(lated for t$ree ma@or
#omponents of risk t$at a ank fa#es+
#redit risk,
operational risk and
market risk.
t$er risks are not #onsidered f(lly =(antifiale at
t$is stage.
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e#ond >illar
'$e se#ond pillar deals )it$ t$e reg(latory response tot$e first pillar, giving reg(lators m(#$ improved PtoolsQover t$ose availale to t$em (nder Basel 3.
3t also provides a frame)ork for dealing )it$ all t$e ot$errisks a ank may fa#e, s(#$ as systemi# risk, pensionrisk, #on#entration risk, strategi# risk, rep(tation risk,li=(idity risk and legal risk, )$i#$ t$e a##ord #omines(nder t$e title of resid(al risk.
3t gives anks a po)er to revie) t$eir risk managementsystem.
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'$ird >illar
'$e t$ird pillar deals )it$ transparen#y and
t$e oligation of anks to dis#lose
meaningf(l information to all stake$olders.
!lients and s$are$olders s$o(ld $ave as(ffi#ient (nderstanding of t$e a#tivities of
anks, and t$e )ay t$ey manage t$eir risks.
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Basel 33 %nit 2, page 26KC7-....#on:t
Malaysian anks )ill need e #ompliant )it$ t$e $ig$est
level of Basel 33 anking risk management to keep (p )it$
gloal developments e#a(se Basel 33 is an (pgrade
of t$e previo(s gloal anking risk management a##ord
Basel 3 t$at fo#(sed on #redit risk and s(se=(ently
market risk.
%nder Basel 33, t$e risk #apital #$arge $as een eAtended
to #over all risks in#l(ding Poperational riskQ t$(s, making it
sort of a Pne#essityQ to e )it$in t$e gloal playgro(nd
arena.
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Basel 33 %nit 2, page 26KC7-....#on:t
'$e enefits of Basel 33 #annot e a#$ieved )it$ @(st a stri#t reg(latory
#omplian#e approa#$.
W$ile Basel 33 serves as a po)erf(l #atalyst to reposition t$e role of, and
t$e attention to risk management in anking instit(tions, signifi#ant efforts
need to e dire#ted at strengt$ening t$e finan#ial str(#t(re, #orporategovernan#e, risk management and data #apailities )it$in t$e ankinginstit(tions.
'$e approa#$ adopted y Bank Negara Malaysia $as een for t$ese effortsto #omplement and reinfor#e t$e positive o(t#omes of Basel 33.
'$ese are important pre#onditions for, and not a(tomati# o(t#omes from t$eadoption of Basel 33.
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Basel 33 %nit 2, page 26KC7-....#on:t
ne of t$e most important #onse=(en#es of Basel
33 lies in t$e effe#t t$at it )ill $ave in s$arpening
t$e fo#(s on #orporate governan#e in ankinginstit(tions.
W$ile t$ere $as een #onsiderale attention fo#(sed on
t$e =(antitative impli#ations and operational aspe#ts oft$e Basel 33 frame)ork, t$ere $as een less attentiongiven to t$e #orporate governan#e dimensionsasso#iated )it$ its implementation.
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