The IMF called on Thursday for a rapid assessment of the amount of bank losses related to the US housing crisis to help end the global credit squeeze.
"I want to stress in particular that early and focused action to solving valuation problems is critical in moving forward to solve this crisis," IMF spokesman Masood Ahmed said.
The IMF welcomed Wed-nesday's massive coordinated action by five central banks to pump liquidity into the global banking system because it gave "an important signal to markets that these banks are working together to address the international nature of the problem," he told reporters.
Ahmed recalled that the IMF had been saying for some time that the provision of liquidity to ensure the smooth functioning of financial markets is a "high priority."
"With continuing concerns about the extent of credit deterioration, central bank liquidity operations are only one part of addressing the ongoing problems in financial markets," he said.
"Market participants and financial regulators need to keep the focus on solving issues of valuation. This requires active collaboration and coordination by auditors and supervisors and we believe that early recognition of losses is necessary and helpful," the IMF spokesman said.
Financial institutions should raise capital and avoid reducing balance sheets sharply in the current circumstances, he warned.
"Supervisors need to exercise judgment and not mechanically argue for stronger capital cushions," he said.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
RSS