GCC banks still far from 2008 resolutions | GulfNews.com

GCC banks still far from 2008 resolutions | GulfNews.com:

"Banks in the Gulf Co-operation Council are still far from the implementation of resolution regimes discussed during the financial crisis in 2008 for both conventional and Islamic banks despite having implemented many of the recommendations. G7 finance ministers agreed to take decisive action during the global financial crisis. Using all available tools to minimise the need for government intervention and related costs for taxpayers, regulators enhanced their monitoring and supervision methodologies, revamped on-site examination processes, and, in many countries, expanded their toolkit to process orderly resolutions of and support systemically important financial institutions to prevent their failures. But “such implementation [by GCC banks] would require a significant change in mentality and the governments’ approach toward their banking systems,” said Dr Mohammad Damak, S&P Global Ratings head of Islamic Finance, in a report. "



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