Expanded Powers Proposed For the BOJ November 9, 2011 FacebookTwitterWhatsAppEmail KINGSTON — The Bank of Jamaica (BOJ) has released a discussion paper on institutional arrangements for safeguarding financial stability, which outlines proposed amendments to the BOJ Act to vest the bank with overall responsibility for financial stability, through a Financial Stability Committee. The paper which was posted on the BOJ website at the beginning of the month (November 2011) reflects amendments and comments received from the Attorney General’s Chambers, Ministry of Finance, the Financial Services Commission, the Jamaica Deposit Insurance Corporation, the Jamaica Securities Dealers Association as well as individual financial institutions. However, that being done, the BOJ has extended the discourse to other interested parties, through publication of the proposed amendments on its website, www.boj.org.jm, with an invitation for comments. The major policy shift would arm the BOJ with institutional responsibility for financial stability in Jamaica. It is an element of the set of reforms that underpin the Stand-By Arrangement with the International Monetary Fund (IMF), while seeking to provide appropriate safeguards, going forward. According to the paper, “one of the important lessons emanating from the global financial crisis, is that institutional responsibility for the stability of the financial system, as a whole, needs to be clearly defined, codified and assigned.” The discussion paper noted that full responsibility for financial stability is “unclear where there are multiple supervisory agencies, with none having the authority or mandate to oversee the links among different kinds of activities and to recognize and address systemic risks.” The document stated that, in order to address this deficiency, the route taken by most jurisdictions has been to locate this function within their central banks. “Adding financial stability oversight to the role of central banks has been a logical choice in light of their existing supervisory role over banking institutions, in most cases, their core mandate to influence conditions in money and credit markets and their essential function as store of liquidity in the economy,” the BOJ document stated. The paper argued that the main requirement to effect this change is the definition of a set of amendments to the BOJ Act, to facilitate a more macro-prudential approach to oversight of the financial system as a whole. “This would complement the BOJ’s traditional direct prudential approach to supervision of the deposit-taking system and expand both the focus and scope of the consultative process currently conducted through the Financial Regulatory Council,” The Paper added. The Central Bank reflected that many other jurisdictions around the globe are concurrently pursuing a similar process of financial architecture reform, to formalize the financial stability role and that, based on Jamaica’s “own experience and regulatory architecture as well as other considerations”, amendments to the BOJ Act have been proposed to meet the objective of assigning formal responsibility to the BOJ and ensuring its ability to discharge the function. The proposed amendments, which will “mandate the financial stability objective of the BOJ”, includes macro-prudential oversight of financial institutions, in addition to the current mandate for the direct prudential supervision of individual institutions and sub-sectors within the deposit-taking system. In this regard, financial institutions would include those that currently fall under the regulatory oversight of the BOJ or Financial Services Commission, including deposit-taking institutions, securities dealers, insurance companies, cooperatives, collective investment schemes and pension funds. Provisions would also be necessary to allow for the BOJ to designate any other type of financial institution to be subject to this type of oversight. Importantly, the BOJ Act would be amended to establish the Financial Stability Committee, which would be charged with the responsibility for coordinating the activities “pursuant to the objective of financial system stability.” The tasks of the Committee to be set out in the BOJ Act and would include: macro-prudential analysis; oversight of the design and conduct of periodic stress test scenarios in regard to plausible systemic threats to the stability of the financial system; periodic consultation with representatives from financial sector stakeholders in order to seek their views and obtain their input in assisting the Committee’s understanding of developments that may impact on financial stability; determination of an institution’s risk to financial stability; Determination of parameters which trigger action in respect of a financial institution as required under the BOJ’s financial stability mandate; co-ordination of crisis prevention, crisis management and crisis resolution mechanisms and procedures; international cooperation in support of financial stability objectives; preparation and provision of periodic and exceptional reports to the Minister of Finance assessing the performance of the financial system; and any other activity as determined by the Committee in support of its financial stability objective. The composition of the Committee, which is expected to include non-BOJ staff, will be specified by regulations made under the BOJ Act. The law should also contain appropriate provisions to ensure that all members of the Committee are subject to confidentiality requirements relating to the work of the Committee, similar to those that bind supervisory staff of BOJ and should also be indemnified with respect to their activities as Committee members. An important proposed amendment to the BOJ Act is granting the Central Bank discretionary powers to provide liquidity, which would“allow expressly for the provision of emergency liquidity assistance to financial institutions in the event of a threat to systemic stability and in accordance with criteria of systemic importance, solvency and collateral sufficiency.” Interested parties wishing to contribute to the discussion paper should send comments to the Governor, Bank of Jamaica, Nethersole Place, Kingston; Fax: 876-967-4265; Email: [email protected] Comments should be received by December 31. RelatedExpanded Powers Proposed For the BOJ By Allan Brooks, JIS Senior Reporter RelatedExpanded Powers Proposed For the BOJ RelatedExpanded Powers Proposed For the BOJ Advertisements
By: Chris GinleyLORAIN, OHIO– After two days of delays, the Lorain District finally got underway. The St. Edward Eagles squared off against the Elyria Pioneers in the second game of the Lorain District at the Lorain Pipeyard. “The cancellations didn’t really have any effect on our guys,” said Elyria Head Coach Ed Piazza. “We were looking forward to today’s game. It was just something that we had to deal with.” St. Ed’s Head Coach Matt Rosinski echoed Piazza’s statements, “We had two great days of practice. It was good that we got some extra work in for a big game.”Elyria would get the scoring started when Tristan Arno would hit a deep double to left-center field, scoring leadoff hitter Hunter Osborne.St. Edward also got their bats going in a hurry, tagging the Elyria starting pitcher, Hunter Olsen, with three straight hits to start the bottom of the first. Spencer Marinac got the scoring started, when he singled in Mackenzie Wainwright on a deep single to right field. Joe Horoszko would earn a bases-loaded walk and John Sherman would follow that up with an RBI single, putting the score at 3-1 when the inning ended. “We probably had a few jitters coming into this game. We just wanted to take it one pitch at a time after their big start. We were starting a sophomore, but he pitched a great game,” said Piazza.Elyria tied things right back up in the top of the second on a pair of RBI groundouts by Olsen and Kevin Reddinger.Spencer Crane put St. Eds back on top with a big two-RBI double over the Elyria left fielder’s head in the bottom of the fourth.Elyria continued the up and down nature of this game, when they pulled within one when Aron would earn his second RBI of the game when he doubled for the second time this game, scoring Carter Hyde in the top of the fifth.They would tie the game when Elyria got a huge boost from Noah France, when he hit a pinch-hit triple, scoring Max Peyton, much to the delight of the Pioneer fans.St. Eds would go ahead by two when Jordan Stevens and Joe Horoszko would hit consecutive RBI singles, both with two outs, and would go on to win by a final score of 7-5.After the game, Piazza had this to say about their comeback in the latter stages of the game, “We just took it one pitch at a time. We had a young team this year. We have a lot coming back.”“Hats off o Elyria. They played a terrific game,” said Rosinski after the game. “They showed that they can come back from deficits like they have been all year. They played a terrific game.”St. Eds will now face Amherst in the District Final at the Lorain Pipe Yard. “Amherst is a very good team. They have been playing great baseball all season. It should be a fun game,” Rosinski said about their big District Final matchup with the Comets. NEO HS Staff Related Topics
NORTH SOUND, Antigua (CMC):The Windies lacked penetration in the final session and Ajinkya Rahane and captain Virat Kohli capitalised to stroke half-centuries as India strengthened their hold on the opening Test after dominating the exchanges on day three at the Vivian Richards Cricket Ground yesterday.Rahane, the first-innings top-scorer, finished unbeaten on 53 while Kohli carved out a polished 51, efforts which propelled the visitors to 185 for three at the close – an overall lead of 260 runs heading into today’s penultimate day.The pair have so far added 104 for the fourth wicket, a stand that pulled India out of trouble at 81 for three before tea and kept the Windies wicket-less in the last session.Opener KL Rahul struck 38 and Cheteshwar Pujara got 25, but both fell prior to tea as part-time off-spinner Roston Chase (2-69) struck twice to keep the Windies in the contest initially.The home side had earlier added 33 runs to their overnight 189 for eight before their first innings folded for 222, forty minutes before lunch, conceding a lead of 75 runs.Captain Jason Holder, resuming the morning on 10, struck 39 as he extended his ninth-wicket stand with Miguel Cummins (0) to 41 as India struggled for the breakthrough.The right-handed Holder twice drove pacer Jasprit Bumrah for boundaries in the morning’s fourth over before whipping the same bowler over mid-on for another four, a couple of overs later.He had faced 65 balls and counted five fours when he became the day’s first victim, caught at the wicket flirting with one from seamer Mohammed Shami (2-48).Miguel Cummins, previously content to simply support Holder, then had a go at left-arm spinner Ravindra Jadeja (2-64) in the next over but missed his heave and was bowled off-stump.His 45 balls and 95 minutes at the crease put him in the record books for the second-longest innings in Test cricket without scoring.Left with seven overs to navigate before lunch, India reached the interval safely at 14 without loss, and on resumption, Rahul and Mayank Agarwal (16) pushed the partnership up to 30 before they were separated. POST LUNCH Agarwal was first to go, 25 minutes after lunch, when he got himself in a muddle against Chase and was adjudged lbw after facing 43 balls and counting two fours.Rahul again promised much in a compact knock that lasted 85 balls and struck four fours as he put on a further 43 for the second wicket with Pujara.The partnership kept the Windies without success for the remainder of the hour and was beginning to threaten when Chase intervened again, this time bowling Rahul after the right-hander missed a sweep at 73 for two, half-hour before tea.Seamer Kemar Roach, who bowled superbly without major success, then set back India even further when he breached Pujara’s defence and bowled him nine balls later, with eight runs added.Kohli and Rahane saw their side to tea at 98 for three and afterwards set about re-establishing India’s dominance in a stand that was more workman-like than commanding.Rahane has so far faced 140 deliveries and struck three fours while Kohli has counted two boundaries off 111 balls.Both started slowly, and India went 14 overs without a boundary before Rahane struck fast bowler Gabriel for successive off-side fours in the second over of a new spell.Rahane was first to his landmark when he collected a single to point off ineffective seamer Miguel Cummins, and Kohli followed him three overs later, notching his 21st half-century in Tests with a dismissive pull to the long-on boundary off the same bowler.