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International Advocacy | World Council of Credit Unions

A Record of Success Achieving increased Basel III regulatory capital flexibility for cooperative financial institutions from the Basel Committee. Obtaining clearer guidance on correspondent banking anti-money laundering requirements from the Financial Action Task Force. Exempting non-internationally active financial institutions from the Basel Committee’s Interest Rate Risk, External Auditing, and Total Loss Absorbing Capacity rules, among others. Removing unfounded criticisms of co-operative governance from Basel Committee standards. Attaining a “practical expedient” from the International Accounting Standards Board that limits the regulatory burdens of International Financial Reporting Standard 9 (IFRS 9) on smaller financial cooperatives. Reducing the Basel III reserves required to hold term deposits made by financial cooperatives in other financial institutions, so that financial cooperatives can achieve better yields on their term deposit investments.

Fiscal relief and accounting considerations on the road to recovery

(First of two parts) According to the Organisation for Economic Co-operation and Development (OECD) Economic Outlook Interim Report issued in September, global economic output collapsed in the first half of 2020, but recovered swiftly following the easing of measures to contain the COVID-19 pandemic and the initial re-opening of businesses. The report also noted that what prevented greater economic decline were economies that introduced prompt and effective policy support to cushion the blow to incomes and jobs. Moving forward, continued fiscal, monetary and structural policy support will be crucial to preserving business confidence and limiting uncertainty. In the Philippines, the government likewise acted swiftly and provided regulatory relief in aid of national healing and recovery. In the first part of this article, we will discuss the regulatory relief efforts the government provided to ease the impact of the pandemic on businesses, as well as concessions for banks and non-ba

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