Diokno co-chairs group for risk advisory in Asia

MANILA, Philippines — Bangko Sentral ng Pilipinas Governor Benjamin Diokno has been appointed as co-chairman of the Financial Stability Board’s Regional Consultative Group for Asia (FSB-RCGA), according to the central bank.

Diokno will serve a two-year term starting July 1, together with Deputy Governor N.S. Vishwanathan of the Reserve Bank of India.

Their appointment as co-chair of the FSB-RCGA was announced during the 16th FSB-RCGA meeting held last June 14 in Kuala Lumpur, Malaysia.

FSB is an international institution that recommends risk and prudential standards for the financial markets.

“Governor Diokno’s co-chairing of the FSB-RCGA comes at a time when various market reforms are at an important stage, while evolving global developments could again challenge financial stability,” the BSP said in a statement.

Based in Basel, Switzerland, FSB was established in 2009 at the height of the global financial crisis.

The BSP said its mandate is to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability.

“The FSB is then well positioned to globally coordinate with national financial authorities and international standard setting bodies with respect to the international reform agenda,” the central bank said.

In 2011, the FSB established six regional consultative groups to provide an organized venue for financial authorities from its member and non-member countries to exchange views on challenges affecting financial systems and on initiatives to promote financial stability.

Members of the FSB-RCGA include financial authorities from Australia, Brunei, Cambodia, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Thailand and Vietnam.