‘I’ll Les tell a little as we have lived in Chilean banking, and in the system financial, this tsunami of regulations», so split the presentation from the Chief Economist of Scotiabank, Jorge Selaive, at the seminar» ten years of the fall of Lehman Brothers: lessons learned and pending tasks «, organized by the Latin American Center of Economic and social policy (Clapes UC).
The economist who occupied the headquarters of BBVA Research Chile said because the Bank has had «much regulation» since the fall of Lehman. «Let me tell you some that have meant a huge job for the financial system and that some of them are still in discussion, in Congress, in development,» he said.
«In that line Gilbert referred to the rules of liquidity»because here there was a big problem of liquidity, then started to demand standards of liquidity to the banking»said stressing how much he suffered the World Bank but that, on the contrary, the Chilean was quite solid» because we had experience from the beginning of the 80s, while we had huge improvements in this aspect», said at the Congress that it collected in a video value future agency.
Faced liquidity problems that were watching around the world «of course they had to homogenize us», said Gilbert, «we have a calendar, we are working, and even measuring the liquidity in banking. «It should be noted that banks have the capital available to be placed, there is a calendar of implementation of several hundreds of millions of dollars that banks will have to place».
After this statement the Economist explained that one of the players that more money will have to place will be State Bank, an important part of the capital of the State body «will have to be because you have a portfolio at the enterprise level» says. «Interesting you would be thinking if the BancoEstado actually has a role to provide large corporations or, if possible, blending part of this portfolio and remove this demand to the taxpayer», he wondered.
Regarding the institutional framework, Ammer said that «we have a Commission that it soon will end absorbing, we hope that from here to a reasonable period, to the current banking, therefore today we are in a process of transition».
Assessing positive aspects of the Commission for financial market Economist said that «we had other alternatives, but we moved to this which I am sure will come to fruition by absorbing the Super banks».
Despite this, for Gilbert, the latest banking regulations are reactive. «As well as the pension reform, which we didn’t have it suddenly appeared in us between medium, we also had in the financial system enough reactive regulation», repeats and explains the term «because it basically is something that began to hit the door, began to» beating these financial players that we have and we began to order roles. Today it is fashionable cybersecurity, but understand that is a path that had been building in the financial system, but that it has had to accelerate, and the authority has had a very reactive and very Accelerator role in that. «Welcome, but are reactive».
«They are asking us for more capital but at the same time they are giving us deadlines for fixing that are determined by the Commission, but the Commission has not to the Super of banks within that defined us precisely certain technical elements to define when capital We need to,»he said. «This is like the game of catching the culprit, but hey, the Bank is working on this process intensely», he added.