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Subject: Country Risk
Date: March 4, 2009
To: Chief Executive Officers of National Banks, Department and Division Heads, and All Examining Personnel
Description: Changes to the Interagency Country Exposure Review Committee Process
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation have jointly issued the attached guide, "Changes to the Interagency Country Exposure Review Committee Process." This issuance rescinds the prior guide dated November 23, 1999.
The federal banking agencies recognize the improvements made in banks' cross-border exposure analyses. Specifically, banks have:
Furthermore, international accounting and reporting standards have greatly improved resulting in greater transparency in financial disclosure by governments and public-sector obligors.
As a result, the agencies reformed the ICERC process with the following changes:
For further information, please contact the Global Banking & Financial Analysis Department at (202) 874-5240.
Delora Ng Jee