Trichet to Banks: Disclose by mid year. Pretty please?

from Dow Jones Newswire

ECB's Trichet: Banks Must Disclose Risks In 1st Half Results
April 12th 2008
MILAN -(Dow Jones)- Stability risks to the global financial system from de- leveraging and risk re-pricing shouldn't be underestimated, European Central Bank President Jean Claude Trichet said Monday, as he called on banks for full disclosure in their upcoming reporting.
"Financial institutions...should fully and promptly disclose their risk exposures, write downs, and fair value estimates for complex and illiquid instruments for their upcoming mid-year reporting," he said in a conference speech.
He was referring to recommendations made by the Financial Stability Forum ( FSF) at a recent G7 meeting.
"Moreover, the International Accounting Standards Board (IASB) and other relevant standard-setters should take urgent action to improve the accounting and disclosure standards for off-balance sheet entities, and to enhance guidance on fair value accounting, particularly valuing financial instruments in periods of stress," he said.
-By Jennifer Clark, Dow Jones Newswires, +39 335 833 5761, jenniferMclark@ dowjones.com


Oh Jean Claude, you manly man you. Noble