Lao bank officials learn about int'l finance regulations
Lao bank officials learn about int'l finance regulations
More than 70 chief executives from the Bank of the Lao PDR (BOL) and various commercial financial institutions in Laos have learned from Thai banking officials about the Basel 2 Recommendations on banking supervision.
The High-Level Seminar for the Implementation of Basel 2 took place yesterday in Vientiane, chaired by BOL Deputy Governor Mr Sonexay Sithphaxay and Bank of Thailand Deputy Governor Mr Krirk Vanikkul.
The seminar provided a platform for the Bank of Thailand to help BOL officials understand the standards required of commercial banks as defined by the Basel Committee on Banking Supervision, whose role is to research and define standards on banking supervision at an international level.
Participants heard about the experiences of the Bank of Thailand in implementing the Basel 2 Recommendations.
Improvements to banking supervision systems as outlined in the Recommendations will be an important aspect of the financial development plan for Laos' financial services system. From 2009-2020, the BOL is seeking to improve its legal mechanisms for banking supervision to meet the standards outlined by the Basel 2 Recommendations and hopes to fully adopt them by 2015, as 91 other countries are planning to do.
These improvements aim to create a strong and stable banking system in Laos that allows further regional and international integration, in particular within the Asean Economic Community which comes into effect in 2015.
vientiane times
