We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by Commissioner Almunia. On the basis of its regular economic and monetary analyses, at today’s meeting the Governing Council decided to leave the key ECB interest rates unchanged.
CBK also required banks effective 2013 to develop Internal Capital Adequacy Processes (ICAAP) to inform their capital management. Though most of the banks have embraced the requirement, we have noted that there is wide disparity on the ICAAP documents submitted to CBK. To this end, CBK will shortly be issuing a proposed ICAAP Guidance Note for comments.