In addition, common accounting year end for all banks and international financial reporting standards aimed at improving integrity and comparability of both financial reports and data is to be adopted in the industry by the end of 2009 and 2010, respectively. Also, greater emphasis has been placed on e-FASS as a tool for banks’ returns analysis for speedy identification of early warning signals.
The Bank has also reviewed the Contingency Planning Framework for Systemic Distress in banks. Others include the introduction of Credit Bureau, deployment of resident examiners to banks since January 2009 as well as standby teams of target examiners being deployed to any bank at any given time to ensure timely regulatory action when necessary.