It is very welcome therefore that the Payments Risk Committee issued last year their “Recommendations for Supporting Clearing Member Due Diligence of Central Counterparties”3, which complement CPSS-IOSCO new quantitative disclosure requirements. It is also important that banks are subject to strict capital and liquidity requirements on their exposures to CCPs, while at the same time preserving the incentives for central clearing.
Thus, on November 30, 2008 in response to an expected shortfall in energy sector revenues of $ billion, the Government announced expenditure cuts of $ billion. Yesterday the Government announced that as a result of the continuing fall in energy prices the revenue shortfall is likely to be some $ billion greater than originally envisaged.