These include: a)  creation of a large-value payment system based on real time gross settlement (2004);  2  BIS Review 142/2010  b)  publication of a Financial Stability Report as from 2004;  c)  stress tests for the banking system and disclosure of their results which are published in the Financial Stability Report;  d)  incorporation of non-bank credit card systems into the regulated system, although with looser norms than those applying to banks (2006);  e)  implementation of a household financial survey, carried out countrywide for the first time in 2007 and followed by panel studies for Greater Santiago in 2008 and 2009, gathering information that has served as the basis for numerous research projects;  f)  participation, along with other authorities, in an initiative to modernize the system for clearing and paying financial securities, which will lead to the creation of a clearing house and central counterparty in line with international standards (2009–10). During the recent crisis, the BCCH was decisive in exercising its powers as regards financial stability and these proved effective in maintaining the normal functioning of the system. In April 2008, it announced a program of accumulation of international reserves for $ billion with the aim of strengthening the country’s international liquidity position in a context of great uncertainty about the outlook for the international economy and a significant appreciation of the Chilean peso. This measure was successful in achieving its objectives.
For example, it includes: a)  regulatory incentives for banks to maintain capital in excess of the required minimum so that their effective capital represents more than 10% of their riskweighted assets;  BIS Review 142/2010  3  b)  prudential standards to preserve the quality of capital (hybrid instruments cannot exceed 50% of basic capital);  c)  explicit limit on gross leverage as a complement to capital adequacy rules based on Basel recommendations (basic capital cannot be less than 3% of total non-weighted assets net of required provisions);  d)  special regulatory requirements for larger banks (capital requirement can reach 14%);  e)  robust provisions regime with a forward-looking approach;  f)  quantitative norms on the match of the terms and currencies of banks’ assets and liabilities;  g)  preventive capitalization, regularization and resolution systems for banks in difficulties. Supervision has also played a key role. In recent decades, this evolved from a formal and passive approach to one that is significantly more intrusive and proactive. Supervision now focuses on the governance and, above all, management of institutions. Supervisors seek to be familiar with all the aspects or issues that can be important in an institution’s behavior, rather than merely verifying compliance with regulation or simply reviewing financial indicators from previous years. The ultimate aim is to induce changes or corrections in the management of an institution when weaknesses are detected.