2016-08-01
sfin0003-austria
In June, during an official mission to Europe, civil servants from the Departamento de Supervisão de Cooperativas e de Instituições Não Bancárias (DESUC) [Banking Supervision Department] and from the Departamento de Monitoramento do Sistema Financeiro e de Gestão da Informação (DESIG) [Department of Financial System Surveillance] of the Central Bank of Brazil learned about the best international practices for monitoring and supervising credit cooperatives.
The mission is included in the context of the 8th Call of the European Union-Brazil Sector Dialogues Support Project, an initiative coordinated by the European Union Delegation to Brazil (DELBRA) and the Ministério do Planejamento, Desenvolvimento e Gestão (MP) [Ministry of Planning, Development and Management].
Rodrigo Pereira Braz and Tiago de Paiva Prota, from DESUC, and Ewerton Veloso, from DESIG, participated in the mission. They visited representative cooperative systems entities in Italy, Switzerland, Austria and Germany. Tiago Prota explained that “discussions revolved around relevant themes regarding the supervision of this sector, such as timely warning systems, rating systems, on-site and off-site inspections, ancillary supervision, cooperative audit and a consolidated prudential approach”.
The mission started in Rome, with visits to Banca d’Italia, the Central Bank of Italy, and the Federcasse - Federazione Nazionale delle Banche di Credito Cooperativo. In Zurich, Switzerland, the delegation visited Finma (Financial Markets Supervisory Authority), the entity in charge of supervising financial markets, and Raiffeisen Schwartz, the Swiss confederation of cooperative banks.
In Vienna, the delegates were welcomed by representatives of the Central Bank of Austria (OeNB - Oesterreichische Nationalbank) and by the Financial Market Authority (FMA, Finanzmarktaufsicht). They also visited the Raiffeisen Verband, the Austrian confederation for cooperative audit. In Germany, they visited the Central Bank of Germany (Deutsche Bundesbank) and the regulatory authority BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht), in Frankfurt. The last activity scheduled for the mission was a visit to the Confederation of German cooperatives and the German Cooperative Audit (DGR), in Bonn.
Rodrigo Brazil, deputy head at DESUC explained that “these visits were very fruitful, particularly at a time when important regulatory innovations are taking place in Brazil for the credit cooperative segment, such as the recent resolutions on the segmentation of cooperatives and the introduction of Cooperative Audit. The knowledge obtained during this project will greatly benefit our efforts towards improving our work processes”.
Tiago Prota pointed out that “by visiting institutions in countries where credit cooperativism has a strong foothold in the financial system, we could learn more about the structure, processes and working methodologies of entities in charge of monitoring and supervising credit cooperatives, and representative entities of the sector. After these visits it has become clear that, in spite of the peculiarities of the Brazilian system relative to the systems used in these four countries, the challenges faced by supervisory authorities are the same”.
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