JOINT MEDIA RELEASE Date: 15 October 1998 Embargo: For Immediate Release

10TH INTERNATIONAL CONFERENCE OF BANKING SUPERVISORS (ICBS)

The Reserve Bank of Australia and the Australia Prudential Regulation Authority (APRA) will host the 10th ICBS in Sydney on 21 and 22 October.

This is the first time that this important biennial conference is being held in the southern hemisphere, and only the second time in a non-G10 country.

The conference, held under the auspices of the Basle Committee on Banking Supervision, will bring together almost 300 senior supervisors from about 120 countries and representatives of several international financial organisations. Its purpose is to promote discussion of key supervisory issues and foster continuing co-operation in oversight of international banking.

The main theme of the Sydney ICBS is the Core Principles of Effective Banking Supervision - issued in September last year - which the Basle Committee believes should be in place for a supervisory system to be effective. Delegates will examine steps being taken to ensure implementation of these Principles around the world.

The conference will also discuss aspects of Operational Risk for banks – such as business continuity planning, electronic money and outsourcing of information processing and other functions.

A distinguished panel, chaired by Mr Roger W Ferguson, member of the Board of Governors of the Federal Reserve System and Chairman of the Joint Year 2000 Council, will discuss the critical Year 2000 computer problem.

The Federal Treasurer, the Hon Peter Costello MP, is to open the conference. Mr Ian Macfarlane, Governor of the Reserve Bank of Australia will make opening remarks.

Mr William J McDonough, President and Chief Executive Officer of the Federal Reserve Bank of New York and Chairman of the Basle Committee, will deliver the keynote address while Mr Andrew Crockett, General Manager of the Bank for International Settlements, is to present the William Taylor Memorial Lecture.

The Prime Minister of Australia, the Hon John Howard MP, will address the conference's closing dinner.

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