On March 16, the IMF and the Toronto International Leadership Centre for Financial Sector Supervision signed a letter of agreement covering the IMF’s financial support of the Centre, which provides training to supervisory officials in the banking, securities, and insurance sectors. Stefan Ingves, Director of the Monetary and Exchange Affairs (MAE) Department, signed the letter on behalf of the IMF. The IMF’s $500,000 grant will contribute to the Centre’s development of training courses and the expansion of an Associates Program aimed at providing senior supervisors with a network for exchanging views on supervisory issues.
The Toronto Centre was founded in 1998 to fill a perceived gap in the area of financial sector supervision—strong leadership of the supervisory process. It focuses on augmenting the leadership and managerial capabilities of top supervisors from both developing and developed countries to make them more effective in dealing with financial sector issues, thereby reducing the potential for market disruption. The program offered by the Centre is for senior supervisors who already have experience and technical expertise in financial sector supervision and features intensive analyses of case studies led by supervisors who have been on the front line. The Centre thus serves as a forum where senior supervisors can share their real-world experiences about financial institutions and systemic rescues and failures and enhance their skills for implementing supervisory regimes.
The IMF has been involved with the Toronto Centre from the beginning; the Director of MAE is a member of the Centre’s executive board; and IMF staff actively participate in the design and delivery of the courses and in the recruitment of participants. The Centre was founded by the World Bank and the government of Canada, both of which continue to be active supporters. Grants from the Bank for International Standards and private international banks will also help to finance the Centre.
The text of News Brief No. 00/16 announcing the agreement is available on the IMF’s website (www.imf.org).
Ian S. McDonald
Senior Editorial Assistant
Art Editor/Graphic Artist
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