The Financial Stability Board (FSB) has published:
- a progress report on the implementation of its action plan to assess and address the decline in correspondent banking relationships. The decline in the number of correspondent banking relationships remains a source of concern for the international community, as the number of active correspondent banks declined by 3.4% in 2018, bringing the cumulative decline since 2011 to 19.3%. Access to correspondent banking relationships remains a critical issue in some regions and jurisdictions; and
- a report on progress on implementing the FSB’s recommendations on remittance service providers’ access to banking services. The reduction in correspondent banking relationships has had a significant impact on remittance service providers’ ability to access banking services, particularly acute in those developing countries where remittance flows are a key source of funds for households. The remittance report will be delivered to the G20 Finance Ministers and Central Bank Governors meeting in Fukuoka on 8-9 June.
Date: 29 May 2019