The central bank Friday advised banks and Development Finance Institutions (DFIs) to submit all their related reports and returns to the newly-established Financial Stability Department (FSD). "Please refer to FSD Circular No 1 of 2016 dated January 14, 2016 notifying creation of Financial Stability Department," said the State Bank of Pakistan in a circular.
It said that consequent upon establishment of FSD, some of the functions including assessment of resilience of banks/DFIs towards stress tests and monitoring of related party exposures, large exposures, restructured/ rescheduled loans and equity exposures, being performed by the Offsite Supervision and Enforcement Department (OSED) and Banking Policy and Regulations Department (BPRD) had been transferred to the said department.
"All banks/DFIs are, therefore, advised to submit the returns/reports related to above functions to FSD as per prescribed timelines," the regulator asked the bank presidents and chief executives.
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