1 B A N C O C E N T R A L D E C H I L E Regulatory and Supervisory Reform: the Latin American Perspective Madrid, June 2009.

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1 B A N C O C E N T R A L D E C H I L E Regulatory and Supervisory Reform: the Latin American Perspective Madrid, June 2009

B A N C O C E N T R A L D E C H I L E 2 List of topics 1. The process of securitization of mortgage loans in the US was “flawed”. 2. If systemically important financial institutions are forced to unwind positions rapidly (or in extreme cases close) this can cause mayor disruptions in financial markets. 3. Bank capital requirements need to be modified. 4. Banking regulation should incorporate macro-prudential concerns. 5. Other reforms pending in the region should not be put off -- specially those relating to aspects of financial infrastructure that have proven to work in the current crisis episode.

B A N C O C E N T R A L D E C H I L E 3 ABS and Corporate Bond Issuance

B A N C O C E N T R A L D E C H I L E 4 Changes in Net Pension Fund Fx Position and CHP CHP/US$ MM US$

B A N C O C E N T R A L D E C H I L E 5 Leverage in Banking Sector and Volatility of Growth

B A N C O C E N T R A L D E C H I L E 6 FX transactions in Chile FX Transactions (MM US$)

7 B A N C O C E N T R A L D E C H I L E Regulatory and Supervisory Reform: the Latin American Perspective Madrid, June 2009

B A N C O C E N T R A L D E C H I L E 8 Hikes in short term rates day peso and dólar rates (%) Source: Central Bank of Chile. Traded CDs ($)Libor+spread on-shore (US$) Mar.May.Jul.Sep.Nov.09Mar Lehman Brothers

B A N C O C E N T R A L D E C H I L E 9 Foreign vs Domestic Banks

B A N C O C E N T R A L D E C H I L E 10 Foreign vs Domestic Banks