ICICI Bank 2010 Annual Report Download - page 4
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Message from the Chairman
Following the global financial and
economic turmoil in 2008, last year
was a year of stability and significant
restoration of confidence in global
markets. This transition was facilitated
by policy initiatives both in the form of
unprecedented monetary policy action
and strong fiscal support.
The course of economic events since
2008 have had a significant impact on
the operating environment for financial
institutions globally, including considerable
changes in the approach towards regulation
and increased importance accorded to the
quantity and quality of capital and liquidity.
These changes are likely to create new
paradigms for business going forward.
Prior to the global financial crisis, there
had been strong support for self-regulation
and minimalist intervention, based on
the hypothesis of efficient and sound
institutions and markets. With the failure
of some large institutions and the resultant
impact on markets, the approach to
regulation has changed significantly. The
focus of changes in the global regulatory
regime is on avoiding a repeat of the
crisis in future. Some of the proposed
regulatory changes in respect of banks
include increasing capital requirements,
improvement in the quality of capital,
stricter supervision of systemically
important financial institutions, counter-
cyclical provisioning requirements,
macro-prudential supervision, greater
transparency and greater focus on
executive compensation. Over the past
year, a lot of work has been done in these
areas and the final shape of changes in the
regulatory regime will be unveiled over
the next one or two years. Navigating this
K. V. KAMATH
Chairman
2