Palestine Monetary Authority organized today at its headquarters in Ramallah workshop on the requirements of implementing Basel III. Dr. Riyad Abu Shehadah, the Deputy Governor of the Palestine Monetary Authority, Mr. Mohammad Manasrah, Director of Supervision and Inspection Department at PMA, and directors of risk departments at the banks the operate in Palestine and employees from Supervision and Inspection Department at PMA participated in the workshop. Mr. Roland Raskopf from the Financial Stability Institute of the Bank for International Settlements lectured in the workshop.
Dr. Riyad Abu Shehadah, the Deputy Governor of the Palestine Monetary Authority, affirmed in his opening remarks the importance of adopting Basel III requirements and their impact on strengthening the capital of the Palestinian banking sector and ability to withstand losses and to ensure more financial stability in the Palestinian banking sector and be abreast of global banking developments.
Dr. Riyad Abu Shehadah stated that organizing the workshop showed how focused was PMA on promoting and developing the capacities of the staff of the Palestinian banking sector to implement Basel requirements and brief them on latest global developments in banking systems.
The 5-day workshop addressed Basel III requirements in detail and the relevant instructions of PMA, Basel VI, Basel III applications, supervision requirement, governance, risk management systems, work continuation …etc.
Basel requirements are internationally-approved procedures published by Basel Committee on Banking Supervision, which aim to ensure the soundness of the banking sector and realize financial stability. PMA has met the requirements of Basel I and Basel II and currently implementing Basel III. PMA is also in the process of completing relevant instructions.