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COMPTROLLER COMMENDS DERIVATIVES STUDY BY GROUP OF THIRTY

 WASHINGTON, July 21 /PRNewswire/ -- "The OCC applauds the efforts of the Group of Thirty in studying the global derivatives market and developing the 24 procedures and principles for good management and effective regulation and supervision of derivatives activities to guide the market and participants," said Comptroller of the Currency Eugene A. Ludwig upon receipt of today's report. "The report is a laudable international, cross-industry, private sector effort of self-regulation. Such efforts are welcome as they make the job of government regulators like the OCC easier."
 Ludwig believes that addressing these issues in a prudent manner is essential to ensuring the continued safety and soundness of this country's banking system. Many of the Group's recommendations are consistent with the OCC's views concerning the prudent governance of risk. They also are reflected in the procedures OCC bank examiners have been using for the past two years when examining both traditional and non-traditional banking activities at many of the larger national banks.
 To ensure that the agency is aware of the scope of the derivatives market and that the national banking system is protected from potential risk, the comptroller has organized an internal task force on derivatives. Douglas E. Harris, senior policy adviser to the comptroller, who recently joined the OCC from J.P. Morgan, is heading that task force.
 The Office of the Comptroller of the Currency (OCC) is the agency responsible for regulating and supervising the nation's 3,600 federally chartered national banks.
 -0- 7/21/93
 /CONTACT: Ellen Stockdale of the Office of the Comptroller of the Currency, 202-874-4960/


CO: Office of the Comptroller of the Currency ST: District of Columbia IN: FIN SU:

DC-KD -- DC034 -- 4004 07/21/93 13:36 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
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