Further intervention required to support commerce

The Association of Corporate Treasurers (ACT) supports a statement issued by the International Group of Treasury Associations (IGTA) following its annual meeting on 29 October 2008. The statement calls for further action to support commercial activities.

Summary

• restoration of confidence in counterparty risk between banks is essential both in its own right and as a step to wider re-opening of long-term markets
• world trade is freezing up because issuance of letters of credit, which rely on the acceptability of bank credit, is in rapid decline
• as financial services regulation is extended in response to recent events it is vital that proper account is taken of the extent to which markets are globally integrated
• actions taken by governmental, financial and other authorities need to recognise that financial services are there to support world business with credit and risk management products

For further information please visit the ACT Press Room.

www.treasurers.org
www.igta.org