This letter was submitted to G20 Finance Ministers and Central Bank Governors (FMCBG) ahead of the G20’s meeting on 12-13 April.

The letter discusses recent events in the banking sector. The speed of developments in March, the precise nature of the vulnerabilities that crystallised and the associated market reactions, provide important lessons for financial authorities, including for bank prudential and resolution frameworks. The FSB is working closely with the Basel Committee on Banking Supervision and other standard-setting bodies to comprehensively draw out these lessons and the consequent work priorities.

The letter introduces the two reports the FSB is submitting to the April G20 FMCBG meeting:

  • recommendations to achieve greater convergence in cyber incident reporting; and

  • a concept note for a format for incident reporting exchange (FIRE).