News Brief

The International Monetary Fund (IMF) and the Toronto International Leadership Centre for Financial Sector Supervision have signed a Letter of Agreement covering the IMF's financial support of the institution dedicated to providing training to senior supervisory officials in the banking, securities and insurance sectors.

The IMF's US$500,000 grant will contribute to the Centre's development of training courses and the establishment of an Associates Program aimed at providing senior supervisors with a network for exchanging views and learning about international best practices and standards. The IMF's support also will be used toward administrative costs associated with the training programs.

Stefan Ingves, Director of the IMF's Monetary and Exchange Affairs Department, and a member of the Centre's Board, signed the Letter on behalf of the IMF.

"The Centre was founded in 1998 to provide training services for top supervisors from both developing and developed countries," Ingves stated. "The programs offered at the Centre are currently not available in any other financial sector training venues. These programs are designed to augment the leadership and managerial capability of top supervisors so that they can be more effective in dealing with financial sector issues and potential market disruptions."

In addition to the IMF, the Centre is also backed by the World Bank Group and the Government of Canada, which are both founding members of the institution. Grants from private international banks are also helping to finance the Centre.