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Stability of a “ through-the-cycle ” rating system during a financial crisis

Foreword The Financial Stability Institute is once again pleased to publish the winning FSI Award paper. This award, announced every two years at the time of the International Conference of Banking Supervisors, was established to encourage thought and research on issues relevant to banking supervisors. This year, 13 papers were received on a variety of topics written by supervisors from around the world. A jury of highly qualified individuals chose the winning paper. The jury members and the FSI are pleased to announce that Ms Verónica Vallés of the Central Bank of Argentina has been selected as the winner of the 2006 FSI Award. Ms Vallés' paper looks into the construction of a " through-the-cycle " rating system to assess credit risk in a developing country that has faced a major economic crisis. The author highlights the problems discovered during her research and offers various solutions. She concludes that economic instability in a country does not preclude its banks from using IRB systems under Basel II. Congratulations to Ms Vallés and the other supervisors who submitted their work for consideration. Their interest in analysing and potentially improving supervisory methods bodes well for the future.