Ernst & Young Supports Recommendations Released by the Financial Stability Board’s Enhanced Disclosure Task Force

ME Newswire / Business Wire

LONDON - Tuesday, October 30th 2012

Ernst & Young supports the recommendations in the report released yesterday by the Financial Stability Board’s (FSB) private sector Enhanced Disclosure Task Force (EDTF) initiative. The EDTF was convened in May 2012 with the objectives of developing principles for enhanced disclosures for banks, based on current market conditions and risks, and identifying leading practice risk disclosures among banks.

The EDTF was unique in its approach by bringing together interested constituents in the process - preparers, investors, rating agencies and auditors - to work toward solutions to enhance disclosures that benefit the investing public.

Ernst & Young encourages all affected stakeholders to carefully consider and work to implement the recommendations of the EDTF. We believe these recommendations are an important step to improving confidence in global systemic financial institutions and financial institutions more broadly, which is fundamental to economic recovery and growth around the world.

“The FSB EDTF has been an important undertaking. I am pleased Ernst & Young participated in this effort and supports the recommendations of this report. Our profession’s role in contributing to the public’s trust in the world’s capital markets has never been more important and efforts such as this are central to the role Ernst & Young has as auditors of or advisors to, many financial institutions”, said Jim Turley, Global Chairman and CEO of Ernst & Young.

-Ends-

Notes to editors

The EDTF report is available: https://www.financialstabilityboard.org

About Ernst & Young

Ernst & Young is a global leader in assurance, tax, transactions and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

For more information, please visit www.ey.com.

Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. This news release has been issued by EYGM Limited, a member of the global Ernst & Young organization that also does not provide any services to clients.

Contacts

Ernst & Young

Daniel Cusworth

Office: +44 (20) 7980 0402

daniel.cusworth@uk.eycom