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Mr. Shekhar Aiyar, Mai Chi Dao, Mr. Andreas A. Jobst, Ms. Aiko Mineshima, Ms. Srobona Mitra, and Mahmood Pradhan
This paper evaluates the impact of the crisis on European banks’ capital under a range of macroeconomic scenarios, using granular data on the size and riskiness of sectoral exposures. The analysis incorporates the important role of pandemic-related policy support, including not only regulatory relief for banks, but also policies to support businesses and households, which act to shield the financial sector from the real economic shock.
International Monetary Fund. Statistics Dept.
The IMF’s Statistics Department (STA) conducted a technical assistance mission to support the Central Bank of Montenegro (CBM) for the compilation of external sector statistics in Montenegro during January 20–31, 2020. The mission recommended that the CBM compile preliminary quarterly International Investment Position data and submit them to STA for review by the end of December 2020. The mission recommended that the CBM start recording the Economic Citizenship Program (ECP) according to the characteristics of the payments from the applicants by the end of March 2020. The ECP was just introduced in 2019 and details of the program were not made available during the mission. The mission advised that the payments from applicants for the ECP should be recorded in services, current or capital transfers, or direct or portfolio investment, according to the characteristics of the payments. The CBM plans to start recording data based on the information obtained from the international transaction reporting system (ITRS). The mission advised that the CBM approach the agency in charge of the ECP to collect precise information on the characteristics of the payments and cross-check the data from the ITRS.
International Monetary Fund. Monetary and Capital Markets Department
This paper on Austria includes a targeted review of banking regulation and supervision, with a focus on topics related to the supervision of less significant institutions. The national transposition and implementation of EU directives and regulations has significantly closed some of the gaps identified in 2013. Oversight of bank loan portfolios was strengthened by guidance from the European Central Bank and European Banking Authority (EBA) concerning nonperforming loans and forborne exposures, and by EU regulation. As noted in the previous Basel Core Principles assessment, the Austrian Banking Act (BWG) and regulations do not establish an adequate framework for monitoring and addressing transactions with related parties; and the BWG does not require ex-ante approval for acquiring qualifying holdings in undertakings outside the financial sector. Although the BWG amendments strengthened the duties and responsibilities of credit institutions’ supervisory boards, operationally the role may be made more robust by increasing interaction between the supervisory board and banking supervisors.
International Monetary Fund. Statistics Dept.
This Technical Assistance Report on Zambia highlights the dissemination of external sector statistics during the Department for International Development—Enhanced Data Dissemination Initiative 2 Project Module 1. The mission recommended breakdowns in the International investment position (IIP) table that are of analytical relevance, such as government securities issued abroad and issued domestically, and loan liabilities of the government and other sectors. The integrated IIP is key to verifying the consistency between the positions, the transactions, and other changes. The accuracy of the components within the international reserves in the balance of payments and in the IIP can be further improved. Valuations changes in positions are being included in the balance of payments for some components, such as government external debt and reserve assets, and should be removed from transactions. In order to support progress in different work areas, the mission recommended a detailed action plan with several priority recommendations.
International Monetary Fund. Monetary and Capital Markets Department
This technical note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for the Malta summarizes the findings of a targeted review of several aspects of Malta’s progress in addressing AML/CFT vulnerabilities in the financial sector, specifically the banking sector. The report recommends that while Malta has strengthened AML/CFT requirements for banks in recent years, the implementation of AML/CFT preventive measures should be improved further. Although important milestones have been implemented by the Financial Intelligence Analysis Unit and Malta Financial Services Authority to enhance AML/CFT supervision since mid-2017, recent AML/CFT violations raise doubts as to their capacity to effectively identify and address AML/CFT compliance breaches. A multiprong strategy is needed to address these deficiencies. The focus needs to be on developing more effective AML/CFT enforcement and ensuring that banks apply appropriate preventive measures in relation to their high-risk activities and clients. AML/CFT supervision needs to more stringently evaluate banks’ risk mitigation models, ensure that customer due diligence requirements are properly followed, and apply corrective actions and sanctions when deficiencies are identified.