Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Europe > Switzerland

You are looking at 1 - 10 of 49 items for :

  • Type: Journal Issue x
  • Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors x
Clear All Modify Search
Cover Policy Papers
Review of Data Provision to the Fund for Surveillance Purposes
International Monetary Fund
Data provision by member countries is a key input into the IMF’s surveillance activities. The 2024 Review of Data Provision to the Fund for Surveillance Purposes took place against the backdrop of profound shifts in the global economy, highlighting the important need for adequate macroeconomic and financial data to inform analysis and policymaking. This Review achieved a substantial, but manageable, update to the overall envelope of data that members are required to provide to the Fund in the areas of public sector, foreign exchange intervention, and macrofinancial indicators. Addressing these data gaps will reduce blind spots and support even-handedness in Fund surveillance. The Review also introduced a more structured and transparent assessment of data adequacy for surveillance. This strengthened framework will facilitate policy dialogue with the authorities on data issues and improve prioritization of capacity development efforts. Finally, the Review confirmed the long-standing practice of not applying the remedial framework when members do not provide certain data categories that the Fund considers outdated.
Keywords:
data; public sector; fiscal policy; foreign exchange intervention; swaps; repos; financial system; banks; non-banks; bilateral surveillance; multilateral surveillance; data provision; IMF data standards initiative; Fund member; data adequacy; adequacy assessment framework; Nonbank financial institutions; Credit; Global
Cover IMF Staff Country Reports
Switzerland: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper on Switzerland focuses on assessing Swiss National Bank (SNB) balance sheet changes in 2022. This paper clarifies the main underlying drivers, discusses potential implications, or lack thereof, on monetary and fiscal policies, and assesses the SNB’s financial performance. Central banks’ financial results are not directly comparable with each other, given their non-profit nature, the differences in their mandates and, importantly, their different accounting policies. In particular, many other central banks would have recorded much larger financial losses in 2022 if mark-to-market accounting were applied. The SNB’s financial loss in 2022 is not expected to have an impact on monetary policy operations. The SNB has appropriately warned about risks to its balance sheet, including during periods of high profitability. In addition, the SNB put in place sound safeguards against such risks, and provided transparent communications on its investment strategy. Nevertheless, large balance sheets are subject to risks, highlighting communication challenges during periods of both large profits and losses. In this context, the SNB should continue to regularly review its investment strategy and maintain adequate safeguards.
Keywords:
ECB monetary policy; monetary policy shock; SNB balance sheet; Switzerland NBFIs; mitigation target; Greenhouse gas emissions; Stock markets; Nonbank financial institutions; Climate policy; Global; Europe
Cover IMF Working Papers
Handle with Care: Regulatory Easing in Times of COVID-19
Mr. Fabian Valencia
,
Mr. Richard Varghese
,
Weijia Yao
, and
Juan Yepez
The policy response to the COVID-19 shock included regulatory easing across many jurisdictions to facilitate the flow of credit to the economy and mitigate a further ampli-fication of the shock through tighter financial conditions. Using an intraday event study,this paper examines how stock prices—a key driver in financial conditions—reacted to regulatory easing announcements in a sample of 18 advanced economies and 8 emerging markets. The paper finds that overall, regulatory easing announcements contributed to looser financial conditions, but effects varied across sectors and tools. Financial regulatory easing led to lower valuations for financial sector stocks, and higher valuations for non-financial sector stocks, particularly for industries that are more dependent on bank financing. Furthermore, valuations declined and financial conditions tightened following announcements related to easier bank capital regulation while equity valuation rose and financial conditions loosened after those about liquidity regulation. Effects from non-regulatory financial measures appear to be generally more muted.
Keywords:
Stock prices; policy announcements; financial conditions; capital; liquidity; COVID-19.; WP; liquidity regulation easing; regulation announcement; announcement dummy; equity price; market reaction
Cover International Monetary Fund Annual Report 2019 Financial Statements
International Monetary Fund Annual Report 2019 Financial Statements
International Monetary Fund

Abstract

The audited consolidated financial statements of the International Monetary Fund as of April 30, 2019 and 2018

Keywords:
AR; AREA; financial statement; International Monetary Fund; interest rate; financial instrument; fair value; fixed income; financial year; credit risk; exchange rate risk; Financial statements; Currencies; Personal income; Credit; Global; Africa; Middle East; Middle East and Central Asia; Asia and Pacific; Western Hemisphere; reserve account; pound sterling; People's Bank of China Administered Account; audit evidence
Cover IMF Staff Country Reports
Switzerland: Financial Sector Assessment Program; Technical Note-Insurance Stress Testing
International Monetary Fund. Monetary and Capital Markets Department
Financial Sector Assessment Program; Technical Note-Insurance Stress Testing
Keywords:
ISCR; CR; investment; sovereign bond; capital; holding; bond investment; sovereign bond exposure; coverage ratio; investment holding; investment yield; low-yield environment; Insurance companies; Stress testing; Sovereign bonds; Insurance; Stocks; Global
Cover IMF Staff Country Reports
Switzerland: Financial Sector Assessment Program; Technical Note-Supervision and Oversight of Financial Market Infrastructures
International Monetary Fund. Monetary and Capital Markets Department
Financial Sector Assessment Program; Technical Note-Supervision and Oversight of Financial Market Infrastructures
Keywords:
ISCR; CR; risk management; governance arrangement; emergency FMI liquidity facility; assessment letter; business process; FMI board; resolution planning; risk matter; SNB oversight unit; resolution framework; FMI supervision; FMI resolution; financial market; recovery plan; FMI risk management; PFM information systems; Principles for Financial Market Infrastructures; Financial market infrastructure; Central counterparty clearing house; Cyber risk
Cover IMF Staff Country Reports
Switzerland: Financial Sector Assessment Program; Technical Note-Insurance Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
Financial Sector Assessment Program; Technical Note-Insurance Regulation and Supervision
Keywords:
ISCR; CR; financial market; FINMA ordinance; insurance sector; resolution procedure FINMA; FINMA coordination agreement; FINMA group supervision; FINMA staff; institutions FINMA supervise; insurance intermediary; board of directors; market value; Insurance companies; Insurance; Insurance supervision; Solvency; Legal support in revenue administration; Europe; Global
Cover IMF Staff Country Reports
Switzerland: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
Swiss financial institutions are well capitalized and could withstand the severe shocks under the adverse stress test scenarios, but macrofinancial vulnerabilities are deepening. Important reforms have been made since the 2014 FSAP, but several critical recommendations and emerging challenges have yet to be fully addressed. Capital buffers have increased across all categories of banks, and while the two global systemically important banks have downsized and deleveraged significantly since the global financial crisis, since 2013 they have been growing again. Macroprudential measures have not been taken since 2014 and is constrained by having only one mandated tool and a self-regulation agreement with banks. The financial supervisor (FINMA) has developed into a trusted supervisor, but as a small entity, it relies heavily on external auditors to conduct on-site supervision; the associated conflict of interest and supervisory objectivity risks need to be carefully managed. The combination of an ex-post funding mechanism, a low cap on banks’ contributions, and a private deposit insurance agency run by active bankers, weakens the crisis management arrangements.
Keywords:
ISCR; CR; interest rate; banking sector; financial system; return on equity; market share; resolution regime; cantonal bank; staffing resource; risk profile; investment funds; Insurance companies; Stress testing; Mortgages; Commercial banks; Bank resolution framework; Global
Cover IMF Staff Country Reports
Switzerland: Financial Sector Assessment Program; Technical Note-Regulation and Supervision of Asset Management Activities
International Monetary Fund. Monetary and Capital Markets Department
Financial Sector Assessment Program; Technical Note-Regulation and Supervision of Asset Management Activities
Keywords:
ISCR; CR; Empower FINMA; fund; equity fund; fund industry; asset; IT system; alternative investment; FINMA approval; approval process; management company; fund share; Asset management; Collateral; Mutual funds; Liquidity risk; Securities; Global
Cover IMF Working Papers
Whose Credit Line is it Anyway: An Update on Banks' Implicit Subsidies
Tryggvi Gudmundsson
The post-crisis financial sector framework reform remains incomplete. While capital and liquidity requirements have been strengthened, doubts remain over other aspects, including the fact that expectations of government support for systemically-important banks (SIBs) remain intact. In this paper, we use a jump diffusion option-pricing approach to provide estimates of implicit subsidies gained by these banks due to the expectation of protection to creditors provided by governments. While these subsidies have declined in the post-crisis era as volatility has declined and capital levels have increased, they remain non-trivial. Even conservative parameterizations of default and loss probabilities lead to macroeconomically significant figures.
Keywords:
WP; fair value; Implicit subsidies; systemically-important banks; capital regulation; bank assets; asset price assumption; asset volatility; recovery rate; bank's assets; market value of assets; value destruction; Asset prices; Stocks; Asset valuation; Global systemically important banks; Global