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Europe > Switzerland

You are looking at 1 - 8 of 8 items for :

  • Type: Journal Issue x
  • Bankruptcy; Liquidation x
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Cover Departmental Papers
Stress Testing at the IMF
Mr. Tobias Adrian
,
Mr. James Morsink
, and
Miss Liliana B Schumacher
This paper explains specifics of stress testing at the IMF. After a brief section on the evolution of stress tests at the IMF, the paper presents the key steps of an IMF staff stress test. They are followed by a discussion on how IMF staff uses stress tests results for policy advice. The paper concludes by identifying remaining challenges to make stress tests more useful for the monitoring of financial stability and an overview of IMF staff work program in that direction. Stress tests help assess the resilience of financial systems in IMF member countries and underpin policy advice to preserve or restore financial stability. This assessment and advice are mainly provided through the Financial Sector Assessment Program (FSAP). IMF staff also provide technical assistance in stress testing to many its member countries. An IMF macroprudential stress test is a methodology to assess financial vulnerabilities that can trigger systemic risk and the need of systemwide mitigating measures. The definition of systemic risk as used by the IMF is relevant to understanding the role of its stress tests as tools for financial surveillance and the IMF’s current work program. IMF stress tests primarily apply to depository intermediaries, and, systemically important banks.
Keywords:
DPPP; DP; bank; IMF staff; stress tests; bank exposure; cash flow; funding cost; share price; defaults affect bank asset value; IMF solvency stress tests; optimization process; bank capital; IMF team; counterbalancing capacity; Stress testing; Financial Sector Assessment Program; Systemic risk; Solvency; Solvency stress testing; Global; Financial sector stability; risk amplification mechanism; IMF stress tests; solvency factor; IMF Library
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-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: Detailed Assessment of Observance-Insurance Core Principles
International Monetary Fund. Monetary and Capital Markets Department
This Detailed Assessment of Observance on the Insurance Core Principles on Switzerland analyzes that the insurance industry in Switzerland is well developed having among the highest insurance penetration and expenditure per capita in the world. The sector is dominated by a few players writing significant international business. The life sector is dominated by two players, responsible for 54 percent of the business and the top 10 life insurers account for 97 percent of the market. The industry has weathered the 2008 crisis well; however, the current low interest rate environment is affecting the sector. The lack of availability of Swiss government bonds to match long term liabilities of life insurers and pension funds could be a source of vulnerability. The long-term nature of the liabilities of life insurers and pension funds could in principle be matched by investment in Swiss government securities. Supervision focuses on ensuring sufficiency of liquid assets to meet policy liabilities. Policyholders have priority claims over the tied assets. In addition, robust solvency requirements ensure there is enough capital to safeguard the insurers’ financial soundness under adverse conditions.
Keywords:
ISCR; CR; financial market; risk management; parent company; insurance group; board of directors; business plan; investment strategy; balance sheet; insurance coverage; Insurance companies; Insurance; Solvency; Financial statements; Insurance supervision; Global; Europe
Cover IMF Staff Country Reports
Switzerland: Financial Sector Assessment Program: Technical Note: An Assessment of Insurance Core Principles for the Reinsurance Industry
International Monetary Fund
This technical note discusses key findings of the assessment of Insurance Core Principles (ICP) for the reinsurance industry for Switzerland. It reveals that the Swiss reinsurance market is dominated by three large players with a strong international presence. The reinsurance industry comprises 20 professional reinsurers and 50 reinsurance captives with gross premiums written totaling SwF 37.4 billion for 2005. Swiss Re, European Re, and Converium have consistently maintained more than 75 percent market share. More than 95 percent of reinsurance premiums came from foreign business.
Keywords:
ISCR; CR; conglomerate supervision; FOPI official; FOPI staff; supervisory authority; risk management; FOPI's power; corporate governance; insurance group; Insurance companies; Insurance; Corporate governance; Solvency; Insurance supervision; Global
Cover IMF Staff Country Reports
Switzerland: Financial Sector Assessment Program: Factual Update: Insurance Sector Market and Regulatory Developments
International Monetary Fund
This paper presents a factual update of the Insurance Core Principles including insurance sector market and regulatory developments for Switzerland. Regulatory reforms since 2003 have updated Switzerland’s regulatory and supervisory regime for the insurance industry to bring it in line with international best practices. The Insurance Supervision Law (ISL) has reoriented the regulatory focus and expanded the regulatory scope to include group/conglomerate supervision, corporate governance, risk management, and market conduct of insurance intermediaries. The ISL also provides for a range of corrective and preventive regulatory measures.
Keywords:
ISCR; CR; insurer; FOPI-SO; insurance coverage; insurers-risk management; life insurer; intermediaries vis-à-vis; occupational pension insurance ear; insurers-corporate governance practice; a number of insurer; FOPI-s supervision philosophy; insurance cooperative; monopolisticcantonal insurer; supervision philosophy; licensing insurer; earthquake insurance; Insurance companies; Insurance; Anti-money laundering and combating the financing of terrorism (AML/CFT); Solvency; Financial Sector Assessment Program; Global; market conduct of insurance intermediary; conglomerate supervision; financial market policy; solvency regime; insurance market; Insurance Core Principles; Insurance supervision
Cover Policy Papers
The Design of the Sovereign Debt Restructuring Mechanism - Further Considerations
International Monetary Fund
NULL
Keywords:
PP; bilateral creditor; board of governors; creditor approval; creditors' committee; event of default; restructuring process; equity problem; restructuring agreement; priority creditor; sovereign debtor; inter-creditor equity perspective; representative creditors committee; Legal support in revenue administration; Dispute resolution; Debt restructuring; Solvency; Global; North America
Cover Legal Aspects of Regulatory Treatment of Banks in Distress
Legal Aspects of Regulatory Treatment of Banks in Distress
Mr. T. M. C. Asser

Abstract

This book analyzes and compares the laws of selected industrial countries that are representative of the different approaches to the treatment of banks in distress. It addresses only those banking and economic policy issues that are required for a proper understanding of the banking law or the legal strategies, procedures, and practices that have evolved in the treatment of banking problems. The book does not cover international aspects of bank insolvency, but rather has a domestic focus, given that bank regulation and supervision are still largely a national endeavor.

Keywords:
BOOK; bank; bank regulator; regulator; license; moratorium; bank owner; bank receivership; financial condition; bank creditor; Bank legislation; Bank liquidation; Bank resolution; Commercial banks; Administration in revenue administration; Global; East Asia; Asia and Pacific