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Europe > Switzerland

You are looking at 1 - 10 of 29 items for :

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  • Financial risk management x
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Cover International Monetary Fund Annual Report 2021 Financial Statements
International Monetary Fund Annual Report 2021 Financial Statements
International Monetary Fund. Secretary's Department

Abstract

The audited financial statements that follow form Appendix VI of the International Monetary Fund's Annual Report 2021 and can be found, together with Appendixes I through V and other materials, on the Annual Report 2021 web page (www.imf.org/AR2021). They have been reproduced separately here as a convenience for readers. Quarterly updates of the IMF's Finances are available at www.imf.org/external/pubs/ft/quart/index.htm.

Keywords:
fair value; unit of account; audit evidence; SDR basket currency; SDR position; fixed income; Financial statements; Credit risk; Income; Credit; Loans; Africa; Global; Middle East and Central Asia; Asia and Pacific; Western Hemisphere; Europe
Cover International Monetary Fund Annual Report 2020 Financial Statements
International Monetary Fund Annual Report 2020 Financial Statements
International Monetary Fund. Secretary's Department

Abstract

The audited consolidated financial statements of the International Monetary Fund as of April 30, 2020 and 2019

Keywords:
exchange rate risk; audit evidence; fair value; SDR position; reserve account; net income; SDR basket currency; net cash; fixed income; Financial statements; Currencies; Credit risk; Credit; Loans; Global; Africa; Middle East and Central Asia; Western Hemisphere; Asia and Pacific
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 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-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 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-Stress Testing the Banking Sector
International Monetary Fund. Monetary and Capital Markets Department
Financial Sector Assessment Program; Technical Note-Stress Testing the Banking Sector
Keywords:
ISCR; CR; interest rate; money market; capital ratio; mortgage portfolio; credit risk; risk premium; cash flow; fair value; interbank market; banking system; financial crisis; income statement; net income; return on assets; Mortgages; Credit risk; Stress testing; Loans; Market risk; Global
Cover IMF Working Papers
Can Good Governance Lower Financial Intermediation Costs?
Mariusz Jarmuzek
and
Mr. Tonny Lybek
This paper argues that better governance practices can reduce the costs, risks and uncertainty of financial intermediation. Our sample covers high-, middle- and low-income countries before and after the global financial crisis (GFC). We find that net interest margins of banks are lower if various governance indicators are better. More cross-border lending also appears conducive to lower intermediation costs, while the level of capital market development is not significant. The GFC seems not to have had a strong impact except via credit risk. Finally, we estimate the size of potential gains from improved governance.
Keywords:
WP; intermediation cost; bank-dealership model; bank characteristic; banks capital; transaction size; financial intermediation costs; governance; corruption; bank-dealership framework; Credit risk; Global financial crisis of 2008-2009; Capital markets; Competition; Inflation; Global
Cover IMF Staff Country Reports
Germany: Financial Sector Assessment Program-Detailed Assessment of Observance on the Eurex Clearing AG Observance of the CPSS-IOSCO Principles for Financial Market Infrastructures
International Monetary Fund. Monetary and Capital Markets Department
This paper provides a detailed assessment of observance on the Eurex Clearing AG observance of the Committee on Payment and Settlement Systems-International Organization of Securities Commissions principles for financial market infrastructures. Eurex Clearing is a global central counterparty clearing house that clears a broad range of both listed and over-the-counter (OTC) products. It offers fully automated and straight-through post trade services to the derivatives markets Eurex Deutschland and Eurex Zürich, the Frankfurt Stock Exchange, the multilateral trading systems of Eurex Bonds GmbH and Eurex Repo GmbH, the Irish Stock Exchange as well as clearing services for OTC interest rate derivatives (Eurex OTC Clear), as well as clearing services for transactions in cash equities, bonds, repos, derivatives, secure funding, securities financing, and transactions.
Keywords:
ISCR; CR; risk management; central bank; investment strategy; business strategy; Fund contribution; conditions of Eurex Clearing; BCM Policy; internal audit; default management process; credit risk; initial margin; Members transaction; risk model; Risk framework; recovery plan; Collateral; Central counterparty clearing house; Operational risk; Securities; Credit; Global