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Europe > Ireland

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

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  • External position x
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Cover Technical Notes and Manuals
Special Purpose Entities: Guidelines for a Data Template
Mr. Carlos Sanchez-Munoz
,
Artak Harutyunyan
, and
Ms. Padma S Hurree Gobin
The Note is meant to assist compilers in the practical application of the agreed defini¬tion to identify resident Special Purpose Entities (SPE) in their jurisdictions and in collecting and reporting SPE-related cross-border data. To this end, these guidelines provide practical advice on the (1) implementa¬tion of the definition of SPEs, (2) possible data sources and processes for collecting and compiling SPE-related statistics, and (3) reporting within the agreed Data Template.
Keywords:
Globalization; multinationals; host jurisdictions; institutional units; control; cross-border flows and positions; SPE definition; SPE data collection; company B; SPE flow; SPE statistics; Special purpose vehicle; Data collection; External sector statistics; Foreign direct investment; International investment position; Global
Cover IMF Working Papers
Heterogeneity of Bank Risk Weights in the EU: Evidence by Asset Class and Country of Counterparty Exposure
Ms. Rima A Turk
Concerns about excessive variability in bank risk weights have prompted their review by regulators. This paper provides prima facie evidence on the extent of risk weight heterogeneity across broad asset classes and by country of counterparty for major banks in the European Union using internal models. It also finds that corporate risk weights are sensitive to the riskiness of an average representative firm, but not to a market indicator of a firm’s probablity of default. Under plausible yet severe hypothetical scenarios for harmonized risk weights, counterfactual capital ratios would decline significantly for some banks, but they would not experience a shortfall relative to Basel III’s minimum requirements. This, however, does not preclude falling short of meeting additional national supervisory capital requirements.
Keywords:
WP; risk weight; risk; bank; bank risk measure; Bank Capital; Regulation; Risk Weights; Basel III; bank portfolio risk; SA portfolio decomposition; market risk share; portfolio risk weight; risk weights capture; IRB risk weight; capital framework; credit exposure; IRB portfolio share; risk component; Capital adequacy requirements; Credit risk; Mortgages; External balance assessment (EBA); Credit; Europe; Global
Cover Policy Papers
Seventh Periodic Monitoring Report on the Status of Implementation Plans in Response to Board-Endorsed IEO Recommendations
International Monetary Fund
The Seventh PMR includes: (i) a discussion of progress made over the last year on the actions corresponding to four Management Implementation Plans (MIPs) that were classified as still “in progress” in the previous PMR; and (ii) an assessment of the progress made in achieving the high-level objectives in three areas directly related to those MIPs. In addition, an update on substantive issues related to five older MIPs agreed since 2007 is provided at the end of the report. Three new evaluations have been completed by the IEO since March 2014. In July and August 2015, Management issued the MIPs in response to these evaluations. Given that only a short time has passed since their completion, progress in addressing the actions contemplated in those MIPs will be discussed in the next PMR.
Keywords:
PP; country authorities; member country; country assignment; guidance note; IEO evaluation; staff survey; IEO recommendation; Sixth PMR; country perspective; Financial sector; Financial Sector Assessment Program; Spillovers; Assessing reserve adequacy (ARA); Global
Cover IMF Working Papers
Cross-Country Experience in Reducing Net Foreign Liabilities: Lessons for New Zealand
Ding Ding
,
Mr. Werner Schule
, and
Ms. Yan M Sun
This paper studies the dynamics of net foreign liabilities across a number of countries. Our historical analysis suggests that an orderly reduction in a country’s net foreign liabilities has mostly occurred when there was significant improvement in gross public savings through deliberate fiscal consolidation measures. Simulations of a dynamic general equilibrium model calibrated for New Zealand indicates that sustained government deficit reduction could improve the country’s net foreign assets by about half of the accumulated public savings. However, given New Zealand’s relatively strong fiscal positions and previous work noting structurally low household savings, an orderly improvement in New Zealand’s external position in the medium term will depend on a structural improvement in private savings.
Keywords:
WP; GDP; crisis; private sector; Net foreign liabilities; Current account balance; Public savings; Fiscal consolidation; crisis risk; exchange rate; crisis database; gross private sector debt; inflation crisis; reductions in NFL; New Zealand's NFL; Foreign liabilities; Foreign assets; Trade balance; Global
Cover IMF Working Papers
Credibility and Crisis Stress Testing
Ms. Li L Ong
and
Ceyla Pazarbasioglu
Credibility is the bedrock of any crisis stress test. The use of stress tests to manage systemic risk was introduced by the U.S. authorities in 2009 in the form of the Supervisory Capital Assessment Program. Since then, supervisory authorities in other jurisdictions have also conducted similar exercises. In some of those cases, the design and implementation of certainelements of the framework have been criticized for their lack of credibility. This paper proposes a set of guidelines for constructing an effective crisis stress test. It combines financial markets impact studies of previous exercises with relevant case study information gleaned from those experiences to identify the key elements and to formulate their appropriate design. Pertinent concepts, issues and nuances particular to crisis stress testing are also discussed. The findings may be useful for country authorities seeking to include stress tests in their crisis management arsenal, as well as for the design of crisis programs.
Keywords:
WP; crisis stress tests; asset quality; price index; capital action; financial crisis; stock index; Asset quality review; crisis; disclosure; financial backstop; hurdle rates; liquidity risk; restructuring; solvency; transparency; CCAR; CEBS; EBA; PCAR; SCAP; EU bank; loan portfolio; loss absorption capacity; assessed bank; bank valuation; financing eurozone bank; bank result; EU capital exercise; Stress testing; Commercial banks; External balance assessment (EBA); Solvency stress testing; Liquidity stress testing; Europe; Global
Cover IMF Staff Country Reports
European Union: Publication of Financial Sector Assessment Program Documentation—Technical Note on Progress with Bank Restructuring and Resolution in Europe
International Monetary Fund. Monetary and Capital Markets Department
This article is an analysis on the restructuring banking system of the European Union. The global financial crisis created the need to restructure by immensely reflecting weaknesses in the public, households, corporate, and other financial sectors. The restructuring includes the strengthening of bank resolution tools, the activation of nonperforming loans, the maintenance of macrofinancial framework, recovery of market access, and so on. The Executive Board recommends this transition of the European Union because this paves the way to financial stability globally.
Keywords:
ISCR; CR; bank; asset; restructuring plan; resolution directive; EU country; bank resolution; RWAs calculation; IMF EU FSAP FSSA; EU government; bridge bank; EU banking assets; Bank resolution framework; Bank resolution; Nonperforming loans; Financial sector stability; External balance assessment (EBA); Europe; Global
Cover IMF Working Papers
Europe and Global Imbalances
Mr. Philip R. Lane
and
Mr. Gian M Milesi-Ferretti
Although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.
Keywords:
WP; U.S. dollar; dollar position; euro area; monetary policy
Cover IMF Working Papers
The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970–2004
Mr. Philip R. Lane
and
Mr. Gian M Milesi-Ferretti
We construct estimates of external assets and liabilities for 145 countries for the period 1970-2004. We describe our estimation methods and present key features of the data at the country and the global level. We focus on trends in net and gross external positions, and the composition of international portfolios, distinguishing between foreign direct investment, portfolio equity investment, official reserves, and external debt. We document the increasing importance of equity financing and the improvement in the external position for emerging markets, and the differing pace of financial integration between advanced and developing economies. We also show the existence of a global discrepancy between estimated foreign assets and liabilities, and identify the asset categories that account for this discrepancy.
Keywords:
WP; portfolio equity liability; cumulated portfolio equity outflow; liability position; portfolio equity inflow