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Europe > Ireland

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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
Contagion as a Dealmaker? The Effect of Financial Spillovers on Regional Lending Programs
Alexandra Fotiou
,
Alica Ida Bonk
, and
Georgios Manalis
The recent European sovereign debt crisis highlighted the critical role of regional lending arrangements. For the first time, European mechanisms were called to design financing programmes for member countries in trouble. This paper analyses how the risk of contagion, an essential characteristic of interlinked economies, shapes borrowing conditions. We focus on the role of spillovers as a channel of bargaining power that a country might have when asking for financial support from regional lending institutions. We build and present a new database that records both the dates on which official meetings took place, relevant statements were released and the timing of the announcements regarding loan disbursements. This database allows us to assess the defining role that announcements of future actions have in mitigating spillover costs. In addition, we study the design of lending arrangements within a recursive contract between a lender and a sovereign country. When accounting for spillover costs, arising from the borrower to the creditor, we find that it is in the lender's best interest to back-load consumption by giving more weight to future transfers in order to reduce contagion cost. Subsequently, we test and validate our theoretical predictions by assessing the effect of spillovers on loan disbursements to programme-countries and by juxtaposing lending conditions imposed by the IMF and the European mechanisms.
Keywords:
Regional lending mechanisms; currency-union; spillovers; spillover cost; loan disbursement; lending condition; loan announcement; lending program; Loans; Consumption; Credit default swap; ESM disbursement; lending terms and conditions; lending agreement; IMF statement
Cover IMF Staff Country Reports
St. Kitts and Nevis: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for St. Kitts and Nevis
International Monetary Fund. Western Hemisphere Dept.
St. Kitts and Nevis entered the Covid-19 pandemic from a position of fiscal strength following nearly a decade of budget surpluses. A significant part of the large CBI revenues was prudently saved, reducing public debt below the regional debt target of 60 percent of GDP and supporting accumulation of large government deposits.
Keywords:
authorities of St. Kitts and Nevis; CBI revenue; CBI revenue volatility; government target population; CBI program; lower-than-expected CBI receipts; COVID-19; Loans; Caribbean; Western Hemisphere; Global
Cover IMF Staff Country Reports
United Kingdom: 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom
International Monetary Fund. European Dept.
The UK entered 2020 negotiating a new economic relationship with the EU and facing other challenges, including meeting climate targets, dealing with an aging population, and reinvigorating tepid productivity growth. Growth and investment had been weak since the 2016 referendum, and the current account deficit elevated, but unemployment was low, inflation on target, and balance sheets strong. The global pandemic hit the UK hard in March, and the country now faces a second wave. The economic impact has been severe, but helped by an aggressive policy response, jobs have been preserved, businesses kept afloat, and banking sector losses contained. Still, the outlook for the near term is weak, as the economy works through the second wave, Brexit, rising unemployment, and corporate distress. Risks are overall to the downside, centering on the degree of balance sheet damage sustained by households and small and medium enterprises. The pace at which vaccines are able to bring the pandemic under control could be an important mitigating factor.
Keywords:
ISCR; CR; NI Protocol; draft UK; bank dividend payment; welfare provision; withdrawal agreement; activity data; COVID-19; Inflation; Global; Europe
Cover Policy Papers
Safeguards Assessments - 2011 Update
International Monetary Fund
Under the Fund’s safeguards policy introduced in 2000, assessments of central banks are carried out for countries seeking financing from the IMF. They are part of the Fund’s approach to prudent lending and complement the Fund’s other safeguards such as program design, conditionality, and access limits, to name a few. The assessments aim to provide reasonable assurance that governance and controls can protect Fund resources from misuse and guard against misreporting of monetary data used for program monitoring purposes.
Keywords:
PP; central bank; assessment; governance; country; procedure; adherence to governance principle; governance chapeau; assessment activity; central bank's governance; lending process; central bank audit; governance structure; governance orientation; assessments of central banks; safeguards Policy; profile of central bank audit; External audit; Auditing; Monetary statistics; Central bank governance; Fiscal risks; West Africa; Western Hemisphere; Pacific Islands; Western Europe; Europe
Cover IMF Working Papers
Testing the Credibility of the Belgian Hard Currency Policy
Mr. Vincent Koen
Interest rate differentials have been widely used to assess the degree of policy credibility. A problem with this measure, however, is that the relationship between the differential and credibility varies not only across maturities but also with the actual level of the exchange rate. The alternative approach used in this paper, based on the construction of rate-of-return bands, overcomes this difficulty. It is applied to Belgium, which in May 1990 hardened its exchange rate policy stance. Comparisons with other small, open European economies are carried out. Econometric evidence is provided supporting the claim that the announcement and active implementation of a tighter exchange rate link does make a difference.
Keywords:
WP; interest rate; debt ratio; interest rate differential; band vis-à-vis; Danish krone; deutsche mark rate; inflation differential; short term exchange rate volatility; mechanism of the EMS; vis-à-vis Germany; Exchange rates; Currencies; Financial statistics; Long term interest rates