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Europe > Iceland

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Cover IMF Staff Country Reports
Iceland: Financial Sector Assessment Program-Technical Note on Macroprudential Policy
International Monetary Fund. Monetary and Capital Markets Department
This technical note highlights macroprudential policy in Iceland. Macroprudential policy in Iceland recently has centered on the property market, given the importance of this market for households’ balance sheets, banks’ loan portfolios, and the potential systemic risks. The Central Bank of Iceland (CBI) has a strong institutional framework for macroprudential policy, assuring the willingness to act. The macroprudential framework also promotes the ability to act promptly. As the financial supervisor, the CBI has control over prudential tools; it may exercise its power as necessary to ensure financial stability. The institutional arrangements encourage effective cooperation and coordination with other institutions. CBI surveillance and systemic risk assessment rely on comprehensive quantitative information and constructive dialogue with the industry as well as on various models and stress tests. The strong analytical capacity for systemic risk monitoring can be further enhanced by filling data gaps and enriching models. While recent measures go in the right direction, the authorities should stand ready to take further actions if vulnerabilities persist.
Keywords:
capital markets department; Macroprudential decision making; housing market Mispricing; house price misalignment; CBI share; Financial sector stability; Macroprudential policy; Systemic risk; Loans; Mortgages; Global; Baltics
Cover Financial Soundness Indicators Compilation Guide 2019
Financial Soundness Indicators Compilation Guide 2019
International Monetary Fund. Statistics Dept.

Abstract

The 2019 Financial Soundness Indicators Compilation Guide (2019 Guide) includes new indicators to expand the coverage of the financial sector, including other financial intermediaries, money market funds, insurance corporations, pension funds, nonfinancial corporations, and households. In all, the 2019 Guide recommends the compilation of 50 FSIs—13 of them new. Additions such as new capital, liquidity and asset quality metrics, and concentration and distribution measures will serve to enhance the forward-looking aspect of FSIs and contribute to increase policy focus on stability of the financial system.

Keywords:
M&G; capital; loan; foreign currency; holding company; DT subsidiary; DT sector; parent corporation; FSI compiler; regulatory capital; capital range; Financial soundness indicators; Personal income; Loans; Real estate prices; Financial statements; Global; Western Hemisphere; Middle East and Central Asia; Sub-Saharan Africa; Europe; Caribbean; real estate; Asia and Pacific
Cover IMF Working Papers
Portfolio Inflows Eclipsing Banking Inflows: Alternative Facts?
Mr. Eugenio M Cerutti
and
Mr. Gee Hee Hong
Superficial examination of aggregate gross cross-border capital inflow data suggests that there was no substitution between portfolio inflows and bank loans in recent years. However, our novel analysis of disaggregate inflows (both by types of instrument and borrower) shows interesting heterogeneity. There has been substitution of bank loans for portfolio debt securities not only in the case of corporate and sovereign borrowers in advanced countries, but also sovereign borrowers in emerging countries. In the case of corporate borrowers in emerging markets, the relationship corresponds to complementarity across types of gross capital inflows, especially during periods of positive capital gross inflows after the global financial crisis. A large part of these patterns does not seem to be driven by a common phenomenon across countries associated with the global financial cycle, but rather by country-specific factors.
Keywords:
WP; capital flows; portfolio inflows; bank inflows; global financial cycle; portfolio debt; loan inflow; AE corporate; borrower type; investment loan; factor loading; debt inflow; debt optimization operation; Loans; Capital inflows; Securities; Stocks; Global
Cover Policy Papers
Increasing Resilience to Large and Volatile Capital Flows: The Role of Macroprudential Policies - Case Studies
International Monetary Fund
NULL
Keywords:
PP; bank; central bank; financing; net capital; Banco de la República de Colombia; FX lending; parent bank; return on equity; foreign currency; financial crisis; credit growth; financial system; banking sector; monetary policy; Credit; Capital inflows; Capital flows; Loans; Global
Cover IMF Staff Country Reports
Republic of San Marino: Selected Issues
International Monetary Fund. European Dept.
This paper offers elements of a possible strategy to deal with San Marino’s nonperforming loans (NPLs). It provides a brief overview of the reasons behind the accumulation of impaired assets by Sammarinese banks. This paper also presents some stylized facts regarding the nature and composition of San Marino’s problem loans. Further, it summarizes the experience of other small economies in dealing with weak banks and NPLs, with a view to drawing policy lessons. This paper also discusses recent measures implemented by the Sammarinese authorities to address weak financial institutions and their problem assets and examines the main impediments to deal with NPLs in San Marino’s legal and tax framework.
Keywords:
ISCR; CR; recapitalization plan; Sammarinese bank; asset quality; secrecy regime; transferring bank; bank secrecy status; insolvency process; debt enforcement procedure; recipient bank; banks default; Nonperforming loans; Solvency; Debt restructuring; Loans; Commercial banks; Europe
Cover IMF Working Papers
Crisis Transmission in the Global Banking Network
Galina Hale
,
Mr. Tümer Kapan
, and
Ms. Camelia Minoiu
We study the transmission of financial sector shocks across borders through international bank connections. For this purpose, we use data on long-term interbank loans among more than 6,000 banks during 1997-2012 to construct a yearly global network of interbank exposures. We estimate the effect of direct (first-degree) and indirect (second-degree) exposures to countries experiencing systemic banking crises on bank profitability and loan supply. We find that direct exposures to crisis countries squeeze banks' profit margins, thereby reducing their returns. Indirect exposures to crisis countries enhance this effect, while indirect exposures to non-crisis countries mitigate it. Furthermore, crisis exposures have real effects in that they reduce banks' supply of domestic and cross-border loans. Our results, based on a large global sample, support the notion that interconnected financial systems facilitate shock transmission.
Keywords:
WP; syndicated loan; commercial bank; balance sheet; return on assets; shock transmission; long-term interbank exposures; systemic banking crises; financial networks; syndicated loans; crisis exposure; bank type; bank performance; bank level; Loans; Foreign currency exposure; Banking crises; Systemic crises; Global
Cover IMF Working Papers
A Strategy for Developing a Market for Nonperforming Loans in Italy
Nadège Jassaud
and
Mr. Kenneth H Kang
Addressing the buildup of nonperforming loans (NPLs) in Italy since the global financial crisis will remain a challenge for some time and be important for supporting a sustained, robust economic recovery. The buildup reflects both the prolonged recession as well as structural factors that have held back NPL write-offs by banks. The paper discusses the impediments to NPL resolution in Italy and a strategy for fostering a market for restructuring distressed assets that could support corporate and financial restructuring.
Keywords:
WP; nonperforming loan; loan; debt market; NPL resolution; private equity; restructuring npls; NPLs; NPL disposal; distressed assets; problem loans; bad debt; write-offs; corporate restructuring; debt restructuring; bad bank; AMCs; Asset Quality Review; Balance Sheet Assesment; Resolution; NPL ratio; loan restructuring effort; resolution target; book value; NPL write-off; restructuring market; NPL asset management companies; Nonperforming loans; Loans; Collateral; Europe; Global
Cover IMF Working Papers
Resolving Residential Mortgage Distress: Time to Modify?
Mr. Jochen R. Andritzky
In housing crises, high mortgage debt can feed a vicious circle of falling housing prices and declining consumption and incomes, leading to higher mortgage defaults and deeper recessions. In such situations, resolution policies may need to be adapted to help contain negative feedback loops while minimizing overall loan losses and moral hazard. Drawing on recent experiences from Iceland, Ireland, Spain, and the United States, this paper discusses how economic trade-offs affecting mortgage resolution differ in crises. Depending on country circumstances, the economic benefits of temporary forbearance and loan modifications for struggling households could outweigh their costs.
Keywords:
WP; loan modification; unsecured debt; foreclosure procedure; negative equity; central bank; Debt overhang; foreclosure; housing crisis; mortgage distress; loan restructuring; foreclosure moratorium; loan renegotiation; due diligence; foreclosure process; foreclosure alternative; mortgage workout; loan counseling; Mortgages; Loans; Housing prices; Debt relief; Debt service; Global
Cover IMF Staff Country Reports
Iceland: 2013 Article IV Consultations and Third Post-Program Monitoring Discussions
International Monetary Fund. European Dept.
This 2013 Article IV Consultation highlights that Iceland’s economy is on a path to recovery, but legacy vulnerabilities are weighing on growth. GDP growth—which reached 2.9 percent in 2011—slowed to 1.6 percent in 2012 amid private sector deleveraging and weak external demand. Unemployment has continued to decline however, standing at 5.1 percent in May, down from a peak of 9.2 percent in September 2010. Inflation has come down to 3.3 percent in June from a peak of 18.6 in January 2009, but remains above the central bank’s target of 2½ percent. The outlook is for modest growth, declining inflation, and improving fiscal and external position.
Keywords:
ISCR; CR; broad money; control; IMF staff estimate; inflation expectation; market access; loan valuation uncertainty; central bank's authority; Capital controls; Fiscal consolidation; Loans; Global; Europe
Cover IMF Staff Country Reports
Greece: Selected Issues
International Monetary Fund. European Dept.
Rigidities in Greece’s product and labor markets leading to economic imbalances and the significance of reforms to these markets are played out in the first paper. The second paper describes the problems, progress to date, and agenda for work in Greece’s revenue administration and how this effort has been achieved primarily by raising tax rates to high levels and reducing wages, pensions, and other spending. The third paper is on the need for designing and implementing debt restructuring frameworks as well as improving banks’ loan resolution practices so that Greece’s banks are positioned to support the economic recovery.
Keywords:
ISCR; CR; product market; labor market; firm; Greece; product market reform; adjustment cost; revenue administration; flexibility indicator; labor market reform; administration reform; Credit; Commodity markets; Nonperforming loans; Tax administration core functions; Global; Eastern Europe; Baltics