Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Europe > Iceland

You are looking at 1 - 9 of 9 items for :

  • Type: Journal Issue x
  • Revenue administration x
Clear All Modify Search
Cover IMF Staff Country Reports
Iceland: Financial Sector Assessment Program-Technical Note on Pension Fund Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
This technical note analyses the key aspects of the regulatory and supervisory regime for pension funds in Iceland. Pension funds in Iceland play a vital role in the domestic financial sector, acting as investors and lenders. This Financial Sector Assessment Program (FSAP) reviews recent developments and the structure of the Icelandic pension fund sector. This technical note provides context on the Icelandic pension system, focusing in particular on the compulsory occupational scheme in Pillar II, the most important pillar of the system. The pension fund sector is large, well developed, and highly interconnected with the domestic financial system, mainly through exposures toward banks and domestic investment funds. A separate technical note summarizes the results of the risk analysis carried out for the pension fund sector and elaborates more on current market risk sensitivities. The governance and internal controls framework for pension funds is not aligned with the systemic role of the sector, and the underlying rules in the Pension Fund Act pre-date the corresponding provisions for other financial sectors. The Financial Supervisory Authority has adopted a risk-based and forward-looking supervisory model, however there is no minimum frequency set for on-site inspections. The FSAP recommends a strengthening of the legislative framework, especially regarding governance, internal controls and outsourcing.
Keywords:
pension fund regulation; finance disclosure regulation; insurance supervisor; staff team of the International Monetary Fund; pension supervisor; Pension spending; Financial stability assessment; Pensions; Internal controls; Pension fund supervision; Europe
Cover Policy Papers
IMF COVID-19 Response—A New Short-Term Liquidity Line to Enhance The Adequacy Of The Global Financial Safety Net
International Monetary Fund
The COVID-19 pandemic has created severe disruption in the global financial system, with many emerging market and developing countries (EMDCs) facing liquidity shortages. In the context of intensified demand for liquidity and heightened global uncertainty, staff has revisited the 2017 proposal for a new facility to provide liquidity support to the Fund’s membership. This paper proposes the establishment of a new Short-term Liquidity Line (SLL) as a special facility in the General Resources Account (GRA), based on the key features of the 2017 blueprint.
Keywords:
PP; SLL arrangement; SLL usage; liquidity pressure; liquidity position; liquidity shortage; Liquidity; Balance of payments need; Communications in revenue administration; Credit; Financial Sector Assessment Program; Global
Cover Policy Papers
The IMF’s Annual Macroprudential Policy Survey— Objectives, Design, and Country Responses
International Monetary Fund
As use of macroprudential policy tools is growing, the IMF has initiated an annual survey on macroprudential policy with its membership. The resulting new database provides information on policy measures taken by IMF member countries as well as on the institutional arrangements in place to support macroprudential policy. This paper provides detail on the design of the survey and a description of the results from the first edition of the survey, based on responses received from 141 jurisdictions. It reviews institutional arrangements in place across the membership, provides an initial description of the types of measures reported across regions, and describes recent changes in macroprudential policy settings reported by member countries.
Keywords:
PP; country; country response; nonbank; country submission; liquidity; countries indicating; multilateral analysis; countries in the Western Hemisphere; Macroprudential policy; Macroprudential policy instruments; Institutional arrangements for revenue administration; Systemic risk; Global; Western Hemisphere; Africa; Asia and Pacific; Europe
Cover IMF Staff Country Reports
Iceland: Report on Observance of Standards and Codes (ROSC)
International Monetary Fund. European Dept.
This Report on Observance of Standards and Codes on Iceland summarizes the findings and recommendations of the assessment. This assessment of the current state of the implementation of the Basel Core Principles for Effective Banking Supervision in Iceland has been completed as a stand-alone Report on the Observance of Standards and Codes undertaken by the IMF during March of 2014 at the request of the Icelandic authorities. It is advised to ensure planned legislative amendments clarify the roles regarding banking supervision of liquidity risk, including corrective action. Ensure planned legislative amendments clarify Financial Supervisory Authority in Iceland (FME) actions in the enforcement of buffers. It is also recommended to amend processes, systems and practices in order to use the full definition of qualified holder, beyond the mere quantitative thresholds. The assessment also recommends developing rules and guidelines for banks on the benchmarks, standards, and procedures that the FME will follow in determining the adequacy of bank’s risk management and governance systems.
Keywords:
ISCR; CR; FME monitor; interest rate; business plans; corporate governance; FME authority; FME supervision; reform program; FME focus; financial system; FME methodology; FME decision making process; FME onsite work; Legal support in revenue administration; Bank supervision; Commercial banks; Basel Core Principles; Bank risk management; Global; banking sector
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
Cover Policy Papers
The Fund's Capacity Development Strategy--Better Policies Through Stronger Institutions
International Monetary Fund
This paper outlines reforms to increase the effectiveness of the Fund’s capacity development (CD) program. It builds on the 2008 and 2011 reviews of technical assistance (TA) and the 2008 review of training, which set in motion important changes to make CD more valuable to member countries. Reforms will involve Board endorsement in a few areas and implementation by staff of related next steps.
Keywords:
PP; TA review; TA evaluation program; donor financing; TA department; assessment report; Cd activity; member country; monetary policy; TA advice; TA strategy paper; policy statement; planning process; employment growth; donor-financed CD activity; policy advice; program context; area department; IT RBM platform; Budget planning and preparation; Strategic planning for revenue administration; Employment; Monetary policy frameworks; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Iceland: Sixth Review Under the SBA and Proposal for Post-Program Monitoring - Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iceland.
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; interest rate decision; liberalization; Last Article IV consultation; capital account liberalization strategy; core banking system; MPC decision; inflation risk; staff statement; Commercial banks; Global; Europe
Cover IMF Working Papers
Tax Revenue Response to the Business Cycle
Ms. Cemile Sancak
,
Jing Xing
, and
Ricardo Velloso
This paper examines tax revenue during the business cycle by estimating the relationship between tax revenue efficiency and the output gap. We find a positive and significant relationship between these variables; results are consistent for quarterly and annual data, and across advanced and developing economies. We also find that a worsening (improvement) in the VAT C-efficiency is driven by shifts in consumption patterns and changes in tax evasion during contractions (expansions). A key implication is that, particularly during major economic booms and downturns, policy makers should look beyond simple, long-run revenue elasticities and incorporate into their analysis the effects of the economic cycle on tax revenue efficiency.
Keywords:
WP; tax revenue; output gap coefficient; tax revenue forecasting; business cycle; tax revenue efficiency; C-efficiency; VAT elasticity; VAT C-efficiency; estimation result; output gap variable; Value-added tax; Output gap; Tax efficiency; Consumption; Baltics
Cover IMF Staff Country Reports
Iceland: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
This paper examines Iceland’s Observance of Standards and Codes on the Financial Action Task Force Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism. Iceland’s legal requirements in place to combat money laundering and terrorist financing are generally comprehensive. The penalties for money laundering appear low, and the number of money laundering prosecutions and convictions has decreased. The terrorist financing offence is generally broad, although it does not fully cover the financing of acts listed in the Terrorist Financing Convention.
Keywords:
ISCR; CR; CFT requirement; CFT legislation; CFT system; CFT control; CFT standard; CFT authorities; CDD measure; CFT training; CFT issue; CFT policy coordination; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Terrorism financing; Legal support in revenue administration; Europe