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Law > Business and Financial

You are looking at 1 - 3 of 3 items for :

  • Type: Journal Issue x
  • Crisis Management x
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Cover IMF Staff Country Reports
Indonesia: Financial System Stability Assessment-Press Release and Statement by the Executive Director for Indonesia
International Monetary Fund. Monetary and Capital Markets Department
This paper assesses the stability of Indonesia’s financial system. Since the 2010 Financial Sector Assessment Program, Indonesia’s macroeconomic performance has been robust and the financial system has been stable. Systemic risk is low and the banking system appears generally resilient to severe shocks. Market-based indicators point to relatively low levels of systemic risk. Under severe stress-test scenarios, banks experience sizable credit losses, particularly from corporate exposures, but high capital levels and strong profitability help absorb most of these losses. Many banks face relatively small shortfalls in liquidity stress tests, including in foreign currency, and these appear manageable for Bank Indonesia.
Keywords:
ISCR; CR; crisis Law; authority; emergency liquidity assistance framework; OJK; assets equal; BI Law; FX liquidity coverage regulation; Financial sector stability; Commercial banks; Crisis management; Stress testing; Global
Cover IMF Staff Country Reports
South Africa: Financial Sector Assessment Program-Financial Safety Net, Bank Resolution, and Crisis Management Framework-Technical Note
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note discusses recommendations made during the Financial Sector Assessment Program (FSAP) for South Africa in the areas of contingency planning, crisis management, and bank resolution. The proposed scope of the new resolution regime and of the South African Reserve Bank’s (SARB) jurisdiction as the resolution authority remains unclear. It is suggested that authorities should consider focusing on all deposit-taking institutions and only those other financial institutions that are currently deemed systemic. Non-deposit-taking financial institutions that are not found to be systemic should be resolved by the Prudential Authority or the Market Conduct Authority, whichever is the lead regulator.
Keywords:
ISCR; CR; resolution authority; SARB debentures rate; SARB-issued debenture; SARB announcement; money market; SARB Guidance note; SARB repo rate; SARB guideline; SARB governor; judicial review; SARB's function; regulatory authority; bank merger; Bank resolution framework; Financial sector stability; Crisis management; Legal support in revenue administration; Africa
Cover IMF Staff Country Reports
Republic of Korea: Financial Sector Assessment Program-Crisis Preparedness and Crisis Management Framework-Technical Note
International Monetary Fund. Monetary and Capital Markets Department
Korea experienced significant financial distress in the late 1990s along with some of its Asian neighbors. The authorities’ experience in handling this crisis and the experience in handling the fallout from the global financial crisis in 2007–08 helped them establish a broad crisis management framework in Korea. Improving and formalizing the framework for crisis management would help preserve and build upon institutional memory. Authorities can consider formally setting up an apex forum for leading the inter-agency cooperation and coordination work on crisis preparedness and crisis management. With a view to avoid duplication, the authorities may consider upgrading the Macroeconomic Financial Meeting (MEFM) with participation by the heads of the Ministry of Strategy and Finance (MOSF), Financial Services Commission (FSC), Financial Supervisory Service (FSS), Bank of Korea (BOK), and Korea Deposit Insurance Corporation (KDIC) as members, and by including crisis preparedness and crisis management as an explicit mandate. The essential elements of a financial safety net are available in Korea, and the Emergency Liquidity Assistance (ELA) framework and deposit insurance system can be improved to make the safety net more responsive. For ELA, this can be achieved by reviewing and revising the legal and procedural aspects to remove any scope for delays in actual disbursement of funds. For deposit insurance system, improvements can be made by bringing the deposit insurance fund out of deficit, and assuring a back-up funding. The financial safety net is well supported by an efficient framework of financial sector supervision. While the corrective action framework has some of the main elements in place it can, among others, be improved in the following areas for better effectiveness: (a) reviewing the triggers for corrective actions and improving their objectivity to enable timely intervention, including even before banks breach regulatory thresholds; and (b) putting in place norms and guidance determining the use of the powers to postpone or suspend corrective actions.
Keywords:
ISCR; CR; bank deposit; financial crisis; banking sector; KDIC power; public funds; insurance fund; capital ratio; payment suspension; holding company; financial support; due diligence; cross subsidization; bond market; Crisis management; Crisis prevention; Deposit insurance; Global