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Law > Business and Financial

You are looking at 1 - 10 of 11 items for :

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Cover IMF Staff Country Reports
Republic of Kazakhstan: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This paper presents Republic of Kazakhstan’s Financial System Stability Assessment report. In 2024, Kazakhstan’s economic growth is expected to slow to 3.1 percent, mostly due to delays in expanding the Tengiz oil field, while inflation, which is still well above the authorities’ target, would continue to decline. The authorities have continued their efforts to secure macroeconomic stability. The National Bank of Kazakhstan maintained tight monetary policy throughout 2023. The authorities remain committed to medium-term fiscal consolidation and have undertaken significant efforts to increase trade diversification and address governance and corruption vulnerabilities. According to the recently completed Financial Sector Assessment Program, the banking system appears well capitalized in aggregate. Kazakhstan is exposed to transition risk from domestic and global climate policies. Banking supervision has become more risk-based, but related party transactions remain challenging to monitor and consolidated supervision is still incomplete. Finally, there remain gaps in the financial safety nets and crisis management arrangements.
Keywords:
FSAP finding; Tier 1; kazakhstani tenge; FX assets; Kazakhstan stock exchange; NBK policy rate; consumer lending; instability episode; nonfinancial corporate; headline inflation; asset concentration risk; liquidity shock; ARDFM power; liquidity forbearance measure; Kazakhstan financial system; loan portfolio; cash flow; Financial Sector Assessment Program; Financial sector stability; Loans; Commercial banks; Global
Cover Policy Papers
The Managing Director's Global Policy Agenda, Spring Meetings 2023: Safeguard Economic Stability, Support Vulnerable Countries, Sustain Our Future Prosperity
International Monetary Fund
The global economy is at another highly uncertain moment: tentative signs of stabilization earlier this year have receded, and the outlook is increasingly risky and uncertain. At the same time, divisions within and across countries are deepening, exacerbated by rising fragmentation. Strong policy action is needed together with pragmatic approaches to find areas of common ground to respond to shared challenges. The IMF is proactively engaging with our members to chart a clear course to a stronger and more sustainable path for the global economy.
Keywords:
support vulnerable country; Policy agenda; spring meetings 2023; future prosperity; vulnerable country; Financial sector stability; Climate change; Inflation; Global
Cover IMF Staff Country Reports
Finland: Financial System Stability Assessment
International Monetary Fund. European Dept.
This paper presents Finland’s Financial System Stability Assessment report. Finland has further improved the regulation and supervision of its financial sector since the 2016 Financial Sector Assessment Program, in part driven by European legislation and institutions. The size of the banking sector increased significantly in 2018 with the redomicilation of Nordea. Finland weathered the coronavirus disease 2019 pandemic well relative to other economies, with fiscal support and interventions from the authorities. However, Finland is now navigating a weaker economic outlook given the war in Ukraine and ensuing energy crisis, despite limited direct financial exposures to Russia. Risks to financial stability come from a large banking sector, which is highly concentrated and dominated by a few institutions, and is interconnected with other financial systems in the Nordic region. Stress tests indicate that the banking system appears resilient to severe macro-financial shocks but remains vulnerable to liquidity shocks. Resolution and crisis management should be supported by greater coordination of authorities’ preparation and management of future crises.
Keywords:
MoSAH FIN-FSA; PIC solvency regulation; independence of the FIN-FSA; SREP assessment; FIN-FSA's independence; B. banking sector resilience; Financial Sector Assessment Program; Macroprudential policy; Credit; Financial sector stability; Baltics; Global
Cover IMF Staff Country Reports
Ireland: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This Financial System Stability Assessment paper highlights that the Irish financial system has grown rapidly and in complexity, especially after Brexit, and Ireland has become a European base for large financial groups. Risks to financial stability emanate from a much larger and more complex financial system, persistent legacy issues, as well as emergent ones from non-bank lending, Fintech, and climate change. Stress tests confirmed banks’ resilience to severe macrofinancial shocks, with some caveats. While broadly adequate, supervisory resources and capacity need to keep pace with a growing and more complex sector with significant cross-border linkages. Efforts are needed to further strengthen supervision of banks’ credit risk and develop capacity and skills on new areas such as climate, non-bank lending, and Fintech. Insurance oversight should prioritize intra-group complexities. Resolution and crisis management can be enhanced through greater planning and collaboration between the Central Bank and the Department of Finance to bolster the ability to deal effectively with institution failures and systemic crises.
Keywords:
insurance sector liquidity risk analysis; G. insurance sector solvency; MBF sector; banking sector Stress Testing Matrix; C. banking sector solvency; Commercial banks; Financial Sector Assessment Program; Foreign banks; Insurance companies; Global; Europe
Cover Departmental Papers
Strengthening Bank Regulation and Supervision: National Progress and Gaps
Ljubica Dordevic
,
Caio Ferreira
,
Moses Kitonga
, and
Katharine Seal
The paper employs two complementary strategies. First, it is pursues textual analysis (text mining) of the assessment reports to identify successes and challenges the authorities are facing. Second, it analyzes the grades in the Basel Core Principles assessments, including their evolution and association with bank fragility.
Keywords:
Bank Supervision; Bank Regulation; Basel Accords; Basel Core Principles; Global Financial Crisis; Prudential Requirements; credit risk; liquidity standard; bank capital adequacy; Basel III capital; liquidity risk; liquidity shock; risk assessment; liquidity reserve; liquidity reform; capital conservation buffer; liquidity strain; COVID-19; Corporate governance; Global
Cover IMF Staff Country Reports
Russian Federation: Financial Assessment Program: Detailed Assessment of Implementation: IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund. European Dept.
This paper assesses the level of implementation of the International Organization of Securities Commissions objectives and principles of securities regulation in the Russian Federation. The findings reveal that there is much that the Central Bank of Russia needs to accomplish if it is to approach good international practice as a securities regulator. Some of the most recent regulatory changes, such as those on credit rating agencies, are clearly based on international standards. In other areas, further initiatives will be required. These include identification of conflict of interest and improving management standards of professional market participants.
Keywords:
ISCR; CR; financial market; investment funds; joint stock; beneficial owner; insider dealing; general obligation; active market; CBR regulation; bond issue; CBR employee; supervision CBR; risk assessment; management company; CBR staff; Correspondent banking; Mutual funds; Securities regulation; Securities; Securities markets; Global
Cover IMF Staff Country Reports
Russian Federation: Report on the Observance of Standards and Codes-IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of the level of implementation of the IOSCO (International Organization of Securities Commissions) objectives and principles in the Russian Federation. Some of the most recent regulatory changes in the Russian Federation are clearly based on international standards. In other areas, further initiatives will be required. These include conflicts of interest identification and improving standards of management in professional market participants. It will also require the creation of legal gateways which will enable supervisors with the necessary skills sets to provide guidance as to what the Central Bank of the Russian Federation’s (CBR) reasonable expectations are on a range of issues. CBR also faces a major challenge in enforcing the regulatory regime and will need additional resources.
Keywords:
ISCR; CR; financial market; central bank; CBR Law; risk management; CBR inspector; supervision CBR; beneficial owner; CBR member; joint stock; CBR power; general obligation; CBR staff; CBR discretion; Correspondent banking; Securities markets; Securities; Securities regulation; Legal support in revenue administration; Global
Cover IMF Working Papers
Emerging Powers and Global Governance: Whither the IMF?
Rakesh Mohan
and
Muneesh Kapur
The governance structure in global bodies like the IMF continues to be disproportionally dominated by advanced economies. Sustained rapid growth in emerging and developing economies (EDEs) in the past 2-3 decades has led to their growing relative weight in the global economy, but with little increase in their voice in the IMF. The emergence of regional financial arrangements reflects the growing dissatisfaction of the EDEs with the current framework. The global economy is on the cusp of an epochal change moving the fulcrum of economic power from the North Atlantic towards Asia after more than 200 years. This must be recognized and responded to adequately.
Keywords:
WP; quota resource; IMF governance; IMF reform; IMF resource; quota share; Emerging Markets; Global Governance; International Monetary Fund; Quotas; IMF quota increase; IMF article; summit meeting; governance structure; Purchasing power parity; Financial sector stability; Public investment and public-private partnerships (PPP); Global; Europe; North America
Cover IMF Staff Country Reports
Republic of Poland: Arrangement Under the Flexible Credit Line and Cancellation of the Current Arrangement-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Poland
International Monetary Fund. European Dept.
KEY ISSUES Background: Poland’s strong fundamentals and sound policies helped it to successfully withstand several bouts of market turbulence and paved the way for economic recovery. While Poland has benefited from its continued transformation into a more open and dynamic economy, its substantial trade and financial linkages with global markets, combined with still-large financing needs, also make it vulnerable to external shocks. Outlook and risks: With only modest growth in its trading partners, economic activity in Poland is expected to remain moderate in the near term. Risks remain tilted to the downside amid concerns about a protracted slowdown in the euro area, continued geopolitical tensions in the region, and uncertainty surrounding normalization of monetary policy in the United States. Domestically, the risk of continued disinflation remains high. Flexible Credit Line (FCL): Against this background, the authorities are requesting a new two-year precautionary FCL arrangement with proposed lower access in the amount of SDR 15.5 billion (918 percent of quota) and cancellation of the current arrangement, approved on January 18, 2013. Poland’s improved economic fundamentals and increased policy buffers have reduced financing needs. However, external risks remain elevated. In this context, the authorities consider that a new FCL in the requested amount would provide an important insurance against external risks, help sustain market confidence, and support their economic strategy. At the same time, the authorities consider that the substantial reduction in access sends a clear signal of their intention to fully exit from the FCL once external risks recede. In staff’s view, Poland continues to meet the qualification criteria for access under the FCL arrangement. Fund liquidity: The impact of the proposed commitment of SDR 15.5 billion on Fund liquidity would be manageable. Process: An informal meeting to consult with the Executive Board on a possible FCL arrangement for Poland was held on December 19, 2014.
Keywords:
ISCR; CR; FCL arrangement; Poland; SDR; Poland's economy; executive board discussion; mortgage origination; macroeconomic performance; successor arrangement; Debt service; Inflation; Global; Eastern Europe
Cover IMF Staff Country Reports
Russian Federation: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund
This assessment reviews the regulatory framework in place for the oversight of the capital markets of the Russian Federation as of June 2011. The Russian securities markets, in particular, have been volatile, reflecting the inflow and outflow of money and the crisis. Foreign investment banks report that US$20 billion of foreign investment exited the markets during the first quarter of 2011. This volatility is continuing, and is reflected in the changes in market capitalization in relation to GDP.
Keywords:
ISCR; CR; insider trading; management company; market participant; foreign exchange market; joint stock; securities law; investment fund; risk management; FSFM rule; FSFM regulation; Securities; Securities regulation; Mutual funds; Securities markets; Correspondent banking; Global; Europe