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Europe > Ukraine

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  • Type: Journal Issue x
  • Banks and banking; State supervision x
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Cover Policy Papers
Review of the Adequacy of the Fund’s Precautionary Balances
International Monetary Fund. Finance Dept.
On March 20, 2024, the IMF’s Executive Board reviewed the adequacy of the Fund’s precautionary balances. The review took place somewhat ahead of the standard two-year cycle, in view of the imminent attainment of the current indicative medium-term indicative target of SDR 25 billion for the first time. Precautionary balances comprise the Fund’s general and special reserves. They are a key element of the IMF’s multi-layered framework for managing financial risks. Precautionary balances provide a buffer to protect the Fund against potential losses, resulting from credit, income, and other financial risks. The review was based on the assessment framework established in 2010, which uses an indicative range for precautionary balances, linked to a forward-looking measure of total IMF non-concessional credit, to guide decisions on adjusting the medium-term target over time. While financial risks remain high, they are broadly unchanged from the last review, taking into account the further accumulation of reserves and strengthening of some risk mitigants. Against this background, Executive Directors broadly supported staff’s proposal to retain the current medium-term target of SDR 25 billion and increase the minimum floor from SDR 15 billion to SDR 20 billion. The Board also supported maintaining the biennial review cycle, with earlier reviews if warranted by developments that could materially affect the adequacy of precautionary balances.
Keywords:
Non-concessionary; Lending; Risks; Reserves; Credit; Mitigation; Provisioning; management framework; income risk; concentration risk; Fund credit; I. financial risks; demand scenario; lending portfolio; Credit risk; Income; Capital adequacy requirements; Market risk; Global
Cover IMF Staff Country Reports
Republic of Kazakhstan: Financial Sector Assessment Program-Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision
International Monetary Fund. Monetary and Capital Markets Department
This paper presents Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision for the Republic of Kazakhstan Financial Sector Assessment Program. Along with the financial stability mandate, the Agency of the Republic of Kazakhstan for the Regulation and Development of the Financial Market (ARDFM) pursues a development objective, including by supporting the expansion of banks’ loans portfolio, which can conflict with the safety and soundness of banks and the banking system, and it is not subordinate to it. ARDFM began its activities during the coronavirus pandemic. Banks’ asset quality, while improving, remains a source of concern. However, supervisory discretion is constrained as the law enables the ARDFM to exert its motivated judgment. The ARDFM should perform a more intrusive oversight of related party transactions, including onsite reviews. In addition, the authorities should take more stringent corrective measures vis-à-vis gaps in banks’ related party framework and practices.
Keywords:
regulator's independence; prudential mandate; risk-based supervision; consolidated supervision; related parties; NPL definition; interest rate risk; AML/CFT; IMF-World Bank Financial Sector Assessment Program; Kazakhstan tenge; due diligence; adequacy ASSESSMENT process; staff team of the International Monetary Fund; banking group; risk weight assets; Internal controls; Stress testing; Credit risk; Market risk; Operational risk; Global
Cover Technical Notes and Manuals
Resolving Opaque Bank Ownership and Related-Party Exposures
Edda R Karlsdóttir
,
Rachid Awad
,
Ender Emre
,
Alessandro Gullo
,
Aldona Jociene
, and
Constant Verkoren
This note intends to provide advice to bank supervision and resolution authorities and policymakers seeking to deal with opaque bank ownership or significant overhang of related-party exposures.
Keywords:
bank Ownership structures; bank Ownership transparency; IMF Library; bank owner; related-party transaction; Basel Core Principles; Anti-money laundering and combating the financing of terrorism (AML/CFT); Bank resolution; State-owned banks; Global
Cover IMF Staff Country Reports
Finland: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools
International Monetary Fund. Monetary and Capital Markets Department
This technical note highlights Macroprudential Policy Framework and Tools for the Finland Financial Sector Assessment Program. The institutional framework for macroprudential policy in Finland, formalized in 2014, is mostly in line with the IMF guidance for effective macroprudential policymaking. Systemic risk monitoring is well organized and conducted on a timely basis, especially in the household sector. The sustained increase in residential housing loans is of important systemic concern, and the authorities have taken measures to contain relevant risks. The ongoing development of Finland’s positive credit register will provide microdata on household indebtedness and income, which are useful to analyse vulnerabilities and to calibrate policy, and may be useful to authorities when considering the distributional consequences of macroprudential policies. Moreover, the analysis of corporate sector vulnerabilities should be as developed as that of household sector vulnerabilities, and it would be beneficial to address related data gaps.
Keywords:
FSAP's finding; FIN-FSA staff; liquidity condition; Finland FSAP; MACROPRUDENTIAL POLICY FRAMEWORK; Macroprudential policy; Systemic risk assessment; Financial sector stability; Macroprudential policy instruments; Loans; Baltics; Global
Cover IMF Staff Country Reports
Germany: Financial Sector Assessment Program-Technical Note-Stress Testing, Interconnectedness, and Risk Analysis
International Monetary Fund. Monetary and Capital Markets Department
The financial sector weathered COVID relatively well on the back of high pre-crisis capital and liquidity buffers, strong public and private sector balance sheets, and unprecedented public and ECB support. Immediate risks to Germany’s financial stability of Russia’s invasion of Ukraine appear to be manageable due to the banks’ limited direct exposures to Russia. However, risks associated with the economic fallout could impact some individual financial institutions, non-performing loans, and house prices. Real GDP growth was projected to regain momentum from mid-2022 onwards, but the war could hinder the recovery through supply constraints, higher-than-expected above-target inflation (with higher energy prices and supply constraints), a tightening of financial conditions, and shifts in investors’ confidence.
Keywords:
hurdle rate; FSAP solvency; swap line; building and loan association; cash flow; ECB support; Commercial banks; Cooperative banks; Liquidity requirements; Stress testing; Liquidity; Global
Cover IMF Staff Country Reports
Paraguay: 2022 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
After two consecutive years of GDP decline driven by external shocks, Paraguay’s economy rebounded in 2021. In 2019, drought and flooding reduced economic growth to -0.4 percent. In 2020, the impact of the pandemic on the secondary and tertiary sectors was partly compensated by a rebound of agriculture and an extensive emergency package, and GDP fell by only 0.8 percent. Growth rebounded to 4.2 percent in 2021, but heatwaves and a severe drought decelerated the recovery and have limited 2022 growth prospects, though a recovery is projected for 2023 and the medium-term. While the loss of agricultural export revenue is affecting Paraguay’s balance of payments in 2022, the external position in 2021 was stronger than the level implied by fundamentals and desirable policies.
Keywords:
PPI coverage; substantial spending needs; financial asset; headline inflation; data ROSC; liability positions vis-à-vis nonresident; tolerance corridor; money market rate; inflation risk; Inflation; Basel Core Principles; Global
Cover IMF Staff Country Reports
Republic of Poland: Detailed Assessment of Observance of Basel Core Principles for Effective Banking Supervision
International Monetary Fund
The 2008 transition to the new banking supervisory framework in Poland has been relatively smooth, and the banking system has proven effective in weathering the financial crisis. This assessment focuses on the working of the Polish Financial Supervision Commission (KNF), which is responsible for banking supervision in Poland. KNF has undertaken numerous proactive measures to preserve financial sector stability during the crisis. As a priority, KNF’s interaction with bank auditors as well as with supervisory board members should also be strengthened.
Keywords:
ISCR; CR; risk management; credit union; central bank; correspondent bank; state bank; national bank; financial market; internal audit; BNP Paribas; Legal support in revenue administration; Commercial banks; Anti-money laundering and combating the financing of terrorism (AML/CFT); Bank supervision; Operational risk; Global
Cover IMF Staff Country Reports
Ukraine: Second Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion
International Monetary Fund
This paper discusses key findings of the Second Review for Ukraine under the Stand-By Arrangement and request for modification of performance criteria. Policy implementation has been broadly in line with the program. The end-May quantitative performance criteria on base money, net international reserves, and the general government balance were met. The authorities made progress in the resolution of systemic problem banks and in preparing associated legislative actions. IMF staff welcomes the recent measures to improve the functioning of the foreign exchange market.
Keywords:
ISCR; CR; state gas company Naftogaz; update mission; hryvnia; priority expenditure; World Bank-International Monetary Fund mission; monetary policy stance; executive board discussion; joint World Bank-International Monetary Fund mission; Creditor bail-in; Fiscal stance; Bank resolution; Global
Cover IMF Staff Country Reports
Ukraine: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency, Banking Supervision, and Payment Systems
International Monetary Fund
This Financial System Stability Assessment paper for Ukraine reviews financial sector issues and highlights macroeconomic developments, vulnerabilities, and soundness of the financial system. It discusses creditors' rights, insolvency, and corporate governance, and Anti-Money Laundering and Combating of Financing Terrorism. It provides information on the observance of international standards and codes, and the compliance with the Basel Core Principle for Effective Banking. It also reviews Ukraine’s observance of good transparency practices in monetary and financial policies, including payments system oversight, banking supervision, and deposit insurance supervision.
Keywords:
ISCR; CR; monetary policy; NBU law; capital adequacy ratio; national bank; banking system; interest rate; foreign currency; financial support; correspondent account; NBU certificates of deposit; problem bank resolution; return on assets; NBU staff; joint stock; NBU website; financial condition; bank resolution; Commercial banks; Payment systems; Loans; Bank supervision; Bank legislation
Cover Central Banking Technical Assistance to Countries in Transition
Central Banking Technical Assistance to Countries in Transition
Papers and Proceedings of the Meeting of Donor and Recipient Central Banks and International Institutions

Abstract

This book, edited by J.B. Zulu, Ian S. McCarthy, Susana Almuiña, and Gabriel Sensenbrenner, presents the proceedings of the special Joint Meetings on Central Banking Technical Assistance held in St. Petersburg, Russia in 1994, and provides detailed information on important issues in central banking, including a comparative sample of 31 countries. The arrangements concerning such issues as the size and composition of the policymaking board, the role of the central bank in monetary and exchange rate policy, resolution of conflict between the central bank and the government, public accountability, relations with the markets, and credit to the government are reviewed.

Keywords:
BOOK; remark; recipient central banks; close remark; introductory remark; delivery of technical assistance; macroeconomic activity; cooperating central banks; Commercial banks; Central bank autonomy; Payment systems; Bank supervision; Central bank mandate; Baltics; Eastern Europe; Global; Central Asia; Central and Eastern Europe