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Austria: Publication of Financial Sector Assessment Program Documentation—Technical Note on Crisis Preparedness and Management Framework
Author:
International Monetary Fund. Monetary and Capital Markets Department
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2014: Issue 015
Language:
English
Publication Date:
21 Jan 2014
DOI:
https://doi.org/10.5089/9781484376348.002
ISBN:
9781484376348
ISSN:
1934-7685
Pages:
48
Keywords:
ISCR; CR; resolution framework; financial support; Resolution authorities; problem bank; government guarantee; enforcement power; financial crisis; Bank resolution; Bank resolution framework; Lender of last resort; Financial sector stability; Macroprudential policy; Global
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This Technical Note analyzes crisis preparedness and management framework in Austria. The global crisis revealed weaknesses in Austria’s financial stability policy framework. Austria needs to put in place a special bank resolution regime to resolve problem banks in a manner that does not endanger financial stability or fiscal sustainability. Although the authorities prefer to await the formal adoption of the European Union (EU) Directive on bank recovery and resolution, it would be in Austria’s interest to swiftly introduce a full-fledged bank resolution framework, with a wide range of tools and powers, and strengthened resolution arrangements with non-EU countries.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund