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Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1498337260
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the “SFA Instrument”). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. This paper requests Executive Board approval to establish the AFRITAC Central subaccount under the terms of the SFA Instrument.
Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1498337260
Category : Business & Economics
Languages : en
Pages : 36
Get Book Here
Book Description
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the “SFA Instrument”). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. This paper requests Executive Board approval to establish the AFRITAC Central subaccount under the terms of the SFA Instrument.
Author:
Publisher:
ISBN:
Category : Bank failures
Languages : en
Pages : 35
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Book Description
"The recent financial crisis has given renewed urgency to the need for resolution systems for financial institutions, which both safeguard financial stability and limit moral hazard. However, experience demonstrates that these systems will not be effective unless progress is also made in developing a framework that applies on a cross-border basis. Since many systemically important financial groups operate globally, an uncoordinated application of resolution systems by national authorities will make it much more difficult to both secure the continuity of essential functions (thereby limiting contagion), and ensure that shareholders and creditors bear the financial burden of the resolution process."--Executive summary.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498343287
Category : Business & Economics
Languages : en
Pages : 41
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Book Description
Developing an effective framework for cross-border resolution is a key priority in international regulatory reform. Large bank failures during the global financial crisis brought home the lack of adequate tools for resolving “too-big-to-fail” institutions. In cross-border cases, misaligned incentives and lack of robust mechanisms for resolution and cross-border cooperation left some country authorities with little choice but to take unilateral actions, which contributed to the high fiscal costs of the crisis and resulted in disorderly resolution in some cases
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1475506198
Category : Business & Economics
Languages : en
Pages : 31
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Book Description
The Czech financial system is confronted with mounting risks that stem mainly from negative developments in the European Union (EU). This technical note focuses on crisis management and bank resolution framework for the Czech Republic. It summarizes the high-level observations of the mission based on its key findings and recommendations, and analyzes the existing institutional framework and coordination arrangements for crisis management. The note also examines the cross-border dimension of crisis preparedness and crisis management tools.
Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
ISBN: 1498307647
Category : Business & Economics
Languages : en
Pages : 31
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Book Description
This Technical Note on Crisis Management and Bank Resolution Framework was prepared in the context of the Financial Sector Assessment Program for the People’s Republic of China–Hong Kong Special Administrative Region (HKSAR). Overall, the existing institutional framework facilitates communication and coordination domestically, as well as on a cross-border basis. Information sharing and coordination among domestic regulatory authorities and with the Government is undertaken through a variety of formal mechanisms, which are supported by sound legal bases for the exchange of confidential information. There are complementary structures in place for macro- and micro-prudential supervision that contribute to the prevention and identification of problems in banks. Market-wide or bank intrinsic risk issues will be identified by macroprudential surveillance and bank supervision in the Hong Kong Monetary Authority, or by other financial sector regulatory bodies. The deposit protection scheme is transparent, and trusted; however, steps should be taken to enhance efficiency of pay-outs and to ensure the scheme’s sustainability.
Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
ISBN: 1475567987
Category : Business & Economics
Languages : en
Pages : 35
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Book Description
This Technical Note elaborates the recommendations made in the Financial Sector Assessment Program (FSAP) for Italy in the areas of contingency planning, crisis management, and bank resolution. The note sets out a brief overview of the impact of the global financial crisis in Italy and how the authorities handled the crisis. It analyzes the institutional framework and domestic and cross-border coordination arrangements. The supervisory approach to intervene with potential problem banks at an early stage is examined. The note also covers crisis management tools, including official financial support measures, the resolution framework, and the deposit guarantee framework.
Author: Michael Krimminger
Publisher:
ISBN:
Category :
Languages : en
Pages : 30
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Book Description
The globalization of finance has led to the development of more integrated global exchange networks among countries and deeper interrelationships between their economies. Many financial institutions and activities that once were local are now international. While business and finance are global most regulatory systems and laws are not. Many of the regulatory and legal norms that govern these networks and interrelationships have not kept pace with these innovations. There are few international rules and norms to govern the linkages between financial institutions, payments systems, and markets. National laws almost exclusively define the relationships between internationally active banks and other financial institutions. The real task of the future is to develop regulatory and legal norms that allow the benefits of increased global interaction to blossom while mitigating the more troubling consequences of global finance. This paper focuses on the challenges faced by national authorities in responding to financial instability in a cross-border bank. The paper identifies the issues created both for home countries of large cross-border banks and for host countries for such banks. While the host countries face daunting challenges, home countries must respond as well to difficult policy questions. In the absence of a common international insolvency system for cross-border banks, national authorities must improve their understanding of the options available and improve coordination with other regulators if they are to be successful in limiting the consequences of a potential cross-border failure. Both legal changes and fresh approaches to international coordination and decision-making may be required to respond to the reality of cross-border banking.
Author: José Vinãls
Publisher: International Monetary Fund
ISBN: 1484340949
Category : Business & Economics
Languages : en
Pages : 27
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Book Description
The U.S., the U.K., and more recently, the E.U., have proposed policy measures directly targeting complexity and business structures of banks. Unlike other, price-based reforms (e.g., Basel 3 and G-SIFI surcharges), these proposals have been developed unilaterally with material differences in scope, design and implementation schedules. This may exacerbate cross-border regulatory arbitrage and put a further burden on consolidated supervision and cross-border resolution. This paper provides an analysis of the potential implications of implementing different structural policy measures. It proposes a pragmatic and coordinated approach to development of these policies to reduce risk of regulatory arbitrage and minimize unintended consequences. In doing so, it also aims to identify a set of common policy measures that countries could adopt to re-scope bank business models and corporate structures.
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1484367464
Category : Business & Economics
Languages : en
Pages : 37
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Book Description
The ability of the National Bank of Belgium (NBB) to provide emergency liquidity assistance to solvent but temporarily illiquid firms is well tested and satisfactory. Belgian authorities are testing draft guidelines for recovery plans through pilot projects with selected firms that are of systemic importance. Introducing recurrent crisis management simulations would allow the authorities to test the coordination arrangements and potential application of the crisis management toolkit. It is commended that the NBB can enhance the framework for orderly and effective resolution.
Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
ISBN: 148432773X
Category : Business & Economics
Languages : en
Pages : 27
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Book Description
This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for Spain in the areas of bank resolution and crisis management frameworks. The institutional framework in Spain has been strengthened and is more appropriate for managing the resolution process. At the Banking Union level, the Single Supervisory Mechanism is responsible for supervising all significant entities. The Single Resolution Board is the resolution authority for such entities, as well as for cross-border groups. Although the framework for bank resolution is well designed, the system could be enhanced. Recovery planning for Spanish banks is progressing, but further progress is warranted.
