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Norway Financial Sector Assessment Program Financial System Stability Assessment
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Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1513547143 Total Pages :57 pages Book Rating :4.5/5 (135 download)
Book Synopsis Norway by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Norway written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-09-09 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key findings and recommendations of the Financial System Stability Assessment for Norway. Norway’s financial system coped well with the global financial crisis and has further increased buffers to deal with potential shocks, but significant financial imbalances have also built up since then. Stress tests suggest that under severe macroeconomic shocks, banks and life insurers could face important but manageable capital shortfalls. The authorities have taken significant measures to improve the oversight framework, but further strengthening is needed. The regulatory and supervisory framework is generally good, but some weaknesses need to be addressed.
Download or read book Norway written by and published by . This book was released on 2015 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Norway's financial system coped well with the global financial crisis and has further increased buffers to deal with potential shocks, but significant financial imbalances have also built up since then. Favorable macroeconomic conditions in recent years have helped maintain financial stability. However, the prolonged period of low interest rates and high oil prices have fueled credit and asset price growth, leading to higher vulnerabilities. The housing market is estimated to be overvalued by 25-60 percent, and, at about 220 percent, the household debt-to-disposable income ratio is among the highest in the world. To finance this increase in lending to households, banks have relied extensively on wholesale funding. At the same time, Norway's close regional and global interconnectedness is a source of potential spillover risks. Stress tests suggest that under severe macroeconomic shocks banks and life insurers could face important but manageable capital shortfalls. A combination of severe shocks---including protracted low oil prices and a sharp contraction in house prices---could result in an aggregate capital shortfall for banks of up to 4.6 percent of GDP over five years. This requires continued action to ensure adequate capital buffers, including through discretionary requirements under Pillar II of the capital framework. Norwegian banking groups also face liquidity gaps in domestic currency and are exposed to maturity mismatches and rollover risks, due to their reliance on currency swaps. Insurers' solvency ratios would decline sharply under a combination of severe shocks under the Solvency II framework, although the rule for the transition to Solvency II would significantly reduce the immediate need for insurers to raise capital. The Financial Supervisory Authority of Norway (FSA) should continue to constrain dividend distribution by weakly capitalized insurance institutions and ensure that the insurance businesses of conglomerates are adequately capitalized on a solo basis.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1513531018 Total Pages :53 pages Book Rating :4.5/5 (135 download)
Book Synopsis Norway by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Norway written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-09-17 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note reviews macroprudential policy in Norway. The authorities have taken or announced a wide range of macroprudential measures to address systemic risk. Since the 2008 global financial crisis, the authorities have deployed a range of measures to safeguard the financial system in the country. These measures include higher capital requirements, including early adoption and implementation of the European Union capital regulations, additional capital buffers, etc. These macroprudential measures have focused primarily on building the resilience of banks through higher capital requirements. Good progress has been made on reciprocity agreements to ensure that domestic macroprudential policy measures apply to all banking activities with Norwegian customers.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher : ISBN 13 :9781513550930 Total Pages :60 pages Book Rating :4.5/5 (59 download)
Book Synopsis Norway by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Norway written by International Monetary Fund. Monetary and Capital Markets Department and published by . This book was released on 2020-08-12 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Much of the work of the Financial Sector Assessment Program (FSAP) was conducted prior to the COVID-19 pandemic, with the missions ending on February 13, 2020. Given the FSAP's focus on medium-term challenges and vulnerabilities, however, its findings and recommendations for strengthening policy and institutional frameworks remain pertinent. The report was updated to reflect key developments and policy changes since the mission work was completed. It also includes a risk analysis that quantifies the possible impact of the COVID-19 crisis on bank solvency. Since the previous FSAP in 2015, the Norwegian authorities have taken welcome steps to strengthen the financial system. Regulatory capital requirements for banks were raised and actions were taken to bolster the weak capital position of insurers. Alongside other macroprudential measures, temporary borrower-based measures for residential mortgages were introduced, which seem to have had some moderating impact on segments of the housing market. The resolution framework was also strengthened, with the implementation of the Bank Recovery and Resolution Directive (BRRD) and the designation of Finanstilsynet (FSA) as the resolution authority.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1513534890 Total Pages :27 pages Book Rating :4.5/5 (135 download)
Book Synopsis Norway by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Norway written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-09-17 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note reviews the oversight and supervisory framework for systemically important Financial Market Infrastructure (FMI) in Norway. Norway has a modern and stable FMI. The assessment results suggest an effective supervision and oversight framework supported by a strong legal basis, adequate oversight resources, and good domestic and foreign cooperation between authorities. All Norwegian FMIs have completed assessments against the new international standards and are in the process of improving observance where needed. The authorities could consider strengthening their cooperation to address the risks from outsourced critical infrastructures and tighter interdependencies across FMIs. The authorities could also consider additional measures to strengthen the operational resiliency of payment systems.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1513571737 Total Pages :25 pages Book Rating :4.5/5 (135 download)
Book Synopsis Norway by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Norway written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-09-17 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note reviews linkages and interconnectedness in the Norwegian financial system for Norway. Norway’s banks have important connections with global financial centers, but regional links are also important. Norwegian banks are very dependent on global financial centers as sources of funding and to hedge currency risks. Cross-sectoral exposures of Norway’s banks, insurance companies, and real estate companies are significant and extend beyond the Nordic region. The authorities are encouraged to expand their current monitoring efforts of crossborder and cross-sectoral exposures of the Norwegian financial sector, and to conduct regional stress tests. For this effect, the authorities can resort to market data and, if available, to balance sheet data of exposures at the individual financial institution level.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1513595687 Total Pages :42 pages Book Rating :4.5/5 (135 download)
Book Synopsis Norway by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Norway written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-09-17 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note reviews crisis management, bank resolution, and financial sector safety nets in Norway. Arrangements for crisis management, bank and group resolution, and the financial sector safety nets are well developed and tested in Norway. Roles, responsibilities, accountabilities, and information-sharing arrangements among the relevant bodies are generally well defined and functioning. The current legal framework provides substantial powers and flexibility to deal with failing or failed banks but needs to be strengthened in several respects. The Financial Supervisory Authority has begun to implement a recovery plan requirement for the largest banks. The authorities also make good use of simulation exercises to enhance crisis preparedness.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :151358670X Total Pages :49 pages Book Rating :4.5/5 (135 download)
Book Synopsis Norway by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Norway written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-09-17 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses results of banking sector stress tests on Norway. The Norwegian banking sector is generally well prepared to cope with possible external shocks, but imbalances have built up in recent years and could pose challenges. The stress-testing exercise included a comprehensive analysis of solvency and liquidity risks in the banking sector. The stress test results show that while the banking sector is highly resilient, it could experience challenges in case of severe macroeconomic shocks, as assumed in the adverse scenarios. The stress tests also illustrate that the banking system remains vulnerable to liquidity risks, due in part to scarce liquidity buffers in Norwegian krone.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1513576496 Total Pages :37 pages Book Rating :4.5/5 (135 download)
Book Synopsis Norway by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Norway written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-09-17 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note presents key findings of insurance sector stress tests on Norway. Although the financial condition of insurance companies under Solvency I has generally been sound, insurers face major challenges going forward, thus placing an important premium on sound risk management and effective oversight by supervisors. The stress tests (under Solvency II) confirm that life insurers are vulnerable to severe shocks. The stress tests pointed to the high sensitivity of life insurers to market risks such as equity prices, real estate prices, and credit spreads. The risks to insurers are particularly pronounced if interest rates fall further from the current levels.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498341063 Total Pages :38 pages Book Rating :4.4/5 (983 download)
Book Synopsis Mandatory Financial Stability Assessments Under the Financial Sector Assessment Program - Update by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Mandatory Financial Stability Assessments Under the Financial Sector Assessment Program - Update written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2013-11-18 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: In September 2010, the Executive Board made financial stability assessments under the Financial Sector Assessment program (FSAP) a regular and mandatory part of bilateral surveillance under Article IV for jurisdictions with systemically important financial sectors. This decision recognized that although financial sector issues were at the core of the Fund’s surveillance mandate, the FSAP as designed in the late 1990s had severe limitations as a tool. Voluntary participation, the low frequency of assessments, and their very broad coverage (particularly in emerging market and developing countries, where assessments are typically conducted jointly with the World Bank) limited the usefulness of the FSAP for surveillance. Building on the revamp of the FSAP during the 2009 program review that delineated the institutional responsibilities of the Fund and the World Bank and defined the content of the stability assessment under the FSAP, the Executive Board took the next step in 2010 to make these stability assessments mandatory every five years for members with systemically important financial sectors
Book Synopsis Norway by : International Monetary Fund
Download or read book Norway written by International Monetary Fund and published by . This book was released on 2015 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Norway by : International Monetary Fund
Download or read book Norway written by International Monetary Fund and published by . This book was released on 2015 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund Publisher :INTERNATIONAL MONETARY FUND ISBN 13 :9781451829785 Total Pages :46 pages Book Rating :4.8/5 (297 download)
Book Synopsis Norway: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Regulation, and Payment Systems by : International Monetary Fund
Download or read book Norway: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Regulation, and Payment Systems written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-06-14 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents key findings of Norway's Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Banking Supervision, Insurance Regulation, and Payment Systems. Norway's financial system appears sound and well managed. Short-term vulnerabilities appear low overall, given improved macroeconomic conditions and historically low interest rates, coupled with generally prudent and transparent policies. Beyond the short term, however, rising household debt levels are the most important potential risk factor and will need to be watched closely.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher : ISBN 13 :9781513553139 Total Pages :36 pages Book Rating :4.5/5 (531 download)
Book Synopsis Norway by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Norway written by International Monetary Fund. Monetary and Capital Markets Department and published by . This book was released on 2020-08-12 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Norway has made substantial progress in strengthening its framework for financial crisis management and bank safety nets since the 2015 FSAP. The Norwegian authorities have implemented the EU framework. The Bank Recovery and Resolution Directive (BRRD) has been transposed into the Norwegian legal framework mainly by amendments to the Financial Institutions and Financial Groups Act and accompanying regulations. Finanstilsynet (the Financial Supervisory Authority of Norway, FSA) has been designated as Norway's resolution authority. Resolution financing options were broadened by establishing a resolution fund. While the Deposit Guarantee Scheme Directive (DGSD) has yet to be brought into the European Economic Area (EEA) agreement, Norway has, in fact, already transposed it into the Norwegian law. This provides the Norwegian authorities with a broadened and detailed regulatory framework for dealing with weak banks.
Book Synopsis Norway by : International Monetary Fund
Download or read book Norway written by International Monetary Fund and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Norway by : International Monetary Fund
Download or read book Norway written by International Monetary Fund and published by . This book was released on 2015 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Norway: Financial System Stability Assessment, Including Reports on the Observance of Standards and Codes on the Following Topics: Banking Supervision, Insurance Regulation, and Payment Systems by : Michael Deppler
Download or read book Norway: Financial System Stability Assessment, Including Reports on the Observance of Standards and Codes on the Following Topics: Banking Supervision, Insurance Regulation, and Payment Systems written by Michael Deppler and published by . This book was released on 2005 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
