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Norway Financial Sector Assessment Program Technical Note Linkages And Interconnectedness In The Norwegian Financial System
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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.
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:
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 :International Monetary Fund ISBN 13 :1513532758 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 :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 :1513528297 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 : 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 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1513522116 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.
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. Monetary and Capital Markets Department Publisher : ISBN 13 :9781513553177 Total Pages :43 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 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Norwegian banks and other financial institutions rely heavily on capital markets for liquidity and risk management. Liquidity conditions in the Norwegian financial sector are affected by central bank operations and the lending and funding activities of financial institutions, both domestically and abroad. Nearly 40 percent of the funding of Norwegian banks is obtained from market sources, using commercial paper, covered bonds, and senior unsecured bonds issued both domestically and abroad. Correspondingly, money markets, foreign exchange (FX) swap markets and bond markets are crucial to the credit intermediation process and a dislocation in these markets--the inability of financial institutions to roll over, or obtain new, funding--could have significant consequences for financial stability. Against this background, this note analyzes core funding markets for Norwegian banks and assesses Norges Bank's capacity to manage systemic liquidity conditions and counteract liquidity shocks in normal times and in times of stress.
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:
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher : ISBN 13 :9781513553146 Total Pages :30 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 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Norwegian financial system has a long history of incorporating new technology. Norway is at the forefront of digitization and has tight interdependencies within its financial system, making it particularly vulnerable to evolving cyber threats. Norway is increasingly a cashless society, with surveys and data collection suggesting that only 10 percent of point-of-sale and person-to-person transactions in 2019 were made using cash.1 Most payments made in Norway are digital (e.g., 475 card transactions per capita per annum)2 and there is an increase in new market entrants providing a broad range of services. Thus, good cybersecurity is a prerequisite for financial stability in Norway.
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:
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher : ISBN 13 :9781513553184 Total Pages :54 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 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: While Norway's institutional arrangement for macroprudential policy is uncommon, the authorities have shown strong willingness to act. The Ministry of Finance (MoF) is the sole macroprudential decision-maker in Norway, which is rare in international comparison. However, Norges Bank and the Finanstilsynet (FSA) play important advisory roles. In recent years, the authorities have taken substantive and wide-ranging macroprudential policy actions in response to growing systemic vulnerabilities--and these seem to have been effective in slowing down some of the riskier trends. The macroprudential policy toolkit is well stocked and actively used.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher : ISBN 13 :9781513553122 Total Pages :47 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 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note presents a targeted review of selected aspects in the regulation and supervision of banks in Norway. The review is carried out as part of the 2020 Norway Financial Sector Assessment Program (FSAP) and the findings and recommendations are based on the regulatory framework in place and the supervisory practices employed at end-October 2019. The note focuses on the powers and responsibilities, independence, and resourcing of Finanstilsynet (FSA); its supervisory approach and enforcement powers and practices; key aspects of the prudential framework; and mechanisms to prevent abuse of financial services.
