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South Africa Financial Sector Assessment Program Technical Note On Systemic Risk Oversight And Macroprudential Policy
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Book Synopsis South Africa: Financial Sector Assessment Program-Technical Note on Systemic Risk Oversight and Macroprudential Policy by : International Monetary
Download or read book South Africa: Financial Sector Assessment Program-Technical Note on Systemic Risk Oversight and Macroprudential Policy written by International Monetary and published by International Monetary Fund. This book was released on 2022-06-17 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: South Africa has made significant progress in strengthening its macroprudential policy framework and foundations since the 2014 FSAP. Institutional arrangements were overhauled by the 2017 Financial Sector Regulations Act that, among others, introduced the current ‘Twin Peaks’ structure, provided SARB with a strong financial stability mandate, and sought to foster interagency coordination and collaboration (including via the establishment of the Financial System Council of Regulators. As a result, South Africa has a hybrid macroprudential policy framework that combines a ‘strong’ decision maker in the SARB Governor, but that is importantly supported by an advisory committee structure, fostering effective cooperation and coordination. Systemic risk monitoring has also been enhanced and some macroprudential policy tools phased-in.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1484399161 Total Pages :41 pages Book Rating :4.4/5 (843 download)
Book Synopsis Australia by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Australia written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-02-14 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Australia has a relatively informal institutional arrangement for the coordination of financial stability policy, and responsibilities and tools for safeguarding financial stability are spread across several regulators. The Council of Financial Regulators (CFR) serves as the discussion and information-sharing forum for the financial regulators on financial stability matters, but it has no powers or decision-making responsibilities. The Reserve Bank of Australia (RBA) has a mandate for overseeing financial system stability but has few policy levers, whereas the prudential toolkit is controlled by the Australian Prudential Regulation Authority (APRA), which has a statutory mandate to promote financial stability as it pursues its prudential objectives.
Download or read book Canada written by and published by . This book was released on 2020 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current arrangement for systemic risk oversight seems to have worked well. 2 The responsibility for systemic risk oversight is not explicitly assigned to any specific body. At the federal level, the Bank of Canada (BOC) albeit with no explicit mandate plays a leading role in systemic risk surveillance; policy discussion takes place at the Senior Advisory Committee, which in turn provides advice to the Minister of Finance who has the mandate of maintaining overall financial stability in Canada. Powers over macroprudential tools lie with the Ministry of Finance (MoF) and the Office of the Superintendent of Financial Institutions (OSFI). Systemic risk oversight at the federal level appears adequately effective, in part due to strong collegial culture and inter-agency cooperation. However, such effectiveness becomes less apparent at the provincial level or with respect to federal-provincial collaboration on these issues.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1513518550 Total Pages :78 pages Book Rating :4.5/5 (135 download)
Book Synopsis United States by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book United States written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-07-07 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for the United States in the areas of systemic risk oversight and management. Significant steps have been taken by the U.S. authorities to reduce risks in a number of areas, but progress is most advanced in the area of banking sector resilience, and less so in other areas which play a major role in the financial system. Further actions are needed to address data gaps, resolve remaining impediments to data sharing, support coordination and consultation on prudential standards and regulations, enhance risk monitoring frameworks, and provide additional clarity on the nature and scale of identified emerging systemic threats.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1513568019 Total Pages :78 pages Book Rating :4.5/5 (135 download)
Book Synopsis United States: Financial Sector Assessment Program-Systemic Risk Oversight and Management-Technical Notes by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book United States: Financial Sector Assessment Program-Systemic Risk Oversight and Management-Technical Notes written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-07-07 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for the United States in the areas of systemic risk oversight and management. Significant steps have been taken by the U.S. authorities to reduce risks in a number of areas, but progress is most advanced in the area of banking sector resilience, and less so in other areas which play a major role in the financial system. Further actions are needed to address data gaps, resolve remaining impediments to data sharing, support coordination and consultation on prudential standards and regulations, enhance risk monitoring frameworks, and provide additional clarity on the nature and scale of identified emerging systemic threats.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498324975 Total Pages :42 pages Book Rating :4.4/5 (983 download)
Book Synopsis South Africa: Financial Sector Assessment Program-Financial Safety Net, Bank Resolution, and Crisis Management Framework-Technical Note by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book South Africa: Financial Sector Assessment Program-Financial Safety Net, Bank Resolution, and Crisis Management Framework-Technical Note written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-03-03 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses recommendations made during the Financial Sector Assessment Program (FSAP) for South Africa in the areas of contingency planning, crisis management, and bank resolution. The proposed scope of the new resolution regime and of the South African Reserve Bank’s (SARB) jurisdiction as the resolution authority remains unclear. It is suggested that authorities should consider focusing on all deposit-taking institutions and only those other financial institutions that are currently deemed systemic. Non-deposit-taking financial institutions that are not found to be systemic should be resolved by the Prudential Authority or the Market Conduct Authority, whichever is the lead regulator.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1475564910 Total Pages :36 pages Book Rating :4.4/5 (755 download)
Book Synopsis Finland by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Finland written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2017-01-11 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Finland in the area of macroprudential policy framework. The Finnish authorities regularly coordinate and collaborate with international bodies on macroprudential policy. Several macroprudential instruments were formally introduced in the legislation and activated recently. The 2014 Act on Credit Institutions implements macroprudential instruments, including those set out in the European Capital Requirement Directive. Despite the important progress made, there are some improvements that should be considered. The macroprudential policy toolkit should be expanded. The systemic risk buffer should be added to the toolkit, although its activation and level may still need further analysis.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1475542240 Total Pages :30 pages Book Rating :4.4/5 (755 download)
Book Synopsis Ireland by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Ireland written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2016-09-29 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Ireland in the area of the macroprudential policy framework. The current institutional arrangement in Ireland is appropriate for effective macroprudential policy and in line with IMF guidance. The Central Bank of Ireland’s analysis of systemic vulnerabilities is sophisticated and timely. The central bank has been introducing a range of macroprudential instruments to contain a buildup of systemic risk in the financial system. Ireland’s boom-bust experience amply demonstrates the need for forward-looking action to head off incipient financial problems.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1475599900 Total Pages :34 pages Book Rating :4.4/5 (755 download)
Book Synopsis New Zealand by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book New Zealand written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2017-05-10 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note assesses the macroprudential institutional framework and policies in New Zealand. New Zealand has a strong institutional framework for macroprudential policy. This framework is based on a clear mandate for financial stability operationally clarified by a memorandum of understanding. The Reserve Bank of New Zealand is the single prudential regulator with responsibility and authority for supervision of financial institutions and macroprudential policies. A clear mandate for financial stability, independent decision making, transparent communication, and external accountability form the basis of the strong framework that was put in place. Institutional arrangements could be strengthened further by making the procedures to adjust the macroprudential framework more transparent.
Book Synopsis United Kingdom: Financial Sector Assessment Program-Select Issues in Systemic Risk Oversight and Macroprudential Policy by : International Monetary
Download or read book United Kingdom: Financial Sector Assessment Program-Select Issues in Systemic Risk Oversight and Macroprudential Policy written by International Monetary and published by International Monetary Fund. This book was released on 2022-04-08 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United Kingdom’s macroprudential policy framework has proven its effectiveness. After the Global Financial Crisis (GFC) of 2007–09, the United Kingdom assigned the Bank of England (BOE) a clear financial stability mandate, created a new Financial Policy Committee (FPC) to set macroprudential policy, and shifted to a “twin peaks” model of financial oversight. The 2016 Financial Sector Assessment Program (FSAP) concluded that the new framework appeared appropriate for effectively conducting macroprudential policy. However, the framework was then relatively new. The 2021 FSAP represents an opportunity to review its performance in building systemic resilience through the financial cycle, including the market volatility resulting from the Brexit vote and the COVID-19 pandemic.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1484361393 Total Pages :37 pages Book Rating :4.4/5 (843 download)
Book Synopsis Romania by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Romania written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2018-06-08 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The National Bank of Romania (NBR) has a long experience in implementing macroprudential policy measures and as a result, a relatively sophisticated systemic risk monitoring framework. The NBR monitors several indicators to assess the build-up of systemic risk, many of which are derived from the nation-wide credit register and related data sources, and constructs summary indicators to facilitate overall risk assessment. The NBR also has various economic models to assess macro-financial developments and the effects of various shocks, and to assess policy actions. The NBR also subjects banks to regular solvency and liquidity stress tests. Nevertheless, data and information gaps remain, for instance, due to extensive NPL exposures being sold to asset management companies, which do not have to report to the credit registry.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1475574924 Total Pages :38 pages Book Rating :4.4/5 (755 download)
Book Synopsis United Kingdom by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book United Kingdom written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2016-06-17 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the institutional framework for the conduct of macroprudential policy in the United Kingdom and the steps taken by the authorities to make the macroprudential framework operational. An effective macroprudential framework is crucial for the U.K. financial system to remain a global public good, given its size and systemic nature. The paper reviews how the institutional setup promotes the willingness to act, ability to act, effective cooperation, and accountability. A strong institutional framework is essential to ensure that macroprudential policy can work effectively. This review is also focused on the authorities’ processes for monitoring systemic risk (including beyond the core financial system), data gaps, and the U.K. macroprudential toolkit.
Book Synopsis South Africa: Financial Sector Assessment Program-Technical Note on Financial Safety Net and Crisis Management by : International Monetary
Download or read book South Africa: Financial Sector Assessment Program-Technical Note on Financial Safety Net and Crisis Management written by International Monetary and published by International Monetary Fund. This book was released on 2022-06-17 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note sets out the findings and recommendations of the Financial Sector Assessment Program (FSAP) for South Africa on financial safety net and crisis-management arrangements. It primarily focuses on the arrangements for early intervention, recovery, resolution, and financial safety nets for banks in South Africa. To a lesser extent, the note also addresses issues relating to recovery and resolution applicable to insurers and Financial Market Infrastructure (FMI).
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498326021 Total Pages :42 pages Book Rating :4.4/5 (983 download)
Book Synopsis Singapore by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Singapore written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-07-15 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroprudential policy in Singapore has centered on the property market, given the importance of this market for households’ balance sheets, banks’ loan portfolios, and the potential systemic risks. In the last decade, the authorities have been proactive in using property-related macroprudential tools to promote a stable and sustainable property market and to encourage financial prudence among borrowers. The Monetary Authority of Singapore (MAS) is the authority with a macroprudential policy mandate.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498322506 Total Pages :41 pages Book Rating :4.4/5 (983 download)
Book Synopsis Switzerland by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Switzerland written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-06-27 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Sector Assessment Program; Technical Note-Macrofinancial Analysis and Macroprudential Policy
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498308198 Total Pages :44 pages Book Rating :4.4/5 (983 download)
Book Synopsis South Africa: Financial Sector Assessment Program-Stress Testing the Financial System-Technical Note by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book South Africa: Financial Sector Assessment Program-Stress Testing the Financial System-Technical Note written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-03-03 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses stress testing (ST) results for the financial system of South Africa. The bank STs suggest that banks have adequate capital to withstand severe shocks, but need larger liquidity capacity to meet regulatory requirements. Even in the severe scenario in which GDP falls for three consecutive years, banks’ capital buffers seem sufficient, although the impact of a large default could be significant. Banks also appear resilient to market risks in both the trading and banking books. Some banks, however, would have difficulty meeting the Liquidity Coverage Ratio without the Committed Liquidity Facility of the South African Reserve Bank.
Book Synopsis South Africa: Financial Sector Assessment Program-Technical Note on Systemic Liquidity Management by : International Monetary
Download or read book South Africa: Financial Sector Assessment Program-Technical Note on Systemic Liquidity Management written by International Monetary and published by International Monetary Fund. This book was released on 2022-06-17 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: The South African financial markets are the most developed and liquid in Africa and well developed by global standards, as well, reflecting credible and independent policy making, a diverse economy and strong financial institutions. Foreign exchange market turnover is consistently among the top 20 in the world according to the Bank for International Settlement (BIS) triennial survey. The government bond and interest rate swap yield curves go out to 20 years. The size of the domestic bond market is around 85 percent of GDP, and stock market capitalization is about 300 percent of the GDP. Supporting financial market infrastructure is broadly adequate for the size and turnover of the markets. The central bank (SARB) operates independently and at a high capacity, providing a sound footing for market functioning.
