United Kingdom Financial Sector Assessment Program Vulnerabilities In Nbfis Market Based Finance And Systemic Liquidity

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United Kingdom: Financial Sector Assessment Program-Vulnerabilities in NBFIs, Market-Based Finance, and Systemic Liquidity

International Monetary,International Monetary Fund. Monetary and Capital Markets Department
United Kingdom Financial Sector Assessment Program Vulnerabilities in NBFIs Market Based Finance and Systemic Liquidity Book PDF

Author : International Monetary,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 62 pages
File Size : 43,7 Mb
Release : 2022-04-08
Category : Business & Economics
ISBN : 9798400206580

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United Kingdom: Financial Sector Assessment Program-Vulnerabilities in NBFIs, Market-Based Finance, and Systemic Liquidity by International Monetary,International Monetary Fund. Monetary and Capital Markets Department Pdf

The Financial Sector Assessment Program (FSAP) carried out a focused review of the non-banks in the United Kingdom and systemic liquidity. It reviewed five areas: (i) The overall NBFI system, its links to banks and the rest of the world; (ii) NBFI direct lending to the U.K. economy; (iii) Sterling investment funds (OEFs, AIFs, and MMFs); (iv) CCPs; and (v) Systemic liquidity. The NBFIs are defined as all non-deposit-taking corporations, listed in Figure 1, and with the following limited coverage: Pension Funds and Insurance Companies are covered to the extend they lend to the economy and interact with CCPs; Investment funds only to the extent of Sterling Funds; and broker-dealers only to the extent they interact with CCPs. Regulatory aspects of NBFIs are covered in a parallel Technical Note (TN).

United Kingdom: Financial Sector Assessment Program-Financial System Stability Assessment

International Monetary,International Monetary Fund. Monetary and Capital Markets Department
United Kingdom Financial Sector Assessment Program Financial System Stability Assessment Book PDF

Author : International Monetary,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 94 pages
File Size : 40,6 Mb
Release : 2022-02-23
Category : Business & Economics
ISBN : 9798400203268

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United Kingdom: Financial Sector Assessment Program-Financial System Stability Assessment by International Monetary,International Monetary Fund. Monetary and Capital Markets Department Pdf

The U.K. financial sector is globally systemic, open, and complex. It has weathered the COVID-19 pandemic fittingly, thanks to the post-GFC reforms, a proactive macroprudential stance, and an effective multipronged response to maintain financial stability. Brexit uncertainties are being handled appropriately as the U.K. and EU authorities and the financial industry collaborate to prevent undesirable financial stability outcomes. The endpoint of the pandemic remains unclear, as does the actual impact on the financial system once support measures wane. At this juncture, therefore, financial stability conditions in the United Kingdom are being shaped by three key considerations: (i) the evolving U.K.-EU relationship on financial services; (ii) securing a sustainable and robust post-pandemic economic recovery; and (iii) successfully managing ongoing structural transitions.

United Kingdom

International Monetary Fund. Monetary and Capital Markets Department
United Kingdom Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 21 pages
File Size : 54,8 Mb
Release : 2016-06-16
Category : Business & Economics
ISBN : 9781498302845

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United Kingdom by International Monetary Fund. Monetary and Capital Markets Department Pdf

This paper summarizes the assessment of interconnectedness and systemic risk undertaken for the U.K. financial system as part of the Financial Sector Assessment Program. It consists of three parts, focusing on the following: (1) motivation for monitoring cross-sector interconnectedness as part of the financial system’s resilience assessment, (2) description of selected empirical methods that may be employed to analyze interconnectedness, and (3) an illustrative analysis conducted, based on a definition of the financial system that incorporates U.K. banking and life insurance sectors. The assessment of financial system resilience should account for the evolution of interconnectedness between firms and sectors.

United Kingdom: Financial Sector Assessment Program-Select Issues in Systemic Risk Oversight and Macroprudential Policy

International Monetary,International Monetary Fund. Monetary and Capital Markets Department
United Kingdom Financial Sector Assessment Program Select Issues in Systemic Risk Oversight and Macroprudential Policy Book PDF

Author : International Monetary,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 59 pages
File Size : 41,6 Mb
Release : 2022-04-08
Category : Business & Economics
ISBN : 9798400206627

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United Kingdom: Financial Sector Assessment Program-Select Issues in Systemic Risk Oversight and Macroprudential Policy by International Monetary,International Monetary Fund. Monetary and Capital Markets Department Pdf

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.

United Kingdom

International Monetary Fund. Monetary and Capital Markets Department
United Kingdom Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 65 pages
File Size : 50,5 Mb
Release : 2016-06-16
Category : Business & Economics
ISBN : 9781498303668

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United Kingdom by International Monetary Fund. Monetary and Capital Markets Department Pdf

This paper assesses the stability of the financial system of the United Kingdom as a whole, not that of individual institutions. Since the last Financial Sector Assessment Program (FSAP), the U.K. financial system has put the legacy of the crisis behind it and has become stronger and more resilient. This FSAP found the system to be much stronger and thus better able to serve the real economy. Like all systems, the U.K. financial system is exposed to risks. Its position as a global hub exposes the U.K. financial system to global risks. In addition, the uncertainties associated with the possibility of British exit from the EU weigh heavily on the outlook.

United Kingdom

International Monetary Fund. Monetary and Capital Markets Department
United Kingdom Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 91 pages
File Size : 47,8 Mb
Release : 2016-06-17
Category : Business & Economics
ISBN : 9781484394120

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United Kingdom by International Monetary Fund. Monetary and Capital Markets Department Pdf

This paper discusses how Financial Sector Assessment Program (FSAP) stress test assesses the resilience of the banking sector as a whole rather than the capital adequacy of individual institutions. The FSAP approach to stress testing is essentially macroprudential: it focuses on resilience of the broader financial system to adverse macro-financial conditions rather than on resilience of individual banks to specific shocks. This test ensures consistency in macroeconomic scenarios and metrics across firms to facilitate the assessment of the banking system as a whole. The stress test analysis is intended to help country authorities to identify key sources of systemic risk in the banking sector and inform macroprudential policies to enhance its resilience to absorb shocks.

United Kingdom: Financial Sector Assessment Program-Financial Stability and Managing Institutional, Technology, and Market Transitions

International Monetary,International Monetary Fund. Monetary and Capital Markets Department
United Kingdom Financial Sector Assessment Program Financial Stability and Managing Institutional Technology and Market Transitions Book PDF

Author : International Monetary,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 85 pages
File Size : 53,5 Mb
Release : 2022-04-08
Category : Business & Economics
ISBN : 9798400205316

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United Kingdom: Financial Sector Assessment Program-Financial Stability and Managing Institutional, Technology, and Market Transitions by International Monetary,International Monetary Fund. Monetary and Capital Markets Department Pdf

There has been a very smooth post-Brexit transition, with no material disruption nor any crystalized financial stability risks. This was the result of the U.K. authorities’ (and in some cases the EU authorities) and firms’ extensive preparations. The U.K. authorities have been proactively engaging with the industry, monitored risks, and consistently provided necessary legal certainty in a timely manner. This approach should continue, to the extent that any risks and uncertainties from Brexit remain.

Review of the Financial Sector Assessment Program—Further Adaptation to the Post-Crisis Era

International Monetary Fund
Review of the Financial Sector Assessment Program Further Adaptation to the Post Crisis Era Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 49 pages
File Size : 52,7 Mb
Release : 2014-08-18
Category : Business & Economics
ISBN : 9781498342841

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Review of the Financial Sector Assessment Program—Further Adaptation to the Post-Crisis Era by International Monetary Fund Pdf

The Financial Sector Assessment Program (FSAP), established in 1999, is an in-depth assessment of a country’s financial sector. It is an important element of the Fund’s surveillance and provides input to the Article IV consultations. In developing and emerging market countries, FSAP assessments are usually conducted jointly with the World Bank and include two components: a financial stability assessment (the main responsibility of the Fund) and a financial development assessment (the main responsibility of the World Bank). Each FSAP concludes with the preparation of a Financial System Stability Assessment (FSSA), which focuses on issues of relevance to IMF surveillance and is discussed by the IMF Executive Board normally together with the country’s Article IV staff report. Since the program’s inception, 144 member countries have requested and undergone FSAPs, most of them more than once. In recent years, the Fund has been conducting 14–16 FSAPs per year at an annual cost of US$13–15 million. The last review of the FSAP in 2009, in the aftermath of the global financial crisis, introduced a number of far-reaching reforms that have clarified the responsibilities of the Fund and the Bank in developing and emerging market countries, where assessments usually take place jointly, established institutional accountability, strengthened the analytical focus and coverage of FSAPs, and introduced the option of modular assessments that has afforded the Fund and national authorities greater flexibility on the scope and timing of assessments. In 2010, the financial stability assessment under the FSAP in 25 jurisdictions with financial sectors deemed by the Fund to be systemically important became a mandatory part of Article IV surveillance, expected to take place every five years. The list was expanded to 29 jurisdictions in 2013. For all other jurisdictions, FSAP participation continues to be voluntary.In 2010, the financial stability assessment under the FSAP in 25 jurisdictions with financial sectors deemed by the Fund to be systemically important became a mandatory part of Article IV surveillance, expected to take place every five years. The list was expanded to 29 jurisdictions in 2013. For all other jurisdictions, FSAP participation continues to be voluntary.

United Kingdom: Financial Sector Assessment Program-Systemic Stress, and Climate-Related Financial Risks: Implications for Balance Sheet Resilience

International Monetary,International Monetary Fund. Monetary and Capital Markets Department
United Kingdom Financial Sector Assessment Program Systemic Stress and Climate Related Financial Risks Implications for Balance Sheet Resilience Book PDF

Author : International Monetary,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 123 pages
File Size : 48,7 Mb
Release : 2022-04-08
Category : Business & Economics
ISBN : 9798400206504

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United Kingdom: Financial Sector Assessment Program-Systemic Stress, and Climate-Related Financial Risks: Implications for Balance Sheet Resilience by International Monetary,International Monetary Fund. Monetary and Capital Markets Department Pdf

The FSAP started in an important macro-financial phase right after the second Covid wave and a third lockdown. The balance sheet resilience of major institutional sectors was at the center of policy considerations. Against this backdrop, the FSAP analyzed the pandemic’s potential “scarring” of banks, insurers, corporates, and households balance sheets, focusing on the interplay of macro-financial/structural conditions and financial vulnerabilities.

Ireland

International Monetary Fund. Monetary and Capital Markets Department
Ireland Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 66 pages
File Size : 49,5 Mb
Release : 2022-07-07
Category : Business & Economics
ISBN : 9798400213564

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Ireland by International Monetary Fund. Monetary and Capital Markets Department Pdf

Ireland has considerably strengthened financial sector regulation and supervision since the 2016 FSAP, aided by the ECB/SSM, and is working with European and international regulators to strengthen oversight of the large market-based finance (MBF) sector. This strengthening is evidenced by a successful navigation through the challenges of Brexit and the pandemic. Despite global headwinds, Ireland is exiting the pandemic with strong economic growth and a highly capitalized and liquid banking system. The financial system has grown rapidly and in complexity, especially after Brexit, and Ireland has become a European base for large financial groups. The MBF sector has grown to the second largest in Europe, with global interlinkages.

Global Financial Stability Report, October 2019

International Monetary Fund. Monetary and Capital Markets Department
Global Financial Stability Report October 2019 Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 109 pages
File Size : 53,5 Mb
Release : 2019-10-16
Category : Business & Economics
ISBN : 9781498324021

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Global Financial Stability Report, October 2019 by International Monetary Fund. Monetary and Capital Markets Department Pdf

The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.

Global Financial Stability Report, April 2021

International Monetary Fund
Global Financial Stability Report April 2021 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 92 pages
File Size : 52,7 Mb
Release : 2021-04-06
Category : Business & Economics
ISBN : 9781513569673

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Global Financial Stability Report, April 2021 by International Monetary Fund Pdf

Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. Chapter 1 warns that there is a pressing need to act to avoid a legacy of vulnerabilities while avoiding a broad tightening of financial conditions. Actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities. The recovery is also expected to be asynchronous and divergent between advanced and emerging market economies. Given large external financing needs, several emerging markets face challenges, especially if a persistent rise in US rates brings about a repricing of risk and tighter financial conditions. The corporate sector in many countries is emerging from the pandemic overindebted, with notable differences depending on firm size and sector. Concerns about the credit quality of hard-hit borrowers and profitability are likely to weigh on the risk appetite of banks. Chapter 2 studies leverage in the nonfinancial private sector before and during the COVID-19 crisis, pointing out that policymakers face a trade-off between boosting growth in the short term by facilitating an easing of financial conditions and containing future downside risks. This trade-off may be amplified by the existing high and rapidly building leverage, increasing downside risks to future growth. The appropriate timing for deployment of macroprudential tools should be country-specific, depending on the pace of recovery, vulnerabilities, and policy tools available. Chapter 3 turns to the impact of the COVID-19 crisis on the commercial real estate sector. While there is little evidence of large price misalignments at the onset of the pandemic, signs of overvaluation have now emerged in some economies. Misalignments in commercial real estate prices, especially if they interact with other vulnerabilities, increase downside risks to future growth due to the possibility of sharp price corrections.

West African Economic and Monetary Union

International Monetary Fund. African Dept.
West African Economic and Monetary Union Book PDF

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 48 pages
File Size : 52,7 Mb
Release : 2022-08-25
Category : Business & Economics
ISBN : 9798400217340

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West African Economic and Monetary Union by International Monetary Fund. African Dept. Pdf

This technical note presents the stress tests on credit, interest rate, and concentration risk conducted by the WAEMU FSAP.1 Stress tests on contagion and liquidity risks are addressed separately.2 Stress tests are an important tool for detecting financial sector vulnerabilities, setting up targeted banking sector monitoring, imposing preventive measures, and informing public decision-makers of macrofinancial risks and costs.

Denmark

International Monetary Fund
Denmark Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 46 pages
File Size : 44,8 Mb
Release : 2007-03-23
Category : Business & Economics
ISBN : 9781452750873

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Denmark by International Monetary Fund Pdf

This technical note describes the stress testing exercises carried out for the Danish commercial banking system and the insurance sector. The tests were conducted as part of the Financial Sector Assessment Program for Denmark and were developed in collaboration with the Danish Financial Supervisory Agency (DFSA) and Danmarks Nationalbank (DNB). Two approaches—bottom-up and top-down—were employed in the analysis. Results of the stress test show that under changing macroeconomic conditions, credit risk could materialize, causing a substantial deterioration in banks’ results.

Staff Guidance Note on Macroprudential Policy

International Monetary Fund
Staff Guidance Note on Macroprudential Policy Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 45 pages
File Size : 43,7 Mb
Release : 2014-06-11
Category : Business & Economics
ISBN : 9781498342629

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Staff Guidance Note on Macroprudential Policy by International Monetary Fund Pdf

This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries