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International Monetary Fund. Monetary and Capital Markets Department
COVID-19 pandemic: The Financial Sector Assessment Program (FSAP) work was conducted prior to the COVID-19 pandemic, so this Technical Note (TN) does not assess the impact of the crisis or the recent crisis-related policy measures. Nonetheless, given the FSAP’s focus on vulnerabilities and policy frameworks, the findings and recommendations of the TN remain pertinent. While Denmark’s institutional arrangements are uncommon, the authorities have undertaken several macroprudential measures since the last FSAP. The Minister for Industry, Business and Financial Affairs (MIBFA) has decision-making power over most macroprudential tools in Denmark, which is rare in international practice. However, the Systemic Risk Council (SRC), which includes members from the Danmarks Nationalbank (DN) and Danish Financial Supervisory Authority (DFSA) plays an advisory role and has powers to give recommendations with a comply or explain mechanism. In recent years, the authorities have taken wide-ranging macroprudential policy actions in response to growing systemic vulnerabilities, which have seemed to slow down some of the riskier trends. More recently, in response to the Covid-19 crisis, countercyclical capital buffer (CCyB) has been fully released.
International Monetary Fund. Monetary and Capital Markets Department

, to make proposals for a recommendation after due consultation with other SRC members without the need to strive for consensus. While recent measures go in the right direction, the authorities should stand ready to take further action if risks related to household vulnerabilities persist . Recent measures have aided in softening of house prices and switching of households to loans with higher amortization and lower interest rate risks. While pockets of vulnerabilities remain, the uncertainty and economic downturn associated with COVID-19 crisis makes further

International Monetary Fund. Monetary and Capital Markets Department

more nonstandard collateral if this is needed to support the financial stability in Denmark. Following the FSAP, the authorities will look into how interagency information sharing and collaboration can be further strengthened in this area. Systemic Risk Oversight and Macroprudential Policy The Danish authorities take note of staff’s recommendation to give the chair of the Systemic Risk Council (SRC) the ability to make proposals for a recommendation after due consultation with other SRC members without the need to strive for consensus. The Danish authorities

International Monetary Fund. Monetary and Capital Markets Department

to 13 percent. Banks have limited exposure to the high carbon-emitting industries. Non-life insurers are mainly exposed to windstorms and cloudbursts, but these risks are largely transferred to reinsurers. Table 1. Denmark: Key Recommendations Recommendations and Authority Responsible for Implementation Time 1/ Systemic Risk Oversight and Macroprudential Policy Give the chair of the SRC the ability, enshrined in law, to make proposals for a recommendation after due consultation with other SRC members without the need

International Monetary Fund. Monetary and Capital Markets Department
Much of the work of the Financial Sector Assessment Program (FSAP) was conducted prior to the COVID-19 pandemic. Given the FSAP’s focus on medium-term challenges and vulnerabilities, however, many of its findings and recommendations for strengthening policy and institutional frameworks remain pertinent. This report reflects key developments and policy changes since the FSAP mission work was completed, and includes illustrative scenarios to quantify the possible implications of the COVID-19 shock on the solvency of systemically important financial institutions (SIFIs). Prior to the COVID-19 pandemic, the Danish authorities had taken important steps to improve financial system resilience. The authorities had actively used macroprudential tools to bolster the robustness of the financial system. The supervision of the banking and insurance sectors had improved. Likewise, recent legislation has strengthened anti-money laundering and combating the financing of terrorism (AML/CFT) supervision. Major reforms such as a new bank resolution framework had also considerably improved Denmark’s financial safety net and crisis management frameworks.
International Monetary Fund. Western Hemisphere Dept.

. Systemic Oversight Committees at a Glance Committees Financial Institutions Supervisory Committee (FISC) Senior Advisory Committee (SAC) Heads of Agencies Committee (HOA) CSA Systemic Risk Committee (SRC) Members OSFI, CDIC, BOC DOF, FCAC OSFI, CDIC, BOC, DOF, FCAC OSFI, BOC, DOF 4 Provincial Securities Regulators and CSA Chair Members of the CSA Chair Superintendent of Financial Institutions (OSFI secretariat) Deputy Minister of Finance (DOF secretariat) Governor of BOC (BOC secretariat) None-collegial structure (SRC

International Monetary Fund. Western Hemisphere Dept.
This report discusses key findings of the Financial Sector Stability Assessment on Canada. Canada’s financial system successfully navigated the global financial crisis, and stress tests suggest that major financial institutions would continue to be resilient to credit, liquidity, and contagion risks arising from a severe stress scenario. Elevated housing prices and high household debt remain an area of concern, though targeted prudential and macroprudential measures are proving to be effective. The regulatory and supervisory framework is strong, and is complemented by a credible federal system of safety nets.
International Monetary Fund. Monetary and Capital Markets Department
This report underlies Canada’s Financial Sector Assessment Program (FSAP) in the areas of crisis management and blank resolution. The provincial deposit insurance systems (DIS) and resolution frameworks are highly heterogeneous and the FSAP’s analysis suggests that the preparedness to overcome financial stress should be enhanced. The IMF report discusses that the federal legal and institutional arrangements for resolving individual financial institutions are robust. It suggests that clear mandates should be assigned to: (1) monitor systematic risk to facilitate macroprudential oversight; and (2) carry out system wide crisis preparedness.
International Monetary Fund. Monetary and Capital Markets Department

as with other domestic regulators or agencies on systemic risks related to securities markets. Recently, an agreement has been made among the provinces of Ontario and British Columbia and the federal authorities in Canada to establish a cooperative capital markets regulator. Table 2. Overview of Inter-agency Committees Committees FISC SAC HOA SRC Members OSFI, CDIC, BOC DOF, FCAC OSFI, CDIC, BOC, DOF, FCAC (other governmental institutions can be invited) OSFI, BOC, DOF 4 Provincial Securities Regulators Members of the