International Monetary Fund. Monetary and Capital Markets Department
This note analyzes select aspects of the system for insolvency and creditors’ rights in the context of an overall assessment of the Irish financial sector. It focuses on two areas: (i) the use and effectiveness of the corporate restructuring regime (examinership) and (ii) the resolution of mortgage related NPLs. Corporate restructuring was considered particularly relevant given that the authorities are currently in the process of amending their insolvency system to incorporate the provisions of the European Directive on Preventive Restructuring Procedures (the “EU Directive”) and have recently adopted a new debt resolution regime for small and micro-sized enterprises. The mission team also focused on the resolution of mortgage related NPLs, given that they constitute 46 percent of all NPLs (total loans) in the retail banking system and pose a challenge to the effectiveness of the overall system for debt resolution and creditors’ rights. This analysis has been conducted against the international insolvency standard (the “Standard”), where relevant.2
An External Sector Statistics (ESS) technical assistance (TA) mission was conducted remotely to Brunei Darussalam, during July 26–29, 2020, aimed at improving the quality of ESS, in line with the authorities’ request. This is the most recent TA mission on ESS to Brunei Darussalam following a previous one that took place more than 16 years ago by the IMF’s Statistics Department.
A remote external sector statistics (ESS) technical assistance (TA) was provided to the Central Bank of Seychelles (CBS) during October 4–13, 2021. The main objectives of the mission were to (i) assist the authorities in improving the quality of ESS by focusing on actions undertaken by the CBS for collecting data from corporate service providers (CSPs) and their inclusion in the balance of payments and international investment position (IIP) statistics; (ii) assess the data reported by the CSPs and their fit into the ESS framework; (iii) prepare the basis for Seychelles’ participation in the IMF’s survey “Resident Special Purpose Entities: Cross Border Flows and Positions) (IMF’s SPEs Survey); and (iv) review and assess the adequacy of estimated travel services.
In response to a request from the authorities and as part of the Data for Decisions (D4D)1 funded project under the submodule for Fiscal and Debt reporting, a government finance statistics (GFS) technical assistance (TA) mission was held remotely with the Lesotho Ministry of Finance (MOF) during April 5–16, 2021. Previous TA missions under the Enhanced Data Dissemination Initiative (EDDI2) over the period spanning from 2016 to 2020 assisted the MOF to improve GFS compilation and dissemination for the budgetary central government (BCG) and inspired action to broaden data coverage to include local governments and extrabudgetary units (EBUs) with the aim to compile and disseminate consolidated general government GFS. Preliminary local government GFS have now been compiled, and data collected for selected state-owned enterprises (SOEs) and parastatals, including non-market SOEs that can now contribute to preliminary general government GFS to be compiled.
With the support of the IMF’s Asia and Pacific Department (APD) and the Bangko Sentral ng Pilipinas (BSP), an IMF Statistics Department (STA)’s remote financial soundness indicators (FSIs) technical assistance (TA) mission took place during April 30–May 14, 2021. The main objective of the mission was to assist the BSP in compiling FSI for the other financial corporations (OFCs) sector, in line with the 2019 Financial Soundness Indicators Compilation Guide (Guide). Specifically, the Guide recommends compiling indicators for money market funds, insurance corporations, and pension funds, as well as for the total OFC sector. The work of the mission was facilitated by the excellent collaboration of BSP’s staff, in particular of the Department of Economic Statistics (DES). The list of officials met during the mission can be found in Appendix I.
This technical assistance (TA) report on government finance statistics (GFS) covers the remote TA to the Ministry of Finance (MOF) during September 21–October 2 and December 14–18, 2020 and March 9–13 and April 19–23, 2021 (which was extended to May 2021). These peripatetic activities were conducted remotely due to the travel restrictions resulting from the COVID-19 situation. This report documents the main achievements from these activities. These activities were part of the GFS and Public Sector Debt Statistics (PSDS) project funded by the Government of Japan (JSA3) and implemented by the IMF Statistics Department (STA) and the IMF Capacity Development Office in Thailand (CDOT).