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Law > Business and Financial

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Cover IMF Staff Country Reports
Australia: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This paper presents Financial System Stability Assessment of Australian financial systems. The report highlights that financial supervision and systemic risk oversight have been enhanced. And the authorities have taken successful policy action to calm rapid growth in riskier segments of the mortgage market. Restrictions on the growth of investor loans and the share of interest-only mortgages, as well as the introduction of stronger lending standards, appear to have led to a slowdown in mortgage credit growth, and the housing market is now cooling. Financial supervision shows generally high conformity to international best practices, although there are opportunities to close identified gaps and strengthen arrangements. Steps are recommended to bolster the independence and resourcing of the regulatory agencies, by removing constraints on their policy making powers and providing additional budgetary autonomy and flexibility. The paper explains that greater formalization and transparency of the work of the Council of Financial Regulators would further buttress the financial stability framework.
Keywords:
ISCR; CR; financial system; banking sector; housing market; monetary policy; financial condition; capital requirement; mid-sized bank; resolution modality; asset quality; loan portfolio; bank exposure; Systemic risk; Financial sector stability; Credit; Housing prices; Global
Cover IMF Staff Country Reports
New Zealand: Financial Sector Assessment Program: Technical Note-Fund Management-Regulation, Supervision, and Systemic Risk Monitoring
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note presents an assessment of Regulation, Supervision and Systemic Risk Monitoring in New Zealand. The overall regulatory framework for asset management is well developed, but would benefit from some enhancements to prevent the buildup of risks. The provision of custody services does not require a license in New Zealand, and custodians therefore fall outside the direct supervision of the Financial Markets Authority (FMA). They are neither subject to prudential requirements nor to ongoing supervision by any other authority. Given that custodians perform key functions regarding safeguarding investors’ assets, the government should require that these entities be licensed and subject to ongoing supervision by the FMA.
Keywords:
ISCR; CR; MIS manager; FMC Act; license application; governing document; business models; FMA staff; investment strategy; MIS assets; MIS offer documents; Asset management; Asset valuation; Liquidity risk; Asia and Pacific; Global
Cover IMF Staff Country Reports
New Zealand: Financial Sector Assessment Program: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of the stability of the financial system in New Zealand. Imbalances in the housing market, banks’ concentrated exposures to the dairy sector, and their high reliance on wholesale offshore funding are the key macro-financial vulnerabilities. The banking sector has significant exposure to real estate and agriculture, is relatively dependent on foreign funding, and is dominated by four Australian subsidiaries. A sharp decline in the real estate market, a reversal of the recent recovery in dairy prices, deterioration in global economic conditions, and tightening in financial markets would adversely impact the system. Despite these vulnerabilities, the banking system is resilient to severe shocks. Strengthening the macroprudential framework is important.
Keywords:
ISCR; CR; bank; incorporated banks only.; parent bank; public funds; heightened market volatility; market contagion; RBNZ liquidity policy; OBR Pre; funding shock; OBR Pre-positioning requirements policy; funding shock simulation; return on equity; market pressure; MTO market; New Zealand property; market liquidity; Commercial banks; PFM information systems; Stress testing; Financial Sector Assessment Program; Global; Australia and New Zealand; NZ clear
Cover IMF Staff Country Reports
Samoa: Financial Sector Assessment Program
International Monetary Fund. Monetary and Capital Markets Department
EXECUTIVE SUMMARY AND KEY RECOMMENDATIONS The Samoan financial sector is dominated by commercial banks and Public Financial Institutions (PFIs). The four commercial banks provide almost 60 percent of credit to the economy, and the most important PFIs, the Samoa National Provident Fund, and the Development Bank of Samoa, account for around 30 percent. There is also a small and shrinking offshore banking sector without linkages to the domestic financial sector. Banks are liquid and report high capitalization, but close supervisory attention is required in light of high and rising non-performing loans (NPLs) and the results of the FSAP stress tests.1 Banks are still dealing with the effects from past natural disasters, and assessments of their health are impeded by the significant uncertainty surrounding the quality of balance sheet data, in particular on asset quality and provisioning. High loan concentration and exposure to natural disasters represent significant risks to the financial system. The stress tests illustrate that the local banks are relatively less resilient and could not withstand a severely adverse scenario. Thus, close monitoring, through on-site supervision and asset quality reviews, paired with prompt corrective action and a plan to address NPLs (including in PFIs) as needed, are top priorities. PFIs are particularly vulnerable to shocks due to low asset quality and strong linkages with state owned enterprises. This is largely the result of increased policy lending in response to the extraordinary economic stress from recent natural disasters. Significant stress in PFIs could have significant impact on other financial institutions (FIs) through the effect on the economy, and explicit and implicit government guarantees raise potential fiscal risks. The authorities, therefore, are encouraged to step up oversight of the PFIs, including through enhanced data collection and on-site reviews. Where substantial adjustments are needed, new lending should be restricted. The Central Bank of Samoa (CBS), as the main supervisor and regulator of domestic financial institutions, has made important efforts to strengthen its oversight in recent years. These efforts include conducting on-site inspections, introducing elements of risk-based supervision, expanding staff resources, initiating PFI supervision, submission of a new CBS Act (CBA) to reform governance and safeguards, promoting financial inclusion, and progress on Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT). Still, much remains to be done, including improving the quality and coverage of the financial sector data, upgrading legal, regulatory and supervisory frameworks, and building capacity and staff.
Keywords:
ISCR; CR; bank; enterprise; PFIs Thus; lending; upgraded bank resolution regime; CBS supervision; asset quality; financial system; CBS securities; shore bank regulation; CBS policy rate; Commercial banks; Financial sector stability; Financial sector; Credit; Australia and New Zealand
Cover Per Jacobsson Lecture
Per Jacobsson Lecture
Society, Economic Policies, and the Financial Sector
International Monetary Fund. External Relations Dept.

Abstract

The future of finance, and in particular saving it from a popular backlash against the global financial crisis and related crisis management policies, has become a matter of great concern. In this brochure, which presents in written form a lecture from the Per Jacobsson Foundation’s lecture series, former Reserve Bank of India Governor Y. V. Reddy explores three interrelated issues of particular concern to central bankers in the search for good finance for the future: how to ensure that the financial sector serves the society better, how to integrate financial sector policies better with national economic policies, and how to ensure that the financial industry functions as a means and not as an end in itself. The question-and-answer session following the lecture is also included in the brochure.

Keywords:
PJ; bottom; reserve bank of India; W. Randolph burgess; Founding honorary chairman; chairman of the board; R.v. Fieandt; Financial sector; International monetary system; Public sector; Public expenditure review; Global; South Asia
Cover IMF Staff Country Reports
Australia: Report on the Observance of Standards and Codes (ROSC)—Summary Assessments
International Monetary Fund. Monetary and Capital Markets Department
The main objective of the assessment was to analyze and observe the implementation of the International Organization of Securities Commissions (IOSCO) Principles in Australia. The various responsibilities of the Australian Securities and Investments Commission (ASIC) were highlighted and the flaws identified. It was noted that the ASIC underwent a major structural reorganization and modified its policies as a response to the initial IOSCO assessment conducted in 2006. The Australian legal and regulatory framework for securities markets largely corresponded with the principles of IOSCO.
Keywords:
ISCR; CR; risk management; banking system; hedge fund; corporate governance; executive government; pty ltd; financial system; Insurance companies; Insurance; Commercial banks; Global
Cover IMF Staff Country Reports
Australia: Financial System Stability Assessment
International Monetary Fund. Asia and Pacific Dept and International Monetary Fund. Monetary and Capital Markets Department
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; foreign currency; liquidity risk management; exchange rate; bank capital; investment strategy; overseas assets; funding liability; bank funding structure; overseas asset performance; consumer confidence; capital position; industry risk; bank board; bank result; migration matrices; Financial sector stability; Stress testing; Commercial banks; Global financial crisis of 2008-2009; Global
Cover Policy Papers
Framework Administered Account for Selected Fund Activities - Pacific Financial Technical Assistance Center (PFTAC) Subaccount
International Monetary Fund
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the "SFA Instrument"). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of subaccounts under the SFA. This paper requests Executive Board approval to establish the Pacific Financial Technical Assistance Center (PFTAC) subaccount (the "Subaccount") under the terms of the SFA Instrument.
Keywords:
PP; Liberia Macro-Fiscal Subaccount; contributor; terms and conditions; finance Subaccount; terms and conditions of the Subaccount; PFTAC beneficiary; paper requests executive board approval; territories of PFTAC; ex ante concurrence; fund's involvement; contributor's resource; General government spending; Anti-money laundering and combating the financing of terrorism (AML/CFT); Tax administration core functions; Pacific Islands
Cover IMF Working Papers
A European Mandate for Financial Sector Supervisors in the EU
International Monetary Fund
The EU is deliberating the introduction of an explicit "European mandate" for financial sector supervisors to supplement national mandates. Suggestions are made on (i) the formulation of a European mandate; (ii) the policy areas to which it should apply; (iii) which institutions should be given a European mandate; (iv) the legal basis for the mandate; (v) how to implement the mandate in practice; and (vi) how to achieve accountability for fulfilling a European mandate. Decisions on these issues are needed if the introduction of a European mandate is to have a substantive positive effect.
Keywords:
WP; government; country; EU member country; EU directive; EU regulation; government authority; Cross-border cooperation; EU; financial sector supervision; supervisory authorities; national authorities; EU institution; state capital; country B bank; Financial sector; Financial sector stability; Deposit insurance; Financial sector policy; Europe; Australia and New Zealand
Cover IMF Staff Country Reports
Euro Area Policies: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes euro area policies and discusses the implications of the 2007–08 financial sector turbulence for real economic activity. It examines the linkages between the financial and real sectors in the euro area. The paper discusses the European Central Bank’s (ECB) monetary analysis and the role of monetary aggregates in central banking, surveying the ongoing theoretical and empirical debate. The paper also describes the introduction of a “European Mandate” for financial sector authorities in the European Union (EU), a proposal that is under consideration by EU member states.
Keywords:
ISCR; CR; bank; money market; inflation; monetary policy; rate; ECB watcher; portfolio shift; policy strategy; ECB policy; money market rate; bank lending channel; Bank credit; Financial sector; Credit; Demand for money; Global; Europe; Australia and New Zealand