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  1. Liquidity stress tests for investment funds
    a practical guide
    Author: Bouveret, Antoine
    Published: October 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper outlines a framework to perform liquidity stress tests for investment funds. Practical aspects related to the calibration of the redemption shock, the measurement of liquidity buffers and the assessment of the resilience of investment... more

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    This paper outlines a framework to perform liquidity stress tests for investment funds. Practical aspects related to the calibration of the redemption shock, the measurement of liquidity buffers and the assessment of the resilience of investment funds are discussed. The integration of liquidity stress tests with banking sector stress tests and possible bank-fund interlinkages are also covered

     
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  2. Luxembourg
    financial sector assessment program : detailed assessment of observance : assessment of observance of the CPSS-IOSCO principles for financial market infrastructures : clearstream banking luxembourg
    Published: August 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This report assesses the risk management practices of Clearstream Banking Luxembourg (CBL) based on the Committee on Payment and Settlement Systems-International Organization of Securities Commissions (CPSS-IOSCO) Principles for Financial Market... more

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    This report assesses the risk management practices of Clearstream Banking Luxembourg (CBL) based on the Committee on Payment and Settlement Systems-International Organization of Securities Commissions (CPSS-IOSCO) Principles for Financial Market Infrastructures. The findings reveal that a range of principles are in broad observance. A key priority is to reduce CBL dependence on commercial banks in its daily operations. There is significant dependence on a limited number of depository and cash correspondent banks, in particular for the US and UK markets. This dependence could be actively mitigated through an increase in the number of contracted banks or, where possible, the establishment of direct links with local central securities depositories and central banks

     
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  3. Luxembourg
    financial sector assessment program : technical note : fund management: regulation, supervision, and systemic risk monitoring
    Published: August 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program for Luxembourg in areas of regulation, supervision, and systemic risk monitoring of fund management. Certain structural elements of... more

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    This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program for Luxembourg in areas of regulation, supervision, and systemic risk monitoring of fund management. Certain structural elements of the Luxembourg fund management industry, particularly the extensive use of delegation and concentration of fund directorships, merit increased supervisory analysis and attention beyond the current activities. The Luxembourg framework for liquidity management tools compares favorably with its peers at both the EU and international level. Information on leverage of funds is of potential relevance from a systemic risk perspective. The Luxembourg authorities have also been actively monitoring and contributing to discussions on the EU money market funds regulation

     
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  4. Luxembourg
    financial sector assessment program : technical note : macroprudential framework and policies
    Published: August 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program for Luxembourg in areas of macroprudential framework and policies. Luxembourg has a large financial system that contributes a... more

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    This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program for Luxembourg in areas of macroprudential framework and policies. Luxembourg has a large financial system that contributes a significant share of GDP and is globally interconnected. The institutional arrangement is broadly appropriate for effective macroprudential policy, but some areas should be strengthened. The monitoring and analysis of systemic risks by the Banque Centrale du Luxembourg is appropriate and performed on a timely basis. The authorities are encouraged to continue to increase efforts to monitor risks related to the investment fund industry

     
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  5. Luxembourg
    financial sector assessment program : technical note : risk analysis
    Published: August 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note reviews the stability of Luxembourg's financial system. The financial soundness indicators for Luxembourg's financial system, which plays a key role in the intermediation of financial capital, have remained relatively robust in... more

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    This Technical Note reviews the stability of Luxembourg's financial system. The financial soundness indicators for Luxembourg's financial system, which plays a key role in the intermediation of financial capital, have remained relatively robust in recent years. Household stress test results suggest that households' solvency would be significantly affected by a drop in income and housing prices and a rise in unemployment. Bank liquidity displays broad resilience, but would be weakened should wholesale funding dry up or funding stress emerge in foreign currencies. Banks were found to be less vulnerable to direct contagion risk through bilateral exposure; however, most banks have considerable cross-border exposure

     
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  6. Luxembourg
    financial sector assessment program : technical note : selected issues in banking supervision
    Published: August 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note examines aspects of the banking supervision regime in Luxembourg. Significant progress has been made in relation to the recommendations made in the 2011 Financial Sector Assessment Program. The Finance Ministry is no longer... more

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    This Technical Note examines aspects of the banking supervision regime in Luxembourg. Significant progress has been made in relation to the recommendations made in the 2011 Financial Sector Assessment Program. The Finance Ministry is no longer responsible for the granting or revocation of banking licenses, the Commission for the Supervision of the Financial Sector (CSSF) is no longer charged with promoting industry, resources have increased substantially, and there has been a significant increase in the implementation of sanctioning powers. There still exists potential for government or industry interference in the operational independence of the CSSF. The frequency of on-site inspections of Luxembourg subsidiaries of significant institutions is also on the low side

     
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  7. Uganda
    technical assistance report : managing and preventing expenditure arrears
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Assistance Report discusses recommendation for managing and preventing expenditure arrears in Uganda. There is need to reconcile the verified stock of arrears with those reported in the annual financial statements. The verification for... more

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    This Technical Assistance Report discusses recommendation for managing and preventing expenditure arrears in Uganda. There is need to reconcile the verified stock of arrears with those reported in the annual financial statements. The verification for Budgetary Central Government must be completed, and mechanisms for regular reporting and verification of arrears by local government and the broader public sector must be established. It is also recommended to develop and publish an arrears clearance strategy including prioritization criteria, liquidation policy and institutional responsibility for monitoring and clearance of arrears

     
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  8. Japan
    financial sector assessment program : technical note : insurance sector regulation and supervision
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Japan in the areas of insurance sector regulation and supervision. The Japanese insurance sector is characterized by a mature market,... more

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    This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Japan in the areas of insurance sector regulation and supervision. The Japanese insurance sector is characterized by a mature market, high concentration, and the predominance of life insurance products with interest guarantees. It is recommended that the Japan Financial Services Agency (JFSA) should take further steps to implement an economic-value-based solvency regime as soon as practicable. A risk assessment methodology needs to be completed as part of the risk-based supervision framework. The risk and impact assessment will enable JFSA to determine the appropriate supervisory intensity for each insurer, and a holistic supervisory plan

     
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  9. Japan
    financial sector assessment program : technical note : regulation and supervision of securities firms
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Japan in the areas of regulation and supervision of securities firms. The supervision of the two major Japanese securities groups and... more

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    This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Japan in the areas of regulation and supervision of securities firms. The supervision of the two major Japanese securities groups and the Japanese subsidiaries of global banking groups deserves special attention, given the domestic and cross-border interconnectedness of these firms. The authorities should continue to ensure that the supervisory teams for the major Japanese groups have access to sufficient number of experienced staff. It is also important to continue to enhance the existing international cooperation in the supervision of Japanese firms' overseas operations and foreign-owned firms' activities in Japan

     
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  10. Japan
    financial sector assessment program : technical note : systemic risk analysis and stress testing the financial sector
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note discusses the results of stress testing of the financial sector in Japan. The Japanese financial system appears generally resilient to short-term risks, but pockets of vulnerability exist. Overall, banks appear to have sufficient... more

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    This Technical Note discusses the results of stress testing of the financial sector in Japan. The Japanese financial system appears generally resilient to short-term risks, but pockets of vulnerability exist. Overall, banks appear to have sufficient capital and liquidity buffers to cope with a scenario of severe recession owing to disruptions in global trade, and accompanied by a sharp increase in interest rates and risk premiums, and a decline in equity prices. Spillovers within the system also appear to be limited. At the same time, resilience is not equal among all institutions included in the analysis. Some life insurance companies and regional banks may need to strengthen their capital buffers

     
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  11. Sweden
    financial sector assessment program : technical note : insurance sector regulation and supervision
    Published: October 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program (FSAP) for Sweden in the areas of insurance sector regulation and supervision. The regulatory and supervisory framework has been enhanced since... more

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    This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program (FSAP) for Sweden in the areas of insurance sector regulation and supervision. The regulatory and supervisory framework has been enhanced since the 2011 FSAP. The Finansinspektionen (Financial Supervisory Authority, FI) is the principal regulatory body, with responsibility for prudential regulation, consumer protection, and macroprudential regulation. Some measures are recommended to strengthen solvency regulation further. Solvency II should be applied in full to occupational pensions insurance, unless the government decides to create a separate national regime for occupational pensions, as exists in many other countries

     
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  12. Sweden
    financial sector assessment program : technical note : regulation and supervision of cross-border securities activities
    Published: October 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for Sweden in the areas of regulation and supervision of cross-border securities activities. The Finansinspektionen (Financial Supervisory... more

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    This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for Sweden in the areas of regulation and supervision of cross-border securities activities. The Finansinspektionen (Financial Supervisory Authority, FI) should review the consumer protection area's activities to assess where the current consumer protection focus should be complemented with explicit consideration of financial stability risks. Improvements in data availability and better analysis tools would improve the FI's ability to analyze risks and plan its supervisory activities. Enhancements to cross-border supervisory cooperation and active participation in the work of the European Securities and Markets Authority are also necessary complements to the FI's current active domestic supervisory program

     
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  13. Sweden
    financial sector assessment program : technical note : stress testing
    Published: October 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note explains the stress testing approach of the 2016 Financial Sector Assessment Program in assessment of risk in the Swedish financial sector and provides the results of the tests. Stress tests covered three major segments of the... more

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    This Technical Note explains the stress testing approach of the 2016 Financial Sector Assessment Program in assessment of risk in the Swedish financial sector and provides the results of the tests. Stress tests covered three major segments of the domestic financial sector. The resilience of the Swedish banking system was tested against solvency, liquidity, and contagion risks. The solvency stress test suggests that banks would be resilient to severe economic distress. Bank liquidity stress tests suggest that banks could withstand severe funding and market liquidity shocks, but there are pockets of vulnerability. The overall stress testing exercise suggests that there is room for improvement in the individual components of authorities' stress testing framework

     
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  14. Sweden
    financial sector assessment program : technical note : supervision and oversight of financial market infrastructures
    Published: October 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Sweden in the areas of supervision and oversight of financial market infrastructures (FMIs). FMIs in Sweden are subject to appropriate... more

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    This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Sweden in the areas of supervision and oversight of financial market infrastructures (FMIs). FMIs in Sweden are subject to appropriate and effective supervision and oversight by the Finansinspektionen (Financial Supervisory Authority, FI) and Sveriges Riksbank (Riksbank). The scope, basis, and objectives of each authority's supervision and oversight are clearly defined and disclosed. There is evidence that the authorities' supervision and oversight have effectively improved risk management practices at Swedish FMIs. There is also effective cooperation between the FI and Riksbank in the supervision and oversight of FMIs. The risk management at Nasdaq Clearing appears to be sound

     
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  15. The Bahamas
    selected issues
    Published: October 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Selected Issues paper assesses the recent trends in The Bahamas' offshore financial center (OFC) and their contribution to the real economy. The Bahamas hosts one of the largest OFCs in the world. International banks are the most important... more

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    This Selected Issues paper assesses the recent trends in The Bahamas' offshore financial center (OFC) and their contribution to the real economy. The Bahamas hosts one of the largest OFCs in the world. International banks are the most important institutions in the Bahamian OFC. Despite a sharp contraction in the size of the offshore sector, the direct impact on the real economy appears to have been modest. The direct contribution of offshore banks to the real economy appears to have remained broadly stable, reflecting an orderly adjustment so far. Strong compliance with anti-money laundering and combating the financing of terrorism and tax transparency standards should help ensure that this orderly adjustment continues

     
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  16. Uganda
    technical assistance report : report on the sectoral financial accounts mission
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Assistance Report discusses the technical advice and recommendations given by the IMF mission to the authorities of Uganda regarding sectoral financial accounts. The IMF mission reviewed the sectoral financial stocks and transactions... more

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    This Technical Assistance Report discusses the technical advice and recommendations given by the IMF mission to the authorities of Uganda regarding sectoral financial accounts. The IMF mission reviewed the sectoral financial stocks and transactions data for 2014 and noted that commendable progress has been made in compilation of annual financial accounts. The mission provided suggestions for public release of annual data for the years 2013, 2014, and 2015 by September 30, 2016. The progress on quarterly financial accounts compilation has been slow because source data were not available for some sectors and because of capacity constraints. The IMF mission recommends compilation of these data for internal purposes for sectors and instruments with data availability

     
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  17. Uganda
    technical assistance report : report on the monetary and financial statistics mission
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Assistance Report discusses the technical advice and recommendations given by the IMF mission to the authorities of Uganda regarding mapping of source data for savings and credit cooperatives to the IMF's Standardized Report Form 2SR.... more

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    This Technical Assistance Report discusses the technical advice and recommendations given by the IMF mission to the authorities of Uganda regarding mapping of source data for savings and credit cooperatives to the IMF's Standardized Report Form 2SR. The IMF mission's recommendations are aimed at improving the collection and compilation of monetary statistics for other depository and financial corporations based on the Monetary and Financial Statistics Manual (MFSM). The compilation of monetary statistics and the expansion of its institutional coverage based on the MFSM will improve data quality and usefulness for policy analysis

     
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  18. Spain
    financial sector assessment program : technical note : insurance sector supervision and regulation
    Published: November 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for Spain in the areas of insurance sector supervision and regulation. The Spanish insurance market is complex owing to the presence of large... more

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    This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for Spain in the areas of insurance sector supervision and regulation. The Spanish insurance market is complex owing to the presence of large numbers of insurance groups. The supervisory culture in the Directorate General of Insurance and Pension Funds (DGSFP) appears to be reactive or compliance focused. The supervisory focus should shift toward qualitative as well as quantitative review of the insurer's key methods and assumptions, including the proportionate verification of technical provisions and capital requirements. The DGSFP should also develop areas that are now relevant in the Solvency II framework, such as governance and risk management

     
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  19. Spain
    financial sector assessment program : technical note : interconnectedness and spillover analysis in spain’s financial system
    Published: November 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note discusses the findings of the Financial Sector Assessment Program about interconnectedness and spillover in Spain's financial system. Financial intermediaries in Spain are interconnected through conglomerate ownership, common... more

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    This Technical Note discusses the findings of the Financial Sector Assessment Program about interconnectedness and spillover in Spain's financial system. Financial intermediaries in Spain are interconnected through conglomerate ownership, common exposures, and inter-sectoral claims. The main source of cross-sectoral connectedness appears to be insurance companies' exposures to banks, while exposures of banks to insurers or to mutual funds appear limited at present. Empirical analysis using both exposure and market data suggest strong cross-border interconnectedness. Contagion within the domestic interbank market appears to be limited at present. There are also strong cross-sectoral linkages between banks and other parts of the financial system in Spain, but systemic risks from those linkages appear to be limited

     
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  20. Loss of correspondent banking relationships in the Caribbean
    trends, impact, and policy options
    Author: Alleyne, Trevor; Bouhga-Hagbe, Jacques; Dowling, Thomas; Kovtun, Dmitriy; Myrvoda, Alla; Okwuokei, Joel Chiedu; Turunen, Jarkko
    Published: August 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Banks across the Caribbean have lost important Correspondent Banking Relationships (CBRs). The macroeconomic impact has so far been limited, in part because banks either have multiple relationships or have been successful in replacing lost CBRs.... more

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    Banks across the Caribbean have lost important Correspondent Banking Relationships (CBRs). The macroeconomic impact has so far been limited, in part because banks either have multiple relationships or have been successful in replacing lost CBRs. However, the cost of services has increased substantially, some services have been cut back, and some sectors have experienced reduced access. Policy options to address multiple drivers, including lower profitability and risk aversion by global banks, require tailored actions by several stakeholders

     
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  21. Interconnectedness of global systemically-important banks and insurers
    Author: Malik, Sheheryar; Xu, TengTeng
    Published: September 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Interconnectedness among global systemically important banks (GSIBs) and global systemically important insurers (GSIIs) has important financial stability implications. This paper examines connectedness among United States, European and Asian GSIBs... more

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    Interconnectedness among global systemically important banks (GSIBs) and global systemically important insurers (GSIIs) has important financial stability implications. This paper examines connectedness among United States, European and Asian GSIBs and GSIIs, using publicly-available daily equity returns and intra-day volatility data from October 2007 to August 2016. Results reveal strong regional clusters of return and volatility connectedness amongst GSIBs and GSIIs. Compared to Asia, selected GSIBs and GSIIs headquartered in the United States and Europe appear to be main sources of market-based connectedness. Total system connectedness-i.e., among all GSIBs and GSIIs-tends to rise during financial stress, which is corroborated by a balance sheet oriented systemic risk measure. Lastly, the paper demonstrates significant influence of economic policy uncertainty and U.S. long-term interest rates on total connectedness among systemically important institutions, and the important role of bank profitability and asset quality in driving bank-specific return connectedness

     
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  22. Indonesia
    financial sector assessment program : detailed assessment of observance : insurance core principles
    Published: March 2018
    Publisher:  International Monetary Fund, Washington, D.C.

    This paper reviews observance of Insurance Core Principles in Indonesia. Insurance regulation and supervision have been remarkably improved since the establishment of the Financial Services Authority (OJK) and the enactment of the new Insurance Law.... more

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    This paper reviews observance of Insurance Core Principles in Indonesia. Insurance regulation and supervision have been remarkably improved since the establishment of the Financial Services Authority (OJK) and the enactment of the new Insurance Law. However, the assessment has identified a significant number of shortfalls in observance with the Insurance Core Principles. Some deficiencies are owing to the lack of effective group regulation and supervision of insurance groups. Although OJK has implemented regulations related with risk management and group capital, intragroup transactions are not well taken into account. It is recommended that OJK should improve the effectiveness of supervision. Thematic reviews of reserving practices will encourage more conservative reserving

     
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  23. Belgium
    financial sector assessment program : technical note - stress testing the banking and insurance sectors and systemic risk analysis
    Published: March 2018
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note discusses the results of the stress testing of Belgium's banking and insurance sectors. Belgium's financial sector remains resilient in the face of the rising cyclical vulnerabilities, but there is a need for closely monitoring... more

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    This Technical Note discusses the results of the stress testing of Belgium's banking and insurance sectors. Belgium's financial sector remains resilient in the face of the rising cyclical vulnerabilities, but there is a need for closely monitoring risks. Stress tests on banks and insurance companies confirm that they can absorb credit, sovereign, and market losses in the event of a severe deterioration in macro-financial conditions. All banks meet minimum capital requirements and none needs to draw down its capital conservation buffer over the stress horizon. The risk of interbank contagion through direct exposures is low. Insurance companies are also generally resilient and losses incurred in the stress scenarios by those that belong to banking groups do not threaten the soundness of those groups

     
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  24. Belgium
    financial sector assessment program : technical note - banking, insurance and financial conglomerate supervision
    Published: March 2018
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note analyzes the key aspects of the regulatory and supervisory regime of banks, insurance companies and financial conglomerates (FCs) in Belgium. The regulatory framework for Belgian financial institutions has been strengthened... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    This Technical Note analyzes the key aspects of the regulatory and supervisory regime of banks, insurance companies and financial conglomerates (FCs) in Belgium. The regulatory framework for Belgian financial institutions has been strengthened substantially since the 2013 Financial Sector Assessment Program. Notably, new national banking and insurance laws have been issued, the Bank Recovery and Resolution Directive and amendments to Financial Conglomerate Directive have been transposed, Solvency II has been implemented, and the National Bank of Belgium has been designated as the macroprudential authority. This has improved significantly the regulatory framework and broadened its scope to better address the challenges posed by FCs. Financial sector supervision has also been upgraded markedly

     
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  25. Belgium
    financial system stability assessment
    Published: March 2018
    Publisher:  International Monetary Fund, Washington, D.C.

    This paper assesses the stability of Belgium's financial system. The financial sector remains resilient in the face of the rising cyclical vulnerabilities, but there is a need for closely monitoring risks. Stress tests on banks and insurance... more

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    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    This paper assesses the stability of Belgium's financial system. The financial sector remains resilient in the face of the rising cyclical vulnerabilities, but there is a need for closely monitoring risks. Stress tests on banks and insurance companies confirm that they can absorb credit, sovereign, and market losses in the event of a severe deterioration in macro-financial conditions. The risk of interbank contagion through direct exposures is low. Insurance companies are also generally resilient and the losses incurred by those that belong to banking groups do not threaten the soundness of those groups. Bank resilience reflects relatively healthy loan portfolios and limited exposure to market and liquidity risks, while insurance companies have sound solvency levels and reduced exposures to guaranteed rates

     
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