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Regulating, Supervising, and Handling Distress in Public Banks
This paper highlights the distinct challenges and suggests practical solutions to the effective regulation, supervision, and crisis management for public banks. It acknowledges that public banks exist for variety of reasons (legacy, ideology, public policy) and will likely remain a feature of financial systems in a number of countries. On this basis, it provides advice on how to best incorporate public banks in the regulatory paradigm commensurate with their risk profiles.
Maldives
Maldives legislation includes important elements of a financial safety net and crisis management framework but there are areas for streamlining and improvement. Shortcomings in the early intervention and bank resolution frameworks need to be addressed, including internal arrangements on the escalation process from the exercise of the MMA’s power to take enforcement actions through to the initiation of resolution. The overall design of the resolution tools is complex -the MBA includes different mechanisms for the same resolution tools- and requires streamlining. MMA should develop an effective emergency liquidity assistance framework. Deposit insurance system should be enhanced.
Iceland
This Note assesses and makes recommendations regarding the different elements of the financial safety net in Iceland. The scope of the assessment includes the institutional arrangements for recovery, resolution, and crisis management; the oversight of banks’ recovery plans; the legal regime for bank bankruptcy and resolution; resolution planning by the authorities; the funding mechanism to support resolution; the deposit guarantee scheme; and the government authorities’ collective preparedness to deal with financial crises.
Seychelles
The IMF conducted a technical assistance to Central Bank of Seychelles (CBS) and provided policy and legal guidance to the CBS on the drafting of legal amendments that will provide an adequate institutional framework and effective powers for bank resolution, and thus contribute to financial stability, while limiting the use of public funds and addressing moral hazard concerns. The mission provided recommendations on corrective actions, emergency liquidity assistance (ELA) and bank resolution frameworks to enhance their alignment with international best practices, FSB’s Key Attributes of Effective Resolution Regimes for Financial Institutions (KAs) and good practice.
Resolving Opaque Bank Ownership and Related-Party Exposures
This note intends to provide advice to bank supervision and resolution authorities and policymakers seeking to deal with opaque bank ownership or significant overhang of related-party exposures.
Financial Stability in a Higher-for-Longer Interest Rate Environment The Case of the Middle East and North Africa
This paper assesses the state and resilience of corporate and banking sectors in the Middle East and North Africa (MENA) in a “higher-for-longer” interest rate environment using granular micro data to conduct the first cross-country corporate and banking sector stress tests for the MENA region. The results suggest that corporate sector debt at risk may increase sizably from 12 to 30 percent of total corporate debt. Banking systems would be broadly resilient in an adverse scenario featuring higher interest rates, corporate sector stress, and rising liquidity pressures with Tier-1 capital ratios declining by 2.3 percentage points in the Gulf Cooperation Council (GCC) countries and 4.0 percentage points in non-GCC MENA countries. In the cross-section of banks, there are pockets of vulnerabilities as banks with higher ex-ante vulnerabilities and state-owned banks suffer greater losses. While manageable, the capital losses in the adverse scenario could limit lending and adversely impact growth.
Seychelles: First Review Under the Extended Fund Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Seychelles
The expected macroeconomic recovery has materialized. Seychelles remains a leader in vaccine coverage at home, and the widespread availability of vaccines in Seychelles’ key tourist markets, particularly Europe, is contributing to a strong rebound in tourism. The economic outlook, while positive, remains subject to the uncertain evolution of the COVID-19 pandemic globally.
Seychelles: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Seychelles
Seychelles was hit hard by the COVID-19 crisis. The authorities reacted swiftly, by locking down the economy, thereby keeping infection and fatality rates low. However, the travel restrictions and global economic downturn triggered unprecedented economic contraction. The authorities responded with measures to mitigate the economic fallout on businesses and households. But the public debt ratio increased sharply, reflecting the primary balance deterioration, exchange rate depreciation, and GDP contraction. As soon as vaccines became available, Seychelles led the world in vaccination coverage and reopened its borders. With tourist arrivals bouncing back, a V-shaped recovery is now expected.
Regional Economic Outlook, Middle East and Central Asia, October 2023
Across the Middle East and Central Asia, the combined effects of global headwinds, domestic challenges, and geopolitical risks weigh on economic momentum, and the outlook is highly uncertain. Growth is set to slow this year in the Middle East and North Africa region, driven by lower oil production, tight policy settings in emerging market and middle-income economies, the conflict in Sudan, and other country-specific factors. In the Caucasus and Central Asia, although migration, trade, and financial inflows following Russia’s war in Ukraine continue to support economic activity, growth is set to moderate slightly this year. Looking ahead, economic activity in the Middle East and North Afric...
Perspectives économiques regionals, Moyen-orient et asie centrale, Octobre 2023
Au Moyen-Orient et en Asie centrale, les effets conjugués de vents contraires à l’échelle mondiale, de difficultés intérieures et de risques géopolitiques pèsent sur la dynamique économique, et une grande incertitude entoure les perspectives. La croissance devrait ralentir cette année dans la région Moyen-Orient et Afrique du Nord, sous l’effet d’une réduction de la production de pétrole, de politiques restrictives dans les pays émergents et pays à revenu intermédiaire, du conflit au Soudan et d’autres facteurs propres aux pays. Dans le Caucase et en Asie centrale, même si les flux migratoires, commerciaux et financiers après la guerre menée par la Russie en Ukraine...
