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A Strategy for Resolving Europe's Problem Loans
Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets.
Managing Systemic Banking Crises
This paper updates the IMF’s work on general principles, strategies, and techniques from an operational perspective in preparing for and managing systemic banking crises in light of the experiences and challenges faced during and since the global financial crisis. It summarizes IMF advice concerning these areas from staff of the IMF Monetary and Capital Markets Department (MCM), drawing on Executive Board Papers, IMF staff publications, and country documents (including program documents and technical assistance reports). Unless stated otherwise, the guidance is generally applicable across the IMF membership.
Good Supervision: Lessons from the Field
Keeping banks safe and sound hinges on good supervision. The bank failures of March 2023 precipitated questions about the effectiveness of supervision. This paper reflects on lessons learned from this banking turmoil and reviews global progress in delivering effective supervision over the past ten years. It finds progress in areas like risk monitoring, stress testing, and business model analysis. Yet, progress has also been hampered by deficiencies in supervisory approaches, techniques, tools, and (use of) corrective and sanctioning powers, as well as by unclear mandates, inadequate powers, and lack of independence and resources. Overcoming these deficiencies requires supervisors to improve their own performance and other policy makers to contribute to ensuring vigilant, independent and accountable supervision.
Vegetarian Times
To do what no other magazine does: Deliver simple, delicious food, plus expert health and lifestyle information, that's exclusively vegetarian but wrapped in a fresh, stylish mainstream package that's inviting to all. Because while vegetarians are a great, vital, passionate niche, their healthy way of eating and the earth-friendly values it inspires appeals to an increasingly large group of Americans. VT's goal: To embrace both.
Assembly Bill
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Debt Equity Conversions and NPL Securitization in China
This note considers the role debt-equity conversions and NPL securitization can play in addressing excessive corporate debt in China, and the corresponding burden on banks of impaired assets. It finds that such techniques can play a role, but getting their design right is critical, as is nesting them within a comprehensive, system-wide, plan.
Metabyte
Prepare for an adrenaline-fueled race against time in the heart-pounding thriller "Metabyte" by the masterful Cat Connor! SSA Ellie Iverson finds herself thrust into a nightmare as her world collapses around her. Her niece is snatched away, her husband’s brother vanishes without a trace, and deceased agents inexplicably resurface in strange places across the city, only to meet their demise once again. With every alarm bell ringing in her head, Iverson's internal alert system goes off the scale. Enigmatic clues and cryptic codes left behind by a missing colleague and her own brother-in-law paint a chilling picture of a massive breach in sensitive FBI data. The sudden death of a team member ...
Reforming the Corporate Governance of Italian Banks
Sound corporate governance is essential for a well-functioning banking system and the integrity of financial markets. The paper discusses the corporate governance of Italian banks, its regulatory framework, and the specific challenges arising from the role played by foundations and large cooperatives. Although Italian banks have recently made progress in improving their corporate governance, more needs to be done. In this regard, further improvements should include: (i) strengthening further the existing banking regulations through stricter fit-and-proper rules for directors and controlling shareholders; (ii) implementing the new related party lending regulation with tightened definitions; (iii) strengthening oversight of foundations when they are the controlling shareholders in banks; and (iv) facilitating the transformation of large cooperatives into joint stock companies.
India
This paper discusses the findings of the Financial System Stability Assessment for India. Since the 2011 Financial Sector Assessment Program, India has recorded strong growth in both economic activity and financial assets, supported by important structural reforms and terms of trade gains. Increased diversification, commercial orientation, and technology-driven inclusion have supported growth in the financial industry, backed by improved legal, regulatory, and supervisory frameworks. Yet, the financial sector is facing considerable challenges, and economic growth has recently slowed down. High nonperforming assets (NPAs) and slow deleveraging and repair of corporate balance sheets are testing the resilience of the banking system, and holding back investment and growth. The authorities have been pursuing policies to accelerate the process of NPA resolution.
Investor Information and Bank Instability During the Euro Crisis
Outside of financial crises, investors have little incentive to produce private information on banks’ short-term liabilities held as information-insensitive safe assets. The same does not hold true during crises. We measure daily information production using data from credit default swap spreads during the global financial crisis and the subsequent European debt crisis. We study abnormal information production around major events and interventions during these crises and find that, on average, capital injections reduced abnormal information production while early European stress tests increased it. We also link information production to outcomes: high levels of information production predict bank balance sheet contraction and higher government expenditures to support financial institutions. In an addendum, we show information production on nonfinancials dramatically increased relative to financials at the height of the COVID-19 crisis, reflecting the nonfinancial nature of the initial shock.
