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The paper presents a supervisory framework that addresses the vulnerabilities of partially dollarized banking systems. The tendency to underprice systemic liquidity risk and currency-induced credit risk creates vulnerabilities that need supervisory responses. The framework seeks to induce agents to better internalize risks by implementing a risk based approach to supervision, following the risk management guidelines of the Basel Committee, and by establishing buffers to cover higher liquidity and solvency risks. The paper also shows that most dollarized countries have addressed their liquidity vulnerabilities, but few have addressed those arising from currency-induced credit risks.

Banks and banking -- Risk management. --- Banks and banking -- State supervision. --- Electronic books. -- local. --- Finance --- Business & Economics --- Banking --- Banks and banking --- State supervision. --- Risk management. --- Agricultural banks --- Banking industry --- Commercial banks --- Depository institutions --- Financial institutions --- Money --- Banks and Banking --- Foreign Exchange --- Money and Monetary Policy --- Financial Institutions and Services: Government Policy and Regulation --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial services law & regulation --- Monetary economics --- Currency --- Foreign exchange --- Credit risk --- Currencies --- Liquidity risk --- Exchange rates --- Financial regulation and supervision --- Exchange rate risk --- Financial risk management --- Peru

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The increasing ability to trade credit risk in financial markets has facilitated its dispersion across the financial and other sectors. However, specific risks attached to credit risk transfer (CRT) instruments in a market with still-limited liquidity means that its rapid expansion may actually pose problems for financial sector stability in the event of a major negative shock to credit markets. This paper attempts to quantify the exposure of major U.K. financial groups to credit derivatives, by applying a vector autoregression (VAR) model to publicly available market prices. Our results indicate that use of credit derivatives does not pose a substantial threat to financial sector stability in the United Kingdom. Exposures across major financial institutions appear sufficiently diversified to limit the impact of any shock to the market, while major insurance companies are largely exposed to the "safer" senior tranches.

Credit derivatives -- Great Britain. --- Derivative securities -- Great Britain. --- Electronic books. -- local. --- Finance --- Business & Economics --- Investment & Speculation --- Credit derivatives --- Derivative securities --- Derivative financial instruments --- Derivative financial products --- Derivative instruments --- Derivatives (Finance) --- Financial derivatives --- Securities --- Structured notes (Securities) --- Banks and Banking --- Investments: Derivatives --- Money and Monetary Policy --- Industries: Financial Services --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary economics --- Financial services law & regulation --- Banking --- Credit --- Credit risk --- Insurance companies --- CDOs --- Financial risk management --- Banks and banking --- United Kingdom

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Portugal’s financial system is sound, well-managed and competitive, with shorter-term risks and vulnerabilities well contained, and with the system buttressed by a strong financial policy framework. Portuguese banks’ profitability, asset quality, and solvency have held up well in recent years, despite a difficult operating environment. Nevertheless, household debt levels are well above the EU average, and corporate debt levels are also high, although bank credit to firms has been growing moderately in recent years. The government should continue to carefully monitor the key risk areas.

Finance --- Risk management --- Insurance --- Management --- Funding --- Funds --- Economics --- Currency question --- Portugal --- Economic conditions --- Economic policy. --- Banks and Banking --- Finance: General --- Industries: Financial Services --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Financial Institutions and Services: Government Policy and Regulation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial services law & regulation --- Banking --- Monetary economics --- Market risk --- Credit risk --- Stress testing --- Financial regulation and supervision --- Financial institutions --- Financial sector policy and analysis --- Credit --- Money --- Financial risk management --- Banks and banking

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This paper, prepared by a working group of IMF staff, provides a preliminary assessment of the risks and potential impact to the global economy and financial system from a possible avian flu pandemic, discusses the IMF’s role in helping member countries prepare their economic and financial systems for such a pandemic, and summarizes common elements of business continuity planning in the financial sector.

Banks and Banking --- Exports and Imports --- Industries: Financial Services --- Diseases: Contagious --- Diseases: Respiratory --- Health Behavior --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Current Account Adjustment --- Short-term Capital Movements --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: General --- Infectious & contagious diseases --- Financial services law & regulation --- International economics --- Banking --- Operational risk --- Avian flu --- Communicable diseases --- Balance of payments need --- COVID-19 --- Health --- Financial regulation and supervision --- Balance of payments --- Financial risk management --- Avian influenza --- Banks and banking --- United States

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This report presents a description of the stress test exercises for Spain’s banking and insurance systems. The exercises were carried out in the context of the Financial Sector Assessment Program with the aim of assessing the resilience of the financial system to key risks. It describes the coverage of the exercises, the risks considered, the magnitude of the shocks to the risk factors, the models and instruments, and the results. It presents the stress test methodology and also the stress tests for the banking system and insurance.

Banks and banking --- Insurance --- Assurance (Insurance) --- Coverage, Insurance --- Indemnity insurance --- Insurance coverage --- Insurance industry --- Insurance protection --- Mutual insurance --- Underwriting --- Finance --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Banks and Banking --- Finance: General --- Money and Monetary Policy --- Real Estate --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Financial Institutions and Services: Government Policy and Regulation --- Housing Supply and Markets --- Monetary economics --- Financial services law & regulation --- Property & real estate --- Credit --- Market risk --- Stress testing --- Housing prices --- Credit risk --- Money --- Financial regulation and supervision --- Financial sector policy and analysis --- Prices --- Financial risk management --- Housing --- Spain