Download or read book Canada written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2014-03-07 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report underlies Canada’s Financial Sector Assessment Program (FSAP) in the areas of crisis management and blank resolution. The provincial deposit insurance systems (DIS) and resolution frameworks are highly heterogeneous and the FSAP’s analysis suggests that the preparedness to overcome financial stress should be enhanced. The IMF report discusses that the federal legal and institutional arrangements for resolving individual financial institutions are robust. It suggests that clear mandates should be assigned to: (1) monitor systematic risk to facilitate macroprudential oversight; and (2) carry out system wide crisis preparedness.
Download or read book Canada written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2014-03-07 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the stress testing module of the 2013 Financial Sector Assessment Program (FSAP) update for Canada. The IMF report highlights the three major segments of the domestic financial covered during the stress tests. The bank solvency stress tests suggest that while all banks would fall below the Canadian “all-in” Common Equity Tier 1 (CET1) supervisory threshold during severe economic distress, the resulting recapitalization needs are manageable. This IMF report provides recommendations for the Canadian authorities, derived from this joint exercise, to enhance the individual components of their stress testing framework.
Download or read book Canada written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2014-03-07 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Detailed Assessment report, a part of the 2013 Financial Sector Assessment Program (FSAP) of Canada, assesses Canada’s regulatory regime and supervisory practices against the international standards. The IMF report suggests that the Office of the Superintendent of Financial Institutions (OSFI) should be empowered to take supervisory measures at the level of the holding company. It highlights that while OSFI requires Federally Regulated Insurers (FRI) FRIs to develop internal capital targets, requirements to develop an Own Risk and Solvency Assessment are scheduled to be implemented in 2014.
Download or read book Canada written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Canada written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2014-03-07 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Canada’s Financial Sector Assessment Program (FSAP) impact on the insurance sector of a low interest rate environment. It highlights that actuarial standards on valuation of liabilities require that assumed reinvestment rates take increasing account of current market rates that led to higher liabilities as low rates persisted. The note outlines the effect of Canadian accounting and actuarial standards that further increases in liabilities need to be recognized in the short term. Policy measures have been undertaken by Office of the Superintendent of Financial Institutions (OSFI) in the banking sector to address broader risks.
Download or read book Canada written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2014-03-07 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates Financial Sector Assessment Program (FSAP) intensity and effectiveness of Federal Bank supervision in Canada. The IMF report highlights that a key element of effective supervision is a willingness to increase supervisory pressure promptly when a supervisor identifies weaknesses in an institution. The IMF funding for Canadian banks is primarily through deposits and lending focuses on traditional bank products in Canada in the personal and commercial sectors. It also highlights that one of the key characteristics of Canada is a government housing policy that has contributed to a very safe and liquid residential mortgage finance system.
Download or read book Canada written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Canada written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2014-03-07 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an assessment IMF report on implementation of the International Organization of Securities Commission (IOSCO) principles in Canada. It highlights that developing an integrated and robust view of risks to support supervisory actions remains a key challenge. The IMF report suggests that the securities regulators should continue to take steps to ensure timely decision making in policy formulation. However, the current governance arrangements, based on a consensus building approach across several entities, is expected to affect timeliness of decision making.
Download or read book Canada written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2014-03-07 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the IMF report on detailed assessment of observance of Basel Core Principles (BCP) for effective banking supervision in Canada. The Canadian banking supervisor (OSFI) adopts a close and cooperative approach that supports the close network of federal authorities in identifying and seeking to mitigate prudential risks to the federal system. As a world-leading regulator, OSFI could be expected to issue a comprehensive suite of risk management standards to be available to all banks, even if at a relatively high level or based largely on Basel Committee for Banking Supervision guidance.
Download or read book Canada Financial Sector Assessment Program Detailed Assessment of Observance of the CPSS IOSCO Recommendations for Securities Settlement Systems written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2008-02-13 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Canadian Depository for Securities (CDS) is the operator of the securities settlement system. The design and operations of the CDS are covered by a solid legal basis. The regulatory framework is clear and transparent to market participants. The risk management procedures of the CDS as a Central Counterparty (CCP) have not yet been assessed against the Committee on Payments and Settlements Systems Recommendations for CCP. The CDS should explicitly assess the benefits and costs of acting as a CCP for trade-for-trade (TFT) transactions.
Download or read book Canada written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Canada written by and published by . This book was released on 2020 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note presents the findings and recommendations made in the Financial Sector Assessment Program (FSAP) for Canada in the areas of bank resolution and crisis management. The Technical Note is based on the findings of the mission conducted during October 29-November 14, 2018. The mission had substantive discussions with all the relevant federal authorities, with Autorite des marches financiers (AMF) in Quebec, and with representatives of the Canadian financial sector and of the Canadian legal and accounting professions. At the provincial level, the mission primarily focused on Quebec given the existence of a systemically important deposit-taking institution. The mission had access to legal, regulatory, and policy documents, and received comprehensive responses to questionnaires on the subject-matter of this note. The main findings and recommendations are summarized below.
Download or read book Canada written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Canada written by and published by . This book was released on with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mandatory Financial Stability Assessments Under the Financial Sector Assessment Program Update written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2013-11-18 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: In September 2010, the Executive Board made financial stability assessments under the Financial Sector Assessment program (FSAP) a regular and mandatory part of bilateral surveillance under Article IV for jurisdictions with systemically important financial sectors. This decision recognized that although financial sector issues were at the core of the Fund’s surveillance mandate, the FSAP as designed in the late 1990s had severe limitations as a tool. Voluntary participation, the low frequency of assessments, and their very broad coverage (particularly in emerging market and developing countries, where assessments are typically conducted jointly with the World Bank) limited the usefulness of the FSAP for surveillance. Building on the revamp of the FSAP during the 2009 program review that delineated the institutional responsibilities of the Fund and the World Bank and defined the content of the stability assessment under the FSAP, the Executive Board took the next step in 2010 to make these stability assessments mandatory every five years for members with systemically important financial sectors
Download or read book Canada written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-06-24 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Financial System Stability Assessment paper discusses that Canada has enjoyed favorable macroeconomic outcomes over the past decades, and its vibrant financial system continues to grow robustly. However, macrofinancial vulnerabilities—notably, elevated household debt and housing market imbalances—remain substantial, posing financial stability concerns. Various parts of the financial system are directly exposed to the housing market and/or linked through housing finance. The financial system would be able to manage severe macrofinancial shocks. Major deposit-taking institutions would remain resilient, but mortgage insurers would need additional capital in a severe adverse scenario. Housing finance is broadly resilient, notwithstanding some weaknesses in the small non-prime mortgage lending segment. Although banks’ overall capital buffers are adequate, additional required capital for mortgage exposures, along with measures to increase risk-based differentiation in mortgage pricing, would be desirable. This would help ensure adequate through-the cycle buffers, improve mortgage risk-pricing, and limit procyclical effects induced by housing market corrections.
