2012年-世界发展银行全球_Financial_Sector_Assessment___Republic_of_Latvia_22页_644kb

报告摘要

Latvia Financial Sector Assessment Summary (June 2012)

Core Content Overview

This Financial Sector Assessment (FSA) provides an analysis of Latvia’s financial sector, focusing on the impact of the 2008-09 Global Financial Crisis and the subsequent challenges in accessing finance for private enterprises. The assessment also outlines policy recommendations to improve financial services, credit infrastructure, and regulatory frameworks.

Main Policy Recommendations

Sector	Recommendations	Timeline
Banking Sector	- Maintain close monitoring of NPLs and address obstacles for effective resolution. <br> - Actively reduce the risk of deleveraging through coordination with other Baltic and European authorities. <br> - Monitor and promote the progressive reduction of the loan-to-deposit ratio. <br> - Encourage banks to issue bonds in the local capital markets to reduce reliance on foreign funding.	Immediate, Medium Term
Government Programs	- Consolidate support programs under a single agency to enhance efficiency and avoid duplication. <br> - Avoid granting a banking license to the support agency to prevent unfair competition. <br> - Minimize direct lending by government institutions and ensure transparency and regular reviews. <br> - Implement a formal monitoring and evaluation framework for support programs. <br> - Consider streamlined processes for Partial Credit Guarantees (PCGs). <br> - Reconsider the introduction of Mezzanine loans, assessing their market relevance and cost impact.	Immediate, Short Term
Non-Bank Financial Institutions & Capital Markets	- Improve the implementation of repossession laws to facilitate leasing of non-movable assets. <br> - Consider introducing a Deed Registry to enhance legal certainty for leasing and factoring. <br> - Introduce a Leasing Act to define an expedited process for default cases. <br> - Temporarily extend Export Credit Guarantees to cover EU markets. <br> - Consider the creation of a Deed Registry for accounts receivable. <br> - Assess the need to privatize state-owned companies and list them on NASDAQ OMX Riga. <br> - Increase use of domestic capital markets for public issuances to maintain an active benchmark curve. <br> - Enforce disclosure regulations and exchange rules to improve investor confidence. <br> - Consider establishing specialized arbitration courts and training judges in corporate and securities law.	Short Term, Medium Term
Credit Market Infrastructure	- Expand credit information coverage to include non-financial creditors and enable access for commercial lenders.	Short Term
Insolvency Framework	- Specialize judges in commercial and insolvency cases and provide them with more training. <br> - Enhance procedural rules for notification of enforcement and preclude unnecessary delays in court hearings. <br> - Reduce auction publication costs and bailiff fees. <br> - Amend housing legislation to facilitate eviction of tenants and property transfer. <br> - Reconsider the priority of building administration expenses and heating debts over secured credits.	Immediate, Short Term
Payment Systems	- Consider strategies to stimulate the use of e-money instruments, especially in rural areas.	Medium Term
Consumer Protection	- Enhance the institutional capacity of the Consumer Rights Protection Center (CRPC) for oversight of money lenders. <br> - Publish and collect Annual Percentage Rates (APRs) charged by money lenders.	Short Term, Immediate
Enterprise Sector	- Undertake an assessment of informality to identify causes and develop strategies to reduce it, promoting sustainable cash flow-based credit practices.	Short Term

Key Findings

1. Impact of the Global Financial Crisis

Latvia was severely impacted by the 2008-09 Global Financial Crisis.
GDP contracted by 17.7% in 2009 and 0.3% in 2010, followed by a strong recovery in 2011 (5.6% growth).
The crisis led to a significant increase in non-performing loans (NPLs), peaking at 19% of total loans in 2010.
Credit growth turned negative (-7% annually from 2009-2011), limiting access to finance for private enterprises.
Access to finance has become a major obstacle for growth, with nearly 30% of firms identifying it as a challenge in 2009 (down to 2% pre-crisis).
Credit constraints are more severe for smaller firms.

2. Credit Infrastructure Challenges

High NPL levels have hampered banks’ ability to resume lending and affect credit affordability.
Interest spreads widened from 5% in 2008 to 9% in 2011 to cover loan losses.
New lending is often collateral-intensive and short-term, limiting long-term investment.
The legal framework for creditor rights and insolvency is strong but hindered by institutional capacity limitations in the judiciary.
Prompt resolution of NPLs requires collaboration between lenders and the judiciary to reduce time and costs.

3. Foreign Funding Dependence

Latvia’s banking sector has a high loan-to-deposit ratio (over 200% at the end of 2Q2011), highlighting reliance on foreign funding.
The risk of deleveraging by foreign bank parents remains a concern, especially in the context of the Eurozone crisis.
Collaboration with home and host countries is necessary to avoid regulatory actions that may prompt deleveraging.
Encouraging local bond markets and reducing dependence on foreign funding is recommended for long-term sustainability.

4. Role of Non-Bank Financial Institutions

Non-bank financial institutions (NBFIs) are small but offer potential for enhanced private sector financing.
Leasing and factoring are important for acquiring capital goods, but legal and infrastructure shortcomings limit their development.
Lack of a deed registry and repossession laws hinders the leasing of non-movable assets like machinery.
Factoring firms face risks due to the absence of a formal registration system for accounts receivable.

5. Capital Markets

Latvia's capital markets are efficient and modern, but low market liquidity and limited number of listed firms hinder their role as a financing source.
The dominance of bank financing has de-incentivized firms from listing or issuing bonds.
Privatization of state-owned companies and listing on NASDAQ OMX Riga could improve market attractiveness.
Encouraging the use of domestic capital markets for public issuances is necessary to maintain a benchmark curve and attract investors.

6. Corporate Sector Overview

The corporate sector is highly concentrated in manufacturing and transport.
Large enterprises account for 0.3% of formal firms but generate 23% of turnover.
SMEs account for 14% of formal firms but contribute 57% of total turnover.
Micro firms (1-9 employees) make up 85.7% of all firms and contribute 20% of corporate sales.
Many SMEs in export-led sectors require credit for growth, while domestic-focused SMEs have reduced leverage.

7. Informality and Sustainable Credit Practices

Informality in the enterprise sector is a challenge that needs to be addressed to support sustainable credit practices.
An assessment of informality and its causes is recommended to develop targeted instruments.

Conclusion

The FSA highlights the need for a coordinated and proactive approach to improving access to finance in Latvia. Strengthening the credit infrastructure, reducing reliance on foreign funding, and enhancing the legal and institutional environment are essential for sustainable financial sector development. The recommendations emphasize the importance of collaboration between financial authorities, the judiciary, and the private sector to ensure effective and efficient credit delivery and market resilience.

展开完整摘要