2012年-IMF国际货币组织全球_Israel_Financial_System_Stability_Assessment_56页_2mb
报告摘要
Summary of Israel: Financial System Stability Assessment (March 12, 2012)
Core Content
This report presents a Financial System Stability Assessment (FSSA) Update for Israel, conducted by the IMF's Financial Sector Assessment Program (FSAP) Update mission in November 2011 and further discussed during the Article IV Consultation in February 2012. The assessment highlights both the strengths and vulnerabilities of Israel's financial system, emphasizing the need for improved coordination and preparedness for potential systemic risks.
Main Findings
- Financial System Robustness: Israel's financial system is generally robust, with strong regulation and high compliance with international standards. However, systemic risks could arise due to sectoral concentration and interlinkages.
- Vulnerabilities: The system is vulnerable to global financial shocks, regional geopolitical instability, and domestic sectoral imbalances, particularly in the housing and construction sectors.
- Macroprudential Oversight: A cross-sectoral Financial Stability Committee (FSC) is recommended to enhance coordination and macroprudential analysis.
- Crisis Management Framework: The framework for financial crisis management needs to be strengthened, including defining emergency liquidity assistance (ELA), early intervention tools, and mechanisms for solvency support and resolution.
Main Recommendations
| Recommendation | Authority | Priority | Time-frame |
|---|---|---|---|
| Establish a formal Financial Stability Committee (FSC) | All | High | Near-term |
| Improve stress testing techniques to analyze systemic, credit, and liquidity risks | BOI, CMISD | High | Near-term |
| Eliminate gaps and overlaps in supervisory responsibilities | BOI, ISA, CMISD | High | Near-term |
| Undertake more systematic cost-benefit analysis of regulatory changes | BOI, ISA, CMISD | Medium | Near-term |
| Strengthen AML/CFT legal and regulatory framework | Government | High | Near-term |
| Strengthen regulation and supervision of interest rate and market risk | BOI | High | Immediate |
| Develop liquidity risk regulation as international practice evolves | BOI | High | Near-term |
| Introduce flexibility in personnel management and budgets | BOI | Medium | Near-term |
| Intensify cross-border supervisory coordination and information-sharing | CMISD | High | Immediate |
| Widen powers to supervise insurance-related groups | CMISD | High | Near-term |
| Enforce high due diligence standards in securities underwriting | ISA | High | Immediate |
| Establish licensing and supervisory framework for unregulated broker-dealers | ISA | Medium | Near-term |
| Ensure consistency in supervisory practice among TASE, ISA, and BOI | TASE, ISA, BOI | Medium | Near-term |
| Remove impediments to repo market development | MOF | Medium | Near-term |
| Develop and test comprehensive business continuity plans | BOI | High | Immediate |
| Protect finality of settlements in Zahav-linked systems | BOI | Medium | Immediate |
| Complete payment system oversight | BOI | Medium | Near-term |
| Establish policy framework for ELA | BOI | High | Immediate |
| Implement a full set of early intervention tools and resolution framework | BOI, MOF | High | Near-term |
| Establish solvency support and funding mechanisms for bank resolution | BOI, MOF | High | Near-term |
| Agree on a protocol for system-wide crisis management coordination | All | High | Immediate |
Key Points
- Sectoral Concentration: The banking and nonbank financial sectors are highly concentrated, increasing the risk of systemic effects from shocks to individual institutions.
- Global and Regional Risks: Israel faces significant risks from global financial market instability and regional geopolitical tensions.
- Housing and Construction: The rapid growth in housing prices and construction has created potential risks, especially if the trend reverses.
- Regulatory Compliance: Israel has a high level of observance of international financial sector standards, but there are areas for improvement, particularly in liquidity regulations and group supervision.
- Crisis Preparedness: The current crisis management framework is insufficient, requiring more defined tools and protocols for liquidity support, early intervention, and resolution of failing institutions.
- Coordination: Better coordination among financial sector supervisors is needed to ensure a unified and effective response to systemic risks.
- Fiscal Responsibility: Solvency support should be considered a fiscal activity, not a central bank responsibility, to avoid quasi-fiscal burdens on the central bank.
Conclusion
The Israeli financial system is generally stable, but its resilience is challenged by global and regional uncertainties, as well as structural concentration in key sectors. Strengthening macroprudential oversight, improving stress testing, and enhancing crisis management mechanisms are essential for maintaining financial stability. The establishment of a Financial Stability Committee and the development of a more comprehensive and coordinated regulatory framework are recommended to address these challenges effectively.
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