2007年-世界发展银行全球_Financial_Sector_Assessment___Fiji_25页_2mb

报告摘要

Financial Sector Assessment Summary: Fiji

I. Overall Assessment and Key Recommendations

Fiji's financial sector is generally sound, characterized by a strong and profitable banking system, effective supervision, and a high degree of long-term contractual savings through the insurance and pension sectors. However, the sector faces significant vulnerabilities due to over-concentration in domestic exposures, particularly through the Fiji National Provident Fund (FNPF), which accounts for about 40% of financial system assets. This concentration makes the sector more susceptible to risks related to tourism and remittances, which are key sources of foreign currency earnings.

Key Recommendations:

Enhance supervision while economizing on RBF resources, using external and internal auditors for targeted areas.
Fully introduce risk-based supervision to focus on the most vulnerable areas and institutions.
Clarify the legal status of credit institutions.
Strengthen liquidity forecasting to improve the management of foreign reserves and the government's net position.
Clarify the powers and responsibilities of the RBF and the Ministry of Finance (MOF).
Implement a clear separation of FNPF accounts by activity and place the annuity program on a sound actuarial basis.
Adopt prudent investment principles for retirement savings providers, including appropriate international diversification.
Establish a joint group between the FNPF, MOF, and RBF to coordinate the diversification of FNPF assets out of the bond market and improve transparency.
Promote a more diversified investor base for government securities and encourage greater integration of the Fijian economy with international markets.

II. Macroeconomic Environment and Risks

Fiji is a lower middle-income country with a per capita GDP of about US$2,000. It faces challenges such as territorial fragmentation, remoteness from major markets, and high exposure to external shocks like commodity price fluctuations and natural disasters. The country's unique ethnic composition has contributed to political instability, including several military coups, which have affected consumer and investor confidence and the tourism sector.

Economic Performance:

Real GDP growth fell below 1% in 2005 and is expected to remain around 2.5% in the medium term.
Tourism receipts have grown at double-digit rates for the last four years, and foreign direct investment in tourism has been strong.
Remittances from overseas workers are a significant source of foreign exchange, surpassing even tourism revenues.

Inflation and Exchange Rate:

Inflation has been well-controlled due to the maintenance of a fixed exchange rate.
The RBF maintains a peg against a basket of currencies of its main trading partners, last adjusted in 1998 during the Asian financial crisis.
The RBF has a set of exchange controls and has tightened them in response to foreign reserve pressures.

III. Monetary Policy Framework and Systemic Liquidity

Monetary policy in Fiji is formulated by the RBF Board using the 91-day RBF Note as the main instrument. The RBF focuses on inflation control and maintaining adequate foreign reserves, but its effectiveness has been weakened by chronic excess liquidity in the banking system.

Liquidity Management:

The RBF has raised interest rates several times since 2005, but lending rates were slow to respond, due to liquidity issues.
The interbank money market is limited in depth and growth is constrained by the small number of participants and high average cash balances held by financial institutions.
Secondary market activity is very limited, with the FNPF being the dominant investor in government securities and holding them to maturity.
The RBF has expanded the definition of international reserves to include foreign assets held by nonbank financial institutions, primarily the FNPF, but this has constrained the FNPF's ability to diversify.

IV. Financial Sector Stability and Performance

A. Banking Sector

The banking system is dominated by foreign-owned banks operating through branches.
It holds about F$3 billion in assets, equal to 65% of GDP and 40% of financial assets.
Banks are well capitalized and profitable, with capital adequacy ratios (CARs) at 12% for banks and 23.7% for credit institutions.
Profitability is high due to wide interest spreads and high fees.
Asset quality has improved, with the NPL ratio declining to 2.3% in 2006.
Concentration risks are significant, with large exposures to a few borrowers and depositors, making the system vulnerable to unexpected defaults.

B. Insurance Sector

The insurance sector is reasonably well developed, with total premiums at F$184 million or 3.9% of GDP in 2005.
The sector is profitable, well-capitalized, and adequately reserved, with a solvency surplus ratio of nearly 200%.
Life companies invest 45% in government securities and an additional 25% in long-term fixed-income assets.
Diversification of foreign assets is constrained by exchange controls.

C. Fiji National Provident Fund (FNPF)

The FNPF is a government-owned institution with a legal monopoly on compulsory savings.
It holds 63% of GDP in assets and provides pension and life insurance to its members.
Key weaknesses include an actuarially unbalanced annuity program, high concentration in domestic investments, and constraints on international diversification.
The FNPF's dominance in the government bond market has stifled development of a secondary market and limited participation from other investors.

V. Regulatory Framework and Crisis Management

A. Banks and Credit Institutions

The supervisory regime is broadly satisfactory, with the RBF as the sole supervisor.
Licensing criteria are comprehensive, including assessments of management, business plans, and capital adequacy.
Capital adequacy requirements are aligned with Basel I, and loan classification and provisioning are satisfactory.
Supervision is thorough, with a focus on the loan book, but staff expertise and on-site examination programs need improvement.

B. Insurance

The insurance sector has a solid regulatory framework, with good supervision and adequate reserves.
Reporting and analysis of interest rate risk should be strengthened.

C. FNPF

The FNPF requires greater transparency and a clearer regulatory framework to enable diversification.
The annuity program needs to be actuarially sound, with a reduction in the conversion factor from 15% to 10% for single annuities and from 11% to 7% for joint life annuities.

D. Crisis Management and Safety Net

Emergency liquidity arrangements are satisfactory, with the RBF providing funding through secured and unsecured facilities.
The Ways and Means Facility allows the government to borrow in times of need.
Liquidity management needs to be improved through better information on government cash flows and bank liquidity.

VI. Access to Finance

Expanding access to finance for small enterprises and rural communities is a key development goal.
Coordination and sustainability of initiatives are lacking, and a lead agency is needed to develop a strategy for micro, small, and medium enterprises (MSMEs).
The RBF should work closely with this agency and other stakeholders to improve the enabling environment for MSMEs.

VII. Payment System

The payment system is not well developed, with limited interbank activity and high cash balances among financial institutions.
Secondary market liquidity is constrained, and consolidation of treasury bill issues and pre-announced auction schedules could help.

VIII. Anti-Money Laundering/Combating of the Financing of Terrorism (AML/CFT)

AML/CFT arrangements are not detailed in the assessment, but the FNPF's limited diversification and concentration in domestic investments may pose risks to compliance with international standards.

Appendix Highlights

FNPF investment returns are positive but limited by domestic investment opportunities.
Macroeconomic indicators show a growing reliance on remittances and tourism.
Financial system assets have grown significantly, with the FNPF being a major contributor.
Insurance sector solvency is strong, with a surplus ratio of 200%.
Bank financial soundness is generally good, with improving asset quality and NPL ratios.