2015年-FSB全球金融稳定委员会_Peer_Review_of_Russia_55页_828kb

Peer Review of Russia Summary

Core Content

This report is the peer review of Russia conducted by the Financial Stability Board (FSB) in December 2014. It evaluates the implementation of two key areas: the macroprudential policy framework and tools, and the bank resolution framework. The review is based on the responses of Russian financial authorities to a questionnaire and includes discussions from the FSB's Standing Committee on Standards Implementation (SCSI).

The peer review complements the Financial Sector Assessment Program (FSAP) conducted in 2011, which identified systemic risks and called for reforms. Russia has made progress in implementing reforms, but further improvements are needed to fully address the FSAP recommendations and strengthen financial stability.

Main Findings

• Macroprudential Policy Framework and Tools:

  • The Central Bank of Russia (CBR) has been given an explicit financial stability mandate and has enhanced its systemic risk monitoring capabilities.
  • A new Financial Stability Committee (FSCom) was established in November 2014 to formalise macroprudential decision-making.
  • The FSC (National Council on Ensuring Financial Stability), an inter-agency advisory body, has been created but lacks clarity on its mandate and operational capacity.
  • The CBR has used innovative macroprudential tools, such as differential risk weights for consumer loans, but may need more legal authority for comprehensive tool development.

• Bank Resolution Framework:

  • A new resolution framework has been introduced, including a Draft Law (Federal Law No 432-FZ) that replaces previous laws.
  • The resolution process has been improved, particularly for systemic banks, with the introduction of mechanisms to prioritise the use of private funds and reduce reliance on public funds.
  • However, the framework still lacks some key elements from the FSB's Key Attributes of Effective Resolution Regimes, such as resolution powers for holding companies and bail-in mechanisms.

Key Recommendations

Macroprudential Policy Framework and Tools

• Clarify the role and responsibilities of the FSC to avoid overlaps with the CBR and enhance its effectiveness.
• Enhance the FSC's institutional structures, including formal decision-making mechanisms and compliance requirements.
• Expand the CBR's role within the FSC to reflect its technical expertise and mandate.
• Improve the policy orientation of systemic risk analysis and consider developing a framework for monitoring the effectiveness of macroprudential tools.
• Amend the CBR Law to provide a legal foundation for the development and use of a comprehensive macroprudential toolkit.

Bank Resolution Framework

• Incorporate additional features from the FSB's Key Attributes into the current resolution regime.
• Revise the triggers for resolution measures to enable timely intervention before a bank becomes balance sheet insolvent.
• Review and potentially revise the rehabilitation process for systemic banks to improve efficiency and reduce public funding reliance.

Additional Information

• The peer review was conducted by a team led by Anne Le Lorier (Deputy Governor, Banque de France), with support from FSB Secretariat members.
• The report includes two annexes: one detailing the structure of the Russian financial system and recent developments, and the other outlining follow-up actions on other FSAP recommendations.
• The review highlights the importance of institutional coordination, transparency, and legal clarity in strengthening financial stability mechanisms in Russia.

Conclusion

The peer review identifies that while Russia has made significant strides in developing macroprudential and bank resolution frameworks, there are still areas requiring improvement. These include clarifying the mandate of the FSC, enhancing the legal basis for macroprudential tools, and improving the efficiency of the bank resolution process. The recommendations aim to support the Russian authorities in achieving a more robust and sustainable financial system.