2013年-IMF国际货币组织全球_Austria_Financial_Sector_Stability_Assessment_71页_1mb

Summary of the 2013 Financial Sector Stability Assessment of Austria

Core Content

The 2013 Financial Sector Stability Assessment (FSAP) of Austria was conducted by the International Monetary Fund (IMF) to evaluate the stability of the financial system. The report was prepared on August 19, 2013, and outlines key recommendations for improving financial oversight, regulatory frameworks, and crisis management strategies. It emphasizes the need for stronger capital buffers, better risk management, and alignment with European and international standards.

Main Views and Key Information

1. Macrofinancial Background

• Economic Recovery: The weak economic recovery has impacted bank credit growth, which slowed after 2012 and stood at 0.4% year-on-year in early 2013. Credit demand remained weak, though some tightening of credit conditions was observed.
• Debt Levels: Private debt ratios in Austria are moderate compared to other Euro area countries, but public debt increased significantly during the crisis, reaching 74% of GDP by end-2012.
• Banking Sector: The banking sector dominates the financial system, with total assets around 350% of GDP and 80% of total financial system assets. The three largest banks (Erste, Raiffeisen, and UniCredit Bank Austria) account for almost half of total bank assets.
• CESEE Operations: Austrian banks have a strong presence in Central Europe and South Eastern Europe (CESEE), where they are the main lenders and play a "gatekeeper" role. CESEE activities contribute to about 50% of total profits but represent less than a quarter of total assets.

2. Financial Stability

• Asset Quality: Bank asset quality on a consolidated basis is deteriorating, especially in CESEE countries where the non-performing loan (NPL) ratio reaches nearly 16%. NPLs in Austrian subsidiaries have increased sharply in several CESEE countries.
• Funding Structure: Austrian banks have a relatively strong funding structure, with deposits accounting for nearly half of all funding sources and bonds and interbank liabilities each about 20%. However, reliance on foreign currency (FC) funding creates liquidity risks.
• Profitability: Bank profitability has declined due to falling interest margins and higher provisioning for NPLs. Life insurance companies are particularly affected by the low interest rate environment.
• Capital Adequacy: Capital ratios are improving, but remain slightly below peers. Public capital injections and retained earnings have helped, but CET1 capital includes a significant share of participation capital, with government participation amounting to €4.1 billion.

3. Financial Oversight

• Banking Oversight: The Austrian Financial Market Authority (FMA) and the Austrian National Bank (OeNB) work effectively together in banking supervision, including cross-border supervision. However, there is a need to strengthen FMA governance, supervisory powers, and industry governance standards.
• Insurance Oversight: The insurance sector is well-capitalized under Solvency I, with solvency ratios near 200% as of end-2011. The sector faces challenges due to a low interest rate environment and exposure to the banking sector.
• Macroprudential Policy: A macroprudential authority with a clear legal mandate should be established, led by the OeNB and coordinating with the FMA, ESRB, and ECB. Policy tools beyond those included in EU Directives should be considered.

4. Crisis Prevention and Management

• Early Intervention and Bank Resolution: Austria needs a special bank resolution regime to ensure orderly resolution of failing banks without threatening financial stability or fiscal sustainability. A full-fledged resolution framework should be introduced based on international best practices and aligned with future EU Directives.
• Deposit Guarantee Scheme (DGS): The current DGS is insufficient. A unified, ex ante-funded, and publicly-administered DGS should be introduced, in line with Basel Committee and EU standards. A high-level working group should be formed to design the transition.
• Emergency Liquidity Assistance (ELA): The framework for OeNB's ELA operations should be improved to maintain a balance between financial stability and OeNB's financial autonomy. The mandate of FIMBAG, the Federal Corporation of Financial Market Participation, should be strengthened to support bank restructuring.

Key Recommendations

Conclusion

Despite the impact of the 2008-09 crisis, Austrian banks have remained relatively stable due to limited sovereign and market risks, a stable funding structure, and favorable macroeconomic conditions. However, they face challenges related to asset quality, especially in CESEE, and the need to build stronger capital buffers. The report highlights the importance of enhancing financial oversight, aligning with European standards, and introducing a robust resolution framework and deposit guarantee scheme to ensure long-term financial stability.