EBA欧洲银行-Annex-to-EBA-Opinion-on-third-country-equivalence-Argentina_20页_464kb

报告摘要

The Central Bank of Argentina (BCRA) serves as the financial regulator, supervisor, and resolution authority for financial institutions.
The Charter of the BCRA (Law No. 24,144) and the Law on Financial Institutions (Law No. 21,526) define the mandates, jurisdictions, functions, and powers of the BCRA.
The BCRA's Board of Directors has the authority to approve the opening of new financial institutions and their subsidiaries or branches.
The Law on Financial Institutions mandates that all financial institutions, including local branches of foreign entities, must obtain a license from the BCRA before commencing operations.
The BCRA issues specific rules for institutions based on their legal nature, size, and socioeconomic context, particularly for credit unions.

The Argentine financial system is bank-based, with a relatively low depth.
As of November 2017, the total assets of financial entities represented about 50% of GDP, with banks accounting for 30% of GDP.
Private sector deposits accounted for 16% of GDP.
There are 77 active financial entities under BCRA supervision, divided into:
- 13 state-owned banks: Represent 39% of total assets, 32% of total private sector loans, and 35% of private sector deposits.
- 33 domestic private banks: Account for 30% of total assets, 33% of private sector loans, and 32% of private sector deposits.
- 16 foreign private banks (7 branches, 9 subsidiaries): Manage 30% of total assets, 32% of private sector loans, and 33% of private sector deposits. Spanish investors hold over 50% of the assets of these foreign banks.
- 15 non-banking financial institutions (5 local, 9 foreign, 1 domestic credit union): Hold a small share of total assets and liabilities.

As of November 2017, the regulatory capital ratio of the financial system reached 16% of risk-weighted assets (RWAs), up from 2015.
Common Equity Tier 1 (CET1) capital was 14.6% of RWAs.
The Basel III leverage ratio for the largest domestic banks was 10.4% as of September 2017.
The Liquidity Coverage Ratio (LCR) reached 2.0 by September 2017, well above the 0.8 requirement.
The stock of liquid assets reached 41% of deposits as of November 2017, with BCRA bills and repos accounting for 39% and cash and cash equivalents for 61%.

High inflation levels have historically been a source of profitability for the financial system due to low-cost funds and high-yield assets.
The return on assets of financial entities in January-November 2017 was 3%, a 0.7 percentage point decline year-over-year.
A decline in inflation has contributed to a drop in margins for banks.

Systemic risk is considered relatively small due to the size, low-complexity products, and limited interconnectedness among entities.
D-SIBs (Domestic Systemically Important Banks) show relatively high solvency, and risk concentration is limited.

NPLs to the private sector were 1.9% of total financing as of November 2017, which is below historical levels and many international economies.

Pillars 1 and 2 of the Basel III framework were introduced in 2013, and Pillar 3 in December 2013.
Only the standardised approach has been implemented for credit, market, operational, and counterparty credit risk.
Additional adjustments were introduced in July 2016 (e.g., equity investments in funds, SA-CCR, eligible ECAIs, and treatment of other comprehensive income).
The capital conservation, D-SIB, and countercyclical buffers were implemented in 2016, with the CCyB set at 0% since April 2016.
The LCR entered into force in January 2015, and the NSFR was published in August 2017 to take effect in January 2018.
The revised Interest Rate Risk principles and securitisation framework took effect in July 2018 and March 2018, respectively.
The BCRA applies its regulatory requirements to all financial institutions, including state-owned, domestic and foreign private, and non-bank entities.

The supervisory framework is assessed as "Largely Equivalent" to the EU framework.
The BCRA is the central authority for prudential regulation and supervision, with SEFyC (Superintendentage of Financial and Exchange Institutions) performing supervisory duties.
Supervisory powers include rating financial institutions, revoking licenses, approving recovery plans, and setting audit requirements.
Fit and Proper regime is on par with EU standards, with a focus on the time commitment of management and supervisory bodies.
Qualifying shareholder participations have similar requirements to the EU, with minimum 25% financial experience and restrictions on beneficial ownership in the gambling sector or reliance on public contracts.
Professional secrecy is enforced through the Code of Ethics and Internal Rule No. 5160, with obligations extending to external auditors.
International cooperation is facilitated through MoUs with EU and non-EU authorities, including the Basel Committee on Banking Supervision (BCBS).

Own funds requirements are "Largely Equivalent" to the EU.
The requirements include:
- 4.5% CET1
- 6% Tier 1 (T1)
- 8% Total Capital
The treatment of CET1 is similar to the CRR, but non-capitalised shares are an additional component in Argentina, representing a negligible fraction (0.1%) of the financial system.
Adjustments and deductions align with the CRR, though pension obligations are not considered as defined pension assets are not present in the jurisdiction.

Credit risk, credit risk mitigation, and securitisation regulations are "Equivalent" to the EU framework.
The standardised approach is the only method used, and it is implemented in a similar manner to the EU.
Some differences exist in risk weights and qualitative aspects, but these are addressed through current practices.
Credit risk mitigation is considered super-equivalent due to a narrower list of eligible instruments.