2016年-世界发展银行全球_Colombia_Detailed_Assessment_of_Observance___Key_Attributes_of_Effective_Resolution_Regimes_for_Financial_Institutions_72页_744kb

Summary of the Detailed Assessment of Colombia's Financial Institution Resolution Regime

Core Content

This document presents the results of a pilot assessment of Colombia's resolution regime for financial institutions, conducted by the Financial Stability Board (FSB), International Monetary Fund (IMF), and World Bank using a draft methodology. The assessment focuses on the Key Attributes (KAs) of effective resolution regimes, which aim to ensure that financial institutions can be resolved in an orderly and efficient manner without resorting to public bailouts or destabilizing the financial system.

Main Findings

Strengths of the Resolution Regime

• Strong Powers and Track Record: The Colombian authorities have robust powers to manage weak, failing, and insolvent financial institutions, and have demonstrated a track record of effective intervention.
• Scope of Resolution Powers: The resolution framework applies to all banks and systemically important financial institutions (SIFIs), with clear responsibilities assigned to the Superintendent of Financial Institutions (SFC) and the Deposit Insurance Fund (FOGAFIN).
• Independent Authority: The SFC is operationally and financially independent and has shown technical capacity to make resolution decisions.
• Interconnectedness and Funding: The banking system is deposit-funded and has low interconnectedness, which reduces systemic risk and facilitates resolution.

Key Shortcomings

• Lack of Non-Viability Trigger: Resolution actions are not based on an assessment of non-viability, which is a core principle of the KAs.
• Limited Shareholder and Creditor Loss Absorption: There are no mechanisms to impose losses on shareholders or unsecured and uninsured creditors, and no formal provisions for the recovery of public funds used in resolution.
• Absence of Resolution as a Legal Proceeding: Resolution is not recognized as a stand-alone legal process, and the authorities cannot impose resolution measures without shareholder and creditor consent.
• No Recovery and Resolution Planning: The SFC does not require recovery or resolution plans for systemically important banks, and resolvability assessments are not conducted.

Special Contexts

• Mixed Conglomerates: Colombia's financial system is dominated by mixed conglomerates, which complicate resolution due to complex ownership and interdependencies. These structures require transparent governance and clear separation of financial and non-financial activities.
• G-SIFIs and Cross-Border Issues: Colombia hosts three G-SIFIs, but lacks formal cross-border resolution coordination mechanisms. There are no provisions for recognizing foreign resolution actions or cooperative arrangements with host jurisdictions.
• Cooperatives: Cooperatives are not included in the assessment, as they are subject to a separate resolution regime. They are not considered systemically important due to their limited size and exposure.

Recommended Actions

• Introduce Non-Viability Triggers: Establish clear criteria for triggering resolution based on an institution's non-viability.
• Enhance Transfer Powers: Implement resolution tools such as purchase and assumption (P&A) and bridge banks to allow the transfer of assets and liabilities without requiring shareholder consent.
• Improve Legal Safeguards: Introduce legal stays and protections to support resolution actions, particularly in cases involving partial asset transfers.
• Develop Recovery and Resolution Plans: The SFC should require recovery and resolution planning for systemically important banks and establish a work program with specialized staff.
• Strengthen Legal Independence: Formalize safeguards to ensure the independence of the SFC from political or industry influence.
• Enhance Cross-Border Cooperation: Develop memorandums of understanding (MOUs) with relevant jurisdictions to improve coordination in resolution strategies.

Authorities' Response

• The Colombian authorities have acknowledged the need for reform and have committed to enhancing their resolution framework.
• They have expressed willingness to cooperate with international assessments and have recognized the importance of aligning with global standards.
• The legal framework is being revised to incorporate elements of the Key Attributes, including the introduction of a draft conglomerates law.

Conclusion

While Colombia's resolution regime has demonstrated effectiveness in managing non-bank financial institution failures, it falls short of fully meeting the KAs. The regime prioritizes avoiding public bailouts and preserving financial stability, but lacks the legal and operational tools necessary for an orderly resolution of failing institutions. Key reforms are required to align the framework with international standards, particularly in the areas of non-viability assessment, transfer powers, and cross-border cooperation.