2014年-IMF国际货币组织全球_Austria_Publication_of_Financial_Sector_Assessment_Program_DocumentationDetailed_Assessment_of_Basel_Core_Principles_for_Effective_Banking_Supervision_322页_1mb

Austria: Financial Sector Assessment Program (FSAP) Detailed Assessment of Basel Core Principles

Core Content Overview

This document presents the Detailed Assessment of Basel Core Principles for Effective Banking Supervision in Austria, conducted by the International Monetary Fund (IMF) as part of its Financial Sector Assessment Program (FSAP). The assessment was completed in September 2013, following discussions with Austrian authorities in April 2013. It evaluates the current state of Austria's implementation of the Basel Core Principles (BCP) and outlines the supervisory framework, market structure, and regulatory reforms.

Key Information

• Assessment Period: April 2013 FSAP mission, with the final report published in December 2013.
• Assessors: Arnoud Vossen (Central Bank of the Netherlands), Michael Deasy (Consultant), and Diane Marie Mendoza (IMF).
• Main Institutions Involved:
  • FMA (Financial Market Authority): Integrated financial supervisory authority, responsible for supervision of credit institutions (CIs), insurance, securities, and other financial services.
  • OeNB (Austrian Central Bank): Conducts on-site inspections, off-site analysis, and oversees payment systems.
  • MoF (Ministry of Finance): Drafts legislation and coordinates with FMA and OeNB.
• Legal Framework: Austria has a comprehensive legal framework for financial sector regulation, including the Banking Act (BMG/FMABG), Financial Market Authority Act, and National Bank Act (NBG).
• Market Structure:
  • Banking sector dominates financial intermediation, with CIs accounting for ~80% of the market.
  • As of mid-2012, 822 CIs were registered, mainly due to the presence of local cooperative banks.
  • Foreign ownership of CIs increased to over 20% by 2012.
  • Consolidated total assets of the Austrian banking sector reached EUR 1,189 billion in June 2012.
• Non-Performing Loans (NPLs):
  • Consolidated NPL ratio stood at 9.1% in mid-2012.
  • NPL ratio of Austrian subsidiaries in CESEE reached 15.8%, with foreign-currency loans contributing to higher ratios (19.7%).
• Capital Ratios:
  • Bank capital ratios improved in 2012 but still lag behind other international banks.
  • Authorities estimate that Austrian banks may need to raise EUR 8-13 billion in new capital to meet Basel III requirements.
• Financial Stability:
  • The OeNB and FMA actively participate in European supervisory bodies, including CEBS and ESA.
  • The OeNB conducts stress tests and monitors systemic risk.
  • The FMA ensures market discipline, transparency, and fairness in financial markets.
• Deposit Guarantee Scheme:
  • Each of the five banking sectors (e.g., joint stock banks, cooperatives) has its own scheme, guaranteeing deposits up to EUR 100,000.
• Macroprudential Supervision:
  • The responsibility for macroprudential policy is still under discussion in Austrian legislation, though both FMA and OeNB have taken active roles in systemic risk monitoring.
• Recovery and Resolution Framework:
  • Austria introduced legislation in January 2014 requiring credit institutions to develop recovery and resolution plans and providing the FMA with early intervention tools.

Compliance Assessment

• The compliance of each Basel Core Principle is assessed using a four-grade scale:
  • Compliant: All essential criteria are met without significant deficiencies.
  • Largely compliant: Minor shortcomings exist, but no material risks are left unaddressed.
  • Materially non-compliant: Severe shortcomings exist, indicating ineffective supervision.
  • Non-compliant: No substantive implementation of the Principle, or supervision is manifestly ineffective.
• A "not applicable" grading is used when the Principle does not apply due to structural, legal, or institutional features.

Main Findings

• Principle 1 (Responsibilities, objectives and powers):
  • The FMA and OeNB have clearly defined responsibilities and powers under the Banking Act and FMABG.
  • The FMA is the sole competent authority for regulatory supervision, while the OeNB has expanded its role in technical supervision and financial stability.
  • The supervisory framework is largely compliant, with clear legal definitions and operational structures.

Recommended Actions

• Strengthen the implementation of Basel III capital requirements.
• Improve foreign currency and liquidity risk management practices.
• Enhance macroprudential supervision through legislative clarity.
• Implement more effective early intervention and resolution mechanisms.
• Ensure consistent enforcement of prudential regulations and supervision.

Authorities' Response

• The Austrian authorities acknowledged the findings and expressed willingness to implement the recommended actions.
• They emphasized their commitment to financial stability, market discipline, and supervisory effectiveness.
• Existing legislation and frameworks were considered to be in place, but implementation and enforcement need further improvement.

Conclusion

Austria has a well-developed and integrated supervisory framework, with the FMA and OeNB playing complementary roles. The country is largely compliant with the Basel Core Principles, particularly in terms of legal clarity, institutional capacity, and coordination with European counterparts. However, there are areas for improvement, especially in capital adequacy, NPL management, and macroprudential supervision. The assessment highlights the need for better enforcement, enhanced transparency, and more robust risk management practices to fully align with international standards.