2014年-IMF国际货币组织全球_Austria_Publication_of_Financial_Sector_Assessment_Program_DocumentationTechnical_Note_on_Crisis_Preparedness_and_Management_Framework_48页_587kb

Austria: Financial Sector Assessment Program - Crisis Preparedness and Management Framework Summary

Core Content

This document outlines the findings and recommendations of the International Monetary Fund (IMF) regarding Austria's financial sector assessment, focusing on crisis preparedness and management frameworks. It was prepared as part of the Financial Sector Assessment Program (FSAP) and published in December 2013, following discussions with Austrian officials in April 2013.

The report highlights the need for Austria to strengthen its financial stability framework in response to the 2008 financial crisis, which exposed weaknesses in the existing system. It emphasizes the importance of macroprudential policy, early intervention, bank resolution, deposit insurance, and systemic crisis management. These areas are critical to ensuring the resilience of the financial system and preventing future bailouts.

Main Views

• Macroprudential Policy: The 2008 crisis demonstrated the necessity of macroprudential policy to complement microprudential supervision. Austria has begun to implement such a policy, with the Financial Market Stability Committee (FMSG) playing a key role. The FMSG is authorized to issue recommendations to the Financial Market Authority (FMA), and the FMA has the legal mandate to enforce macroprudential rules. The framework is still evolving, and more tools are needed to effectively manage systemic risks.

• Early Intervention and Bank Resolution: Austria currently lacks a comprehensive framework for resolving failing banks. The report recommends the establishment of a special bank resolution regime, with the FMA acting as the resolution authority. It also calls for the development of early intervention measures that can be used to address financial weaknesses before they lead to bank failure.

• Deposit Insurance: The existing Deposit Guarantee Scheme (DGS) is not aligned with international best practices. The report suggests the introduction of a unified, ex-ante funded, and publicly administered DGS to improve transparency, risk pooling, and the prompt payout of deposits. A high-level working group should be formed to design this new scheme in line with the EU DGS Directive and the Basel Committee's Core Principles.

• Emergency Liquidity Assistance (ELA): The report discusses the OeNB's role in providing ELA to banks in crisis, and recommends strengthening the framework to ensure that these operations do not negatively impact the OeNB's balance sheet or the fiscal position of the Federal Government.

• Systemic Crisis Management: The report recommends enhancing the systemic crisis management framework, including strengthening the FIMBAG's mandate and improving the conditions for capital support to distressed banks. It also highlights the importance of effective communication and public accountability in crisis management.

Key Information

Macroprudential Policy

• Objective: To mitigate systemic risks arising from macro-financial linkages and interconnectedness.
• Institutional Framework:
  • The FMSG is established as the macroprudential committee, with the FMA as the supervisory authority.
  • The OeNB will chair the FMSG, in line with ESRB recommendations.
• Tools:
  • The CRD IV package provides the basis for macroprudential tools, but additional measures such as LTV and DTI ratios should be considered.
• Activation Criteria: Clear principles and indicators are needed to trigger macroprudential actions during financial upswings, including:
  • Credit to GDP ratio or its deviation from a trend.
  • Market volatility indicators such as CDS spreads.
  • Bank vulnerability indicators like non-core liabilities.

Early Intervention and Bank Resolution

• Early Intervention:
  • The FMA has several enforcement tools, including the appointment of a government commissioner, penalties for non-compliance, and financial measures to restore solvency.
  • A new law will introduce more specific intervention triggers and tools, including capital and liquidity requirements, and recovery measures.
• Bank Resolution:
  • Austria does not currently have a special resolution framework.
  • The report recommends the adoption of a national bank resolution framework aligned with the RRD (Recovery and Resolution Directive) and international best practices.
  • The FMA should be designated as the resolution authority.

Deposit Insurance

• Current Scheme: The private DGS is not conducive to effective bank resolution.
• Recommendations:
  • Introduce a unified, ex-ante funded, and publicly administered DGS.
  • Design the new DGS based on the EU DGS Directive and the BCBS Core Principles.
  • Establish a high-level working group to design the new scheme.

Emergency Liquidity Assistance (ELA)

• The OeNB plays a key role in providing ELA to banks in crisis.
• The framework should be improved to ensure that these operations are transparent, accountable, and consistent with EU developments.

Systemic Crisis Management

• The FIMBAG should have a stronger mandate and clearer conditions for capital support.
• The systemic crisis management framework should be strengthened to ensure public accountability and effective communication.
• Complementary measures are needed to reduce the adverse effects on the OeNB's balance sheet and the fiscal position of the Federal Government.

Recommendations

• Designate the FMSG as the macroprudential regulator.
• Strengthen the macroprudential toolkit with additional instruments.
• Establish a special bank resolution regime with the FMA as the resolution authority.
• Introduce a unified DGS that is ex-ante funded and publicly administered.
• Improve the ELA framework to ensure fiscal and financial stability.
• Enhance the systemic crisis management framework with clearer mandates and better coordination.

Conclusion

The report underscores the importance of a robust and comprehensive crisis preparedness and management framework for Austria. It highlights the need for macroprudential policy, early intervention, bank resolution, deposit insurance, and systemic crisis management to be strengthened. The recommendations are based on international best practices and EU developments, with a focus on financial stability, fiscal sustainability, and public accountability.