2017年-FSB全球金融稳定委员会_FSB_Correspondent_Banking_Data_Report_87页_4mb

FSB Correspondent Banking Data Report Summary

Core Content

This report by the Financial Stability Board (FSB) provides an analysis of the decline in correspondent banking relationships (CBRs) globally, focusing on the scale of the decline, its effects, and the drivers behind it. It also outlines the measures taken by authorities to address the issue and explores alternatives to correspondent banking.

Main Points

1. Definition and Importance of Correspondent Banking

• Definition: Correspondent banking is an arrangement where one bank (correspondent) holds deposits for other banks (respondents) and provides payment and other services.
• Importance: CBRs are essential for the global economy, enabling international payments and financial inclusion.

2. Scale of the Decline in CBRs

• SWIFT Data: Between 2011 and 2016, the number of active corridors decreased by 6.3%, and the number of active correspondents by 6% across all currencies.
• USD and EUR: These currencies experienced a more significant decline (-15%) compared to GBP (-6%).
• Regional Trends:
  • Eastern Europe had the largest decline (-16%).
  • Europe excluding Eastern Europe (-15%), Oceania (-12%), and the Americas excluding North America (-8%) also saw significant reductions.
  • The Caribbean and Pacific small states had the highest decline rates, over 10% in 2016.
  • Europe remains the region with the highest number of CBRs despite the decline.

3. Effects of the Decline

• Payment Chains: The decline has led to longer payment chains, increasing the volume of SWIFT messages without a proportional increase in payment value.
• Bank Reliance: Banks and countries are increasingly relying on fewer service providers, often Global Systemically Important Banks (G-SIBs).
• Impact on Small Banks: Small and medium-sized banks are more vulnerable due to their reliance on a limited number of correspondents and lower transaction value.
• Customer Impact:
  • Respondent banks reported terminating services to Money Transfer Operators (MTOs) at least 70% more often than other high-risk clients.
  • Some jurisdictions experienced a significant reduction in CBRs, potentially affecting trade and financial inclusion.

4. Drivers of the Decline

• Economic and Risk Factors:
  • Small economies are more affected by the reduction in CBRs due to lower business volume and fixed costs.
  • Jurisdictions with poor AML/CFT compliance, such as Afghanistan and Cambodia, experienced higher exit rates (40%).
  • Jurisdictions under sanctions or facing regulatory actions (e.g., North Korea and Iran) saw a 79% reduction in CBRs.
• Other Drivers:
  • Business model changes, industry consolidation, and the termination of dormant relationships are cited as primary reasons for CBR termination.
  • Profitability and risk appetite are also key factors influencing the decision to terminate CBRs.

5. Responses by Authorities

• Regulatory Measures: Authorities have primarily focused on addressing AML/CFT concerns by enhancing legal frameworks, aligning domestic regulations with international standards, and increasing information requirements.
• FSB Action Plan: The FSB-CBCG is actively working to assess and address the decline in CBRs, aiming to improve regulatory clarity, domestic capacity, and due diligence tools.

6. Alternatives to Correspondent Banking

• The report discusses the potential for alternative payment systems and services to mitigate the impact of declining CBRs, though these are not detailed in depth.

7. Survey Methodology and Sample

• Survey Design: The FSB-CBCG conducted a survey of 345 banks in 48 jurisdictions.
• Bank Classification: Banks were classified into small, medium, and large based on their asset size, using a statistical algorithm.
• Data Coverage:
  • 139 banks reported only as respondent banks.
  • 22 banks reported only as correspondent banks.
  • 129 banks reported as both.
  • 44 banks could not be classified due to insufficient data.
• Regional Representation:
  • The sample includes 13 large, 19 medium, and 16 small economies.
  • The survey emphasizes geographic diversity and includes countries with significant correspondent banking activity.

Key Information

• Data Sources:
  • The FSB-CBCG survey and SWIFT data are the primary sources of information.
  • SWIFT data covers 6 years (2011–2016) and includes anonymized and aggregated data on correspondent banking activity.
• Challenges:
  • Limited granularity in some jurisdictions (e.g., the US and Switzerland) due to legal restrictions.
  • Incomplete data on payment chains and their impact on global payment volume.
• Future Work:
  • The FSB plans to publish a follow-up report in late 2017 to deepen the analysis of responses and update SWIFT data.
  • Continued monitoring of the correspondent banking sector is emphasized.

Conclusion

The decline in CBRs is a global trend with varying impacts across regions. It has led to increased concentration in the market and longer payment chains, raising concerns about systemic risks and financial stability. The FSB-CBCG survey highlights the need for continued regulatory and policy efforts to address these challenges and ensure access to the international financial system for all jurisdictions.