2017年-世界发展银行全球_Financial_Sector_Assessment___Morocco_31页_925kb

Financial Sector Assessment of Morocco (February 2016)

Core Content

Morocco's financial sector has undergone significant growth and development since the 2007 Financial Sector Assessment Program (FSAP) update. The 2015 mission, conducted by a joint IMF-World Bank team, evaluated the banking system's soundness and resilience, financial inclusion and infrastructure, oversight frameworks, and crisis preparedness. The report highlights the sector's progress, key vulnerabilities, and policy recommendations to further enhance its performance and stability.

Main Findings

1. Macro-Financial Context

• Morocco has faced external shocks since 2007, including energy price hikes and the European financial crisis.
• The economy has seen improved macroeconomic fundamentals, with government debt rising from less than 50% of GDP to 65%.
• Growth has been constrained by high unemployment, especially among youth (21%).
• The financial system has grown in size and complexity, with banking assets exceeding 130% of GDP and increased links with sub-Saharan Africa (SSA).
• The banking sector has played a crucial role in capital formation but needs to improve its capacity to allocate capital more effectively to boost growth and job creation.

2. Structure of the Financial System

• The financial system is relatively diversified, with banking, insurance, and pension sectors contributing significantly to the economy.
• Banking is the largest component, with 19 banks (5 public, 14 private), and foreign banks (mainly French) controlling seven banks and nine finance companies.
• The Casablanca Finance City (CFC) has been established to promote financial services in Africa, supported by tax and legal incentives.
• The insurance sector is interconnected with banking and asset management, and the pension sector is large, with savings accounting for 25% of GDP.

3. Financial Inclusion and Infrastructure

• Financial inclusion has improved significantly since 2007, with private credit to GDP at 73% and household credit to GDP at 31%.
• The percentage of Moroccan adults using formal financial services is 41%, which is above regional and income group averages.
• The government has implemented reforms to support financial inclusion, including the transformation of Morocco Post into a commercial bank, the establishment of a credit bureau, and guarantee programs for housing and SMEs.
• Despite progress, important segments of the population remain financially excluded, especially women, the poor, and those in rural areas.
• SMEs continue to face challenges in accessing finance, with 70% of loans requiring collateral and a low rate of electronic payments.

4. Soundness and Resilience of Banks

• Banks in Morocco are generally resilient to large shocks, with good solvency, profitability, and liquidity.
• However, concentration risk remains a concern, as the top three banks account for 67% of system assets and are part of larger financial groups.
• The Systemic Risk Council (CCSRS) is tasked with monitoring interconnectedness as the financial system becomes more complex.
• Non-Performing Loans (NPLs) have increased since 2012, but banks continue to provision prudently, partly due to regulatory actions.

5. Oversight Frameworks

• The banking supervision framework under BAM is effective and improving, with a focus on microprudential oversight and resolution.
• The oversight of securities markets has seen progress, particularly in implementing the IOSCO Principles, but gaps remain in enforcement and regulatory consistency.
• Financial market infrastructures (FMIs) are under the supervision of BAM, which adheres to CPMI/IOSCO standards, but a legal gap exists in the netting and settlement chain for securities.
• The legal and regulatory framework for capital markets is being upgraded, with the aim of reviving the Casablanca Stock Exchange (CSE), which has seen a decline in market capitalization.

6. Crisis Preparedness, Bank Resolution, and Depositor Protection

• The financial safety net has improved since 2007, but the 2014 banking law allows both BAM and the Deposit Guarantee Fund (DGF) to provide liquidity support, which may create confusion.
• The legal basis for bank resolution needs strengthening, especially for systemic groups. The law should define resolution objectives, creditor hierarchy, and bail-in powers.
• The DGF should be granted priority over uninsured depositors and general creditors to ensure depositor protection.
• The authorities should formalize ELA through the planned revision of BAM's legal framework to distinguish it from government solvency support.

Key Recommendations

• Banking Regulation and Oversight

  • Address capacity constraints of the banking supervisor and strengthen on-site supervision.
  • Conduct periodic asset quality reviews for large banks and advance recovery and resolution plans.
  • Review loan classification and provisioning rules to align with IFRS.

• Macroprudential Oversight

  • Clarify the powers, instruments, and voting arrangements of the CCSRS.
  • Amend laws governing ACAPS and AMMC to include financial stability objectives.
  • Implement countercyclical buffers and expand data coverage for risk mapping.

• Emergency Liquidity Assistance (ELA)

  • Separate BAM's ELA function from government solvency support.
  • Strengthen BAM's recapitalization process and review profit distribution mechanisms.

• Early Intervention and Bank Resolution

  • Define resolution objectives and incorporate the "least-cost principle."
  • Establish a clear hierarchy of creditors and introduce bail-in powers.
  • Designate an explicit bank resolution authority and limit its legal liabilities.

• Deposit Insurance

  • Remove open bank assistance via the DGF.
  • Grant DGF priority over uninsured depositors and general creditors.

• Financial Market Infrastructures

  • Implement guarantee schemes and default handling procedures for securities transactions.
  • Strengthen BAM's oversight of payment systems and publish all relevant policies and disclosure frameworks.

• Securities Market Regulation

  • Apply consistent regulations and supervision to all market participants.
  • Strengthen enforcement and introduce administrative sanctions for individuals.
  • Improve the valuation of government securities and mutual funds.

• Financial Inclusion

  • Establish a well-resourced governance framework and a robust monitoring and evaluation system.
  • Improve credit bureau data integrity and expand coverage to non-financial institutions.
  • Review the legal framework for microfinance in line with Basel Committee guidance.
  • Consider granting absolute priority ranking for new financing to enhance creditor certainty.

Conclusion

Morocco's financial sector has made notable progress in inclusion, infrastructure, and regulation. However, challenges remain in terms of systemic risks, financial exclusion, and crisis management. The report emphasizes the need for a unified national strategy, stronger oversight, and legal reforms to ensure the sector continues to support sustainable growth and financial stability.