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• Cover; CONTENTS; GLOSSARY; SUMMARY; INTRODUCTION AND SCOPE; DESCRIPTION OF REGULATORY STRUCTURE AND PRACTICES; MARKET STRUCTURE; A. Markets; TABLES;
• 1. ATS; B. CIS; FIGURE;
• 1. Market Share Trend (TSX Listed Stocks);
• 2. Fund Type by AUM; C. Intermediaries; GENERAL PRECONDITIONS FOR EFFECTIVE SECURITIES REGULATION; MAIN FINDINGS;
• 3. Summary Implementation of the IOSCO Principles-Detailed Assessments;
• 4. Recommended Action Plan to Improve Implementation of the IOSCO Principles; A. Authorities' Response to the Assessment; DETAILED ASSESSMENT.

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

• Cover; CONTENTS; BACKGROUND; RECENT ECONOMIC DEVELOPMENTS; FIGURES;
• 1. Recent Economic Developments;
• 2. Labor Market;
• 3. External Indicators;
• 4. Recent Fiscal Developments;
• 5. Financial Sector Developments; MACROECONOMIC OUTLOOK; BOXES;
• 1. A Credit-less Recovery?; POLICY DISCUSSIONS; A. Financial Sector Policy-Addressing NPLs and Normalizing Payment Flows;
• 2. Cooperative Credit Sector Restructuring Strategy;
• 3. Private Sector Debt Restructuring: Main Issues; B. Fiscal Policy-Maintaining Fiscal Prudence; C. Structural Fiscal Reforms-Stepping-Up the Reform Momentum.

• PROGRAM MODALITIES AND FINANCINGSTAFF APPRAISAL;
• 6. External Debt Sustainability: Bound Tests;
• 7. Public Debt Sustainability Analysis: Risk Assessment;
• 8. Public Debt Sustainability Analysis: Realism of Baseline Assumptions;
• 9. Public Sector Debt Sustainability Analysis: Baseline Scenario;
• 10. Public Debt Sustainability Analysis: Composition of Public Debt and Alternative Scenarios;
• 11. Public Debt Sustainability Analysis: Stress Tests; TABLES;
• 1. Selected Economic Indicators, 2008-20;
• 2. Fiscal Developments and Projections, 2008-20.

• 3. Calculation of Gross Financing Requirements and Sources of Financing, 2013-174. Balance of Payments, 2008-20;
• 5. External Financing Requirements and Sources, 2012-2020;
• 6. Monetary Survey, 2008-20;
• 7. Indicators of Fund Credit, 2010-20;
• 8. Schedule of Reviews and Purchases;
• 9. External Debt Sustainability Framework, 2008-2020;
• 10. Restrictive Measures on Transactions;
• 11. Selected Reforms: Measures Completed;
• 12. MEFP Commitments;
• 13. Conditionality for the Third Review; APPENDIX;
• 1. Letter of Intent; Attachments;
• 1. Memorandum of Economic and Financial Policies.

EXECUTIVE SUMMARYExtended Arrangement: On May 15, 2013, the Executive Board approved a three-yearExtended Arrangement under the Extended Fund Facility in the amount of SDR 891 million (563 percent of quota; about?1 billion). Three purchases of amounts equivalent to SDR 74.25 million (about?86 million) each have been made so far, and another purchase of the same amount is proposed to be released upon completion of the third review. The European Stability Mechanism has released?4.6 billion of?9 billion committed, with a disbursement of?150 million expected in early April. Recent Economic Dev.

• Cover; CONTENTS; INTRODUCTION; RECENT ECONOMIC DEVELOPMENTS; OUTLOOK AND RISKS; BOXES;
• 1. Gas Price Agreement; PROGRAM POLICIES; A. Fiscal Policy;
• 2. Tax Revenues; B. Monetary and Exchange Rate Policies; C. Financial Sector Policy; D. Structural Reforms;
• 3. Armenian Development Strategy 2013-25; E. Program Modalities; STAFF APPRAISAL; TABLES;
• 1. Selected Economic and Financial Indicators, 2009-16;
• 2. Balance of Payments, 2009-17;
• 3. Monetary Accounts, 2009-14;
• 4. Financial Soundness Indicators for the Banking Sector, 2019-13;
• 5. Central Government Operations, 2009-16 (in billions of drams).

• 6. Central Government Operations, 2009-16 (in percent of GDP)7. Medium-Term Macroeconomic Framework, 2009-18;
• 8. Indicators of Capacity to Repay the Fund, 2011-19;
• 9. External Financing Requirements and Sources, 2013-17;
• 10. Fund Disbursements and Timing of Review Under a 38-Month Arrangement Under the Extended Fund Facility; APPENDIX; I. Letter of Intent; Attachment I. Memorandum of Economic and Financial Policies; Attachment II. Technical Memorandum of Understanding; ANNEXES; I. Accession to the Eurasian Customs Union; II. Risk Assessment Matrix.

• III. Program Objectives, Policy Areas and Key MeasuresIV. Reserve Metrics and Exchange Rate Assessment; V. Public Sector Debt Sustainability Analysis; VI. External Debt Sustainability Analysis; CONTENTS; FUND RELATIONS; WORLD BANK AND IMF COLLABORATION-JMAP IMPLEMENTATION; RELATIONS WITH THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT (EBRD); RELATIONS WITH THE ASIAN DEVELOPMENT BANK (ASDB); STATISTICAL ISSUES.

KEY ISSUESContext and recent developments. Performance under the 2010?13 program, which was supported by arrangements under the Extended Fund Facility and Extended Credit Facility, was sound, with growth restored, large fiscal and external imbalances reduced, and buffers rebuilt. However, challenges remain, particularly in further reducing vulnerabilities and strengthening medium-term growth dynamics. Growth and inflation have remained volatile?in 2013, growth slowed significantly and inflation rose well above the CBA's target range. The external current account deficit and dollarization conti.

• Cover; CONTENTS; INTRODUCTION; RECENT ECONOMIC DEVELOPMENTS; OUTLOOK AND RISKS; PROGRAM POLICIES; A. Fiscal Policy: Staying the Course of Adjustment while Managing Risks to Growth; B. Monetary and Exchange Rate Policies: Proceed with Caution; C. Financial Sector Priorities: Strengthening Banks' Balance Sheets and Supporting the Economy; D. Structural Reforms: Better Infrastructure, Better Growth; PROGRAM MODALITIES; A. Program Conditionality and Monitoring; B. Capacity to Repay the Fund; C. Ex-Post Evaluation and Update of Safeguards Assessment; STAFF APPRAISAL; BOXES.

• 1. Recent Current Account Developments2. Minimum Wage;
• 3. The Nonperforming Loan Problem;
• 4. Initial Public Offerings; TABLES;
• 1. Quantitative Program Targets;
• 2. Performance for First and Second Reviews;
• 3. Selected Economic and Social Indicators, 2009-14;
• 4. Medium-Term Macroeconomic Framework, Current Policies, 2009-19;
• 5. Balance of Payments, 2009-15;
• 6. Gross External Financing Requirements, 2012-15; 7a. General Government Operations, 2009-15 (In percent of GDP); 7b. General Government Operations, 2009-15 (In millions of lei);
• 8. Monetary Survey, 2009-15.

• 9. Financial Soundness Indicators, 2008-1310. Schedule of Reviews and Purchases;
• 11. Indicators of Fund Credit, 2014-19;
• 12. External Debt Sustainability Framework, 2008-18; FIGURES;
• 1. Real Sector, 2007-13;
• 2. External Sector, 2007-13;
• 3. Labor Market, 2007-13;
• 4. Monetary Sector, 2007-14;
• 5. Fiscal Operations, 2007-14;
• 6. Financial Sector, 2007-13;
• 7. Financial Developments, 2011-14; ANNEX; I. Public and External Debt Sustainability Analysis; APPENDICES; I. Letter of Intent; Attachments; I. Memorandum of Economic and Financial Policies; II. Technical Memorandum of Understanding.

KEY ISSUESStand-by Arrangement (SBA): A 24-month SBA with access of SDR 1,751.34 million (about?1.98 billion, 170 percent of quota) was approved by the Executive Board on September 27, 2013. The second and third tranches of SDR 194.7 million each (cumulative SDR 584.1 million) would be made available upon completion of the first and second reviews. Balance-of-payments assistance of?2 billion is also available from the European Union (EU). The authorities treat both arrangements as precautionary. Program status: Four of five end-December 2013 quantitative performance criteria and four of five.

This study finds that equity returns in the banking sector in the wake of the Great Recession and the European sovereign debt crisis have been driven mainly by weak growth prospects and heightened sovereign risk and to a lesser extent, by deteriorating funding conditions and investor sentiment. While the equity return performance in the banking sector has been dismal in general, better capitalized and less leveraged banks have outperformed their peers, a finding that supports policymakers? efforts to strengthen bank capitalization.

Supersedes ISBN 0119826739. - For a companion volume to this book, see Balance of payments compilation guide (ISBN 1557754705).
(source: Nielsen Book Data)

• Cover; CONTENTS; CONTEXT; OUTLOOK AND RISKS; REPORT ON DISCUSSIONS AND PROGRAM POLICIES; A. Fiscal Policy: Laying the Groundwork for Fiscal and Debt Sustainability; B. Use of Monetary Policy to Ease the Economic Slowdown; C. Maintaining Financial Stability in the Face of Continued Challenges; D. Embarking on a Path of Sustained Medium-term Growth; PROGRAM MODALITIES AND RISKS; STAFF APPRAISAL; BOXES;
• 1. Implementation Recommendations of the 2012 Article IV Consultation;
• 2. Reform Agenda;
• 3. Possible Tax and Expenditure Measures, 2014-16; 4 Exchange Rate Assessment.

• 5. Conclusions of the 2013 FSAP6. Program Modalities and Risks; FIGURES;
• 1. Background and Outlook;
• 2. External Sector Developments;
• 3. Fiscal Developments;
• 4. Inflation and Monetary Developments;
• 5. Financial Sector Developments;
• 6. Business Environment and Labor Market;
• 7. Governance and Public Finances; TABLES;
• 1. Basic Indicators and Macroeconomic Framework, 2009-19; 2a. General Government Operations, 2009-19; 2b. General Government Operations, 2009-19; 3a. Balance of Payments, 2009-19 (Percent of GDP); 3b. Balance of Payments, 2009-19 (Millions of euros); 4a. Monetary Survey, 2009-14.

• 4b. Summary of Accounts of the Central Bank, 2009-145. IMF Core Indicators of Financial Soundness, December 2005-June 2013;
• 6. External Financing Requirement and Sources, 2012-19;
• 7. Schedule of Review and Purchases (provisional);
• 8. Indicators to Capacity to Repay to the Fund, 2012-19; APPENDIX; I. Letter of Intent; Attachment I. Memorandum of Economic and Financial Policies; Attachment II. Technical Memorandum of Understanding; ANNEXES; I. Risk Assessment Matrix; II. Debt Sustainability Analysis; III. External Debt Sustainability; CONTENTS; FUND RELATIONS; WORLD BANK GROUP RELATIONS.

This 2013 Article IV Consultation for Albania focuses on economic developments and policies that have led to weakening and imbalance of the economy. It highlights that high nonperforming loans (NPLs) are constraining credit growth, and weak external drivers are preventing a sustained reduction in external imbalances. Reduction in NPLs would safeguard financial stability and help release credit supply constraints by lowering bank risk aversion. The authorities have requested a three-year arrangement with proposed access equivalent to SDR 295.42 million.

"This paper provides the basis for the annual review of the Fund's income position, including a review of the system of special charges. The paper also sets out proposed decisions relating to the Fund's income position for FY 2008 and FY 2009. The review takes account of the recent discussions in the Executive Board on the new income model for the Fund. The paper is structured as follows: Section II reviews the Fund's FY 2008 income position, provides an explanation of key variances from projections, and discusses the impact of restructuring costs on the income position; Section III makes proposals for the disposition of investment income and the General Resources Account (GRA) income position; Section IV outlines updated projections and proposes a margin for the rate of charge for FY 2009; Section V provides an update on the burden sharing mechanism; and Section VI reviews special charges"--IMF information page summary.

• Cover; Contents; Acronyms; EXECUTIVE SUMMARY; ASSESSMENT OF INSURANCE CORE PRINCIPLES; A. Introduction and Scope; B. Information and Methodology Used for Assessment; C. Overview-Institutional and Macroprudential Setting; TABLES;
• 1. Insurance Market Structure as at end-2012;
• 2. Composition of Assets-L & H FRIs (Legal Entities);
• 3. Composition of Assets-P & C FRIs (Legal Entities);
• 4. Trend in Technical Provisions-L & H FRIs;
• 5. Trend in Technical Provisions-P & C FRIs;
• 6. Gross Premiums by Major Lines of Business in 2012-L & H FRIs;
• 7. Premiums by Major lines of business in 2012-P & C FRIs.

• 8. Solvency Position of FRIsD. Preconditions for Effective Insurance Supervision;
• 9. Summary of Compliance with the ICPs; E. Recommendations and Authorities' Response;
• 10. Summary of Observance Level;
• 11. Recommendations to Improve Observance of the ICPs; DETAILED ASSESSMENT;
• 12. Detailed Assessment of Observance of the ICPs.

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

• Cover; Contents; Glossary; INTRODUCTION AND OVERVIEW; A. Overview of Stress Tests; TABLES;
• 1. Stress Testing Recommendations; SCENARIOS; BANKING SECTOR-SOLVENCY STRESS TESTS; BANKING SECTOR-LIQUIDITY AND FUNDING STRESS TESTS-INDIVIDUAL AND NETWORK EFFECTS; A. Bottom-up Stress Test; A. Recommendations and Policy Implications;
• 2. Regulatory and Supervisory Capital Requirements;
• 3. Mapping Economic Sectors from the BU into Economic Sectors Used in BoC Estimation of PDs;
• 4. Capital Conservation Rule for Dividends Distribution;
• 5. IRBBB Spreads Under the Stress-test Scenario.

• 6. Trading Book Risk Parameters Under the Stress-test ScenarioB. IMF Top-down Stress Test; FIGURES;
• 1. IMF Top Down Approach;
• 7. Mapping Basel II Asset Classes and Exposures by Economic Sectors into New Basel II Asset Classes;
• 8. Dividends Distribution Schedule;
• 2. Geographical and Sectoral Distribution of Losses and Exposures;
• 3. IMF TD Solvency Stress Test Results-Sensitivity Analysis; C. OSFI Top-down Stress Test; BOX;
• 1. OSFI Algorithm to Project Loan Book; D. Reconciliation of Results;
• 9. Main Differences Between Different Approaches; E. Recommendations and Policy Implications.

• 4. Macro-financial Risk Assessment Framework (MFRAF) of the BoC5. MFRAF Modules;
• 6. MFRAF Modulus Timing;
• 7. The BoC Liquidity and Network Stress Test Results, Baseline Scenario;
• 8. Aggregate Loss Distributions, Baseline Scenario;
• 9. The BoC Liquidity and Network Stress Test Results, Adverse Scenario;
• 10. Aggregate Loss Distributions, Adverse Scenario; LIFE INSURANCE SECTOR-SOLVENCY STRESS TEST;
• 11. Total MCCSR Ratio in Baseline and Adverse Scenario;
• 12. Total Tier 1 Ratio in Baseline and Adverse Scenario;
• 13. Net Income in Baseline and Adverse Scenario; CMHC SOLVENCY STRESS TEST.

• 14. Contribution to MCCSR Deviation from Baseline10. FSIs: Big 6 versus the Rest of the Banking System; ANNEX; I. Statistical Annex;
• 15. Developments in Banking Sector;
• 11. Summary of Banks' Stress Testing Results;
• 16. Scenarios-Canada, Main Variables;
• 17. Scenarios-US, Euro Area, Other, Main Variables;
• 18. IMF Top Down Model of Income Statement-Interest Income;
• 19. IMF Top Down Model of Income Statement-Interest Expense;
• 20. IMF Top Down Model of Income Statement-Trading Income;
• 21. IMF Top Down Model of Income Statement-Non-interest Income.

• 22. IMF Top Down Model of Income Statement-Non-interest Expense23. IMF Top Down Assumptions-Loans, Deposits;
• 24. IMF Top Down Assumptions-Loans, Balance Sheet;
• 25. Solvency Stress Test Results;
• 26. Drivers of Stress Test Results-Contributions to CET1 Change;
• 27. Drivers of Stress Test Results-Contributions to Net Income;
• 28. Net Income and RWAs-Comparison;
• 29. Net Income and RWAs-Comparison;
• 30. Parameters of RWAs and Expected Losses-Comparison;
• 31. Recapitalization Needs-as Percent in gross income;
• 12. Liquid and Illiquid Assets of the BSL Metric-Haircuts Calibration.

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries.

""This supplement reviews the data received thus far and the progress made by participating jurisdictions in their dissemination efforts. Data for major jurisdictions that declined to participate are also provided where it is available from published sources. In addition, data on a sample of advanced economies are provided for comparative purposes. The framework identified a minimum set of variables for dissemination and recommended that jurisdictions publish data on those variables although jurisdictions could choose to publish more. Tables 2 and 5 to 13 provide the data received on those variables. The framework also identified additional variables that were to be provided to the Fund to help Fund staff monitor developments in financial centers"--IMF information page summary.

"This triennial surveillance review (TSR) takes place in a time of change, with the Fund in the midst of a major refocusing effort. That surveillance has not been as effective as it should be has been amply documented, notably in previous surveillance reviews and several IEO evaluations. Since the 2004 review of bilateral surveillance (BSR), considerable efforts have been made to enhance its effectiveness, including an overhaul of the policy framework with the adoption of a new Surveillance Decision in 2007. And as part of the refocusing effort, more change is underway to deliver on the Managing Director's vision of an institution making better use of its comparative advantage, to be 'more alert to emerging issues, more critical in its assessments (especially in good times), and more assertive in communicating its concerns.''--IMF information page summary.

"This paper provides an update and overview of the Offshore Financial Center (OFC) program. At the time of the November 2003 review of the OFC program, Directors indicated that the Board should conduct the next review of the program in 2-3 years and be updated periodically on the progress in implementing the OFC program. Progress reports have been issued to the Board annually, the most recent in February 2006"--IMF information page summary.

The financial resilience of banks has been strengthened in recent years and banks are benefiting from continuing economic recovery. Broad-based economic recovery is helping to stimulate demand for credit, although credit growth remains slow, and unemployment continues to fall. Housing markets have started to recover since 2013 with prices and transaction volumes picking up. There has been an improvement in the financial position of Dutch banks: cost efficiency has improved and profitability has recovered. The banks' migration to the new Basel III standards is also well under way for capital adequacy and liquidity. Nonetheless, the outlook is challenging with greater competition, a low interest rate environment, and potential pressure on capital buffers from future regulatory changes.

The landscape for managing problem banks in the Netherlands has changed fundamentally in recent years. The authorities have adopted European Union (EU) initiatives that aim to prevent the recurrence of a severe crisis and break the link between the sovereign and the banking system. As part of the euro area, the Netherlands is part of the new "Banking Union" (BU, comprising euro area and other EU members that "opt in") where competence for prudential supervision of Dutch banks is shared between the European Central Bank (ECB) and the De Nederlandsche Bank N.V. (DNB) and competence for bank resolution is shared between the Single Resolution Board (SRB) and the DNB. The four largest Dutch banks (among others) fall under the jurisdiction of the ECB and SRB.

This analysis is conducted against a backdrop of a gradual domestic recovery, but still uncertain international context and remaining domestic vulnerabilities. Household debt is high and negative equity among young borrowers is prevalent. A substantial portion of households have a loan-to-value ratio above 100 percent. While bank capitalization has improved since the crisis, balance sheets have contracted, profitability is low, and banks remain significantly reliant on wholesale funding. Financial institutions also face challenges from the continuing low interest rate environment and slow credit growth.