South Africa : : Financial System Stability Assessment

• Record Nr.: UNINA9910821293503321
• Pubbl/distr/stampa: Washington, D.C. : , : International Monetary Fund, , 2014
• ISBN: 1-4983-2719-2; 1-4755-4036-1
• Edizione: [1st ed.]
• Descrizione fisica: 1 online resource (105 pages) : illustrations (chiefly color)
• Collana: IMF Staff Country Reports
• Disciplina: 332.152
• Soggetti: Monetary policy - South Africa; Finance - South Africa; Fiscal policy - South Africa; Risk management - South Africa; Banks and Banking; Finance: General; Industries: Financial Services; Banks; Depository Institutions; Micro Finance Institutions; Mortgages; Financial Institutions and Services: Government Policy and Regulation; Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors; Financial Institutions and Services: General; Banking; Finance; Financial services law & regulation; Insurance companies; Financial sector; Stress testing; Liquidity requirements; Financial institutions; Financial services; Nonbank financial institutions; Financial sector policy and analysis; Economic sectors; Banks and banking; Financial services industry; Financial risk management; State supervision; South Africa
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Bibliographic Level Mode of Issuance: Monograph
• Nota di contenuto: Cover -- CONTENTS -- GLOSSARY -- A -- B -- C -- D -- E -- F -- G -- H -- I -- J -- K -- L -- M -- N -- O -- P -- R -- S -- T -- EXECUTIVE SUMMARY AND OVERALL ASSESSMENT -- FINANCIAL SYSTEM PROFILE -- RECENT DEVELOPMENTS -- RISKS AND VULNERABILITIES -- A. Credit Risks -- B. Systemic Liquidity -- C. Concentration and Interconnectedness -- D. Cross-Border Expansion -- STRESS TESTING RESILIENCY -- A. Banking Stress Tests -- B. Insurance Stress Test -- C. Corporate Stress Test -- STRUCTURAL REFORM TO ENHANCE RESILIENCY -- A. The Twin Peaks Model -- B. Microprudential Framework -- C. Macroprudential Framework -- D. Derivatives Markets Reform -- E. Crisis Management and Bank Resolution -- F. Promoting Competition in the Financial System -- G. Anti Money Laundering and Combating the Financing of Terrorism (AML/CFT) -- BOX -- 1. The Intervention of African Bank -- FIGURES -- 1. Features of the Financial System -- 2. SA Financial System Spillover Coefficients -- 3. Recent Economic and Financial Developments -- 4. The Debt Profile -- 5. Scenario-Based STs Results-Aggregate Capital Ratio -- 6. Scenario-Based STs result-Distribution of Capital Ratios -- 7. Liquidity Stress Test: Simulated 30 day Cumulative Cash Flow -- 8. Insurance Stress Test Results -- 9. Interest Coverage Ratios -- TABLES -- 1. Key FSAP Recommendations -- 2: Key Macro Variables -- APPENDICES -- I. Tables and Figures -- II. 2008 Financial Sector Assessment Program -- ANNEX -- I. Report on the Observance of Standards and Codes.
• Sommario/riassunto: This paper discusses findings of the Financial System Stability Assessment for South Africa. South Africa’s financial sector operates in a challenging economic environment. Despite remarkable progress since the end of apartheid in 1994, South Africa still has one of the world’s highest unemployment and income inequality rates. Slow economic growth since 2008 has further aggravated unemployment, real disposable income is stagnant, and households are heavily indebted. Relatively high capital buffers as well as sound regulation and supervision have helped mitigate the risks. Stress tests confirm the capital resiliency of banks and insurance companies to severe shocks but illustrate a vulnerability to liquidity shortfalls.