07774oam 22013094 450 991082195010332120240405053823.01-4983-2861-X1-4843-8470-91-4983-7236-8(CKB)2670000000568113(EBL)1790713(SSID)ssj0001398959(PQKBManifestationID)11779212(PQKBTitleCode)TC0001398959(PQKBWorkID)11450172(PQKB)11181493(MiAaPQ)EBC1790713(Au-PeEL)EBL1790713(CaPaEBR)ebr10933642(CaONFJC)MIL645399(OCoLC)894170191(IMF)1KAZEE2014003(IMF)1KAZEA2014003(EXLCZ)99267000000056811320020129d2014 uf 0engurcnu||||||||txtccrThe Republic of Kazakhstan : Financial System Stability Assessment1st ed.Washington, D.C. :International Monetary Fund,2014.1 online resource (96 p.)IMF Staff Country ReportsDescription based upon print version of record.1-4983-1100-8 1-322-14144-4 Cover; CONTENTS; Glossary; EXECUTIVE SUMMARY; TABLES; 1. FSAP Key Recommendations; MACRO-FINANCIAL SETTING AND FINANCIAL SECTOR OVERVIEW; A. Unbalanced Economic Growth and Financial Vulnerabilities; FIGURES; 1. Distribution of Loans and NPLs; 2. The Aftermath of the Crisis; B. Financial System Structure; 3. Structure of the Financial System; FINANCIAL SECTOR RISKS AND RESILIENCE: RECOVERY FROM THE CRISIS IS NOT YET COMPLETE; A. Banking Sector; 4: Credit Real Growth; 5. Dollarization and Wholesale Funding; 6. Macrofinancial Baseline and Stress Scenarios; 7. Scenario Solvency Risk Results8. Solvency Risk: Sensitivity Analyses 9. Liquidity Risk: Scenario Analyses; B. Insurance and Pensions; BOLSTERING THE FINANCIAL SAFETY NET; A. Weak Systemic Liquidity Management in Normal Times; B. Untested Crisis Management Framework; C. Crisis Preparedness Framework; DELINQUENCY MANAGEMENT AND RESOLUTION OF NPLS: SOLVING THE LEGACY PROBLEM; A. Slow Progress Resolving NPLs; B. A Multi-Track Approach to Resolve the NPLs Universe; STRENGTHENING FINANCIAL SECTOR OVERSIGHT: AVOIDING ANOTHER SURGE IN BAD LOANS; A. Bank Regulation: Achieving Better ImplementationB. Insurance Sector: Stronger Prudential Requirements and Reinsurance Supervision C. NBK Management of Pensions: Sound Investment Practices are Key; D. Securities Markets: Reducing Uncertainty and Mitigating Mispricing and Reputational Risks; E. Financial Market Infrastructure: Addressing Gaps in Risk Management; 10. Economic Developments; 11. Banking Sector Developments; 12. Capital Markets and Expected Default Frequencies; 13. Monetary and External Sector Developments; 14. Key Financial Soundness Indicators-Cross-Country Comparison; 2. Selected Economic Indicators, 2010-20193. Financial System Structure, 2005-134. Financial Soundness Indicators of the Banking System, 2008-2013; 5. Financial Soundness Indicators of the Non-Banking System, 2005-2013; APPENDICES; I. List of Recent Macroprudential Policy Measures; II. Funded Pension System; III. Risk Assessment Matrix; IV. Macroeconomic Scenarios; V. Report on the Observance of Standards and Codes: Basel Core Principles-Summary AssessmentThis Financial System Stability Assessment highlights that the global financial crisis exposed serious bank vulnerabilities in Kazakhstan. The authorities successfully contained the ensuing systemic crisis, however, left unaddressed important weaknesses that continue to linger. The government has nationalized three of the largest banks and restructured their external obligations, thus preventing a collapse of the banking system. The banks’ solvency situation is adequate but somewhat fragile as a result of legacy problems. A faster transition to risk-based oversight is needed. The relative vulnerability of banks to shocks warrants increased emphasis on risk. This can be achieved through the adoption of more advanced risk-assessment tools and a more extensive use of stress test results for risk analysis. The financial safety net and resolution framework were upgraded during the crisis but need further adjustments. The government amended the resolution framework in 2009 to incorporate several desirable features such as restructuring, purchase and assumption, and bridge bank. However, during the crisis it bypassed the use of sequential crisis management tools and nationalized banks and restructured their external liabilities. The resolution framework suffers from the absence of special authority and requires the approval of depositors and creditors. Adjustments to the Emergency Liquidity Assistance framework are needed to limit its availability to solvent institutions.IMF Staff Country Reports; Country Report ;No. 2014/258Banks and bankingKazakhstanPeriodicalsFinanceKazakhstanPeriodicalsBanks and BankingimfPublic FinanceimfIndustries: Financial ServicesimfMoney and Monetary PolicyimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfSocial Security and Public PensionsimfFinancial Institutions and Services: Government Policy and RegulationimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfBankingimfFinanceimfPensionsimfFinancial services law & regulationimfMonetary economicsimfNonperforming loansimfPension spendingimfCapital adequacy requirementsimfCommercial banksimfFinancial institutionsimfCreditimfMoneyimfLoansimfFinancial regulation and supervisionimfExpenditureimfBanks and bankingimfAsset requirementsimfKazakhstan, Republic ofimfBanks and bankingFinanceBanks and BankingPublic FinanceIndustries: Financial ServicesMoney and Monetary PolicyBanksDepository InstitutionsMicro Finance InstitutionsMortgagesSocial Security and Public PensionsFinancial Institutions and Services: Government Policy and RegulationMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralBankingFinancePensionsFinancial services law & regulationMonetary economicsNonperforming loansPension spendingCapital adequacy requirementsCommercial banksFinancial institutionsCreditMoneyLoansFinancial regulation and supervisionExpenditureBanks and bankingAsset requirements332.110958705DcWaIMFBOOK9910821950103321The Republic of Kazakhstan3951019UNINA