LEADER 07774oam 22013094 450 001 9910821950103321 005 20240405053823.0 010 $a1-4983-2861-X 010 $a1-4843-8470-9 010 $a1-4983-7236-8 035 $a(CKB)2670000000568113 035 $a(EBL)1790713 035 $a(SSID)ssj0001398959 035 $a(PQKBManifestationID)11779212 035 $a(PQKBTitleCode)TC0001398959 035 $a(PQKBWorkID)11450172 035 $a(PQKB)11181493 035 $a(MiAaPQ)EBC1790713 035 $a(Au-PeEL)EBL1790713 035 $a(CaPaEBR)ebr10933642 035 $a(CaONFJC)MIL645399 035 $a(OCoLC)894170191 035 $a(IMF)1KAZEE2014003 035 $a(IMF)1KAZEA2014003 035 $a(EXLCZ)992670000000568113 100 $a20020129d2014 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Republic of Kazakhstan : $eFinancial System Stability Assessment 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2014. 215 $a1 online resource (96 p.) 225 1 $aIMF Staff Country Reports 300 $aDescription based upon print version of record. 311 $a1-4983-1100-8 311 $a1-322-14144-4 327 $aCover; 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 Results 327 $a8. 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 Implementation 327 $aB. 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, 2010-2019 327 $a3. 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 Assessment 330 3 $aThis Financial System Stability Assessment highlights that the global financial crisis exposed serious bank vulnerabilities in Kazakhstan. The authorities successfully contained the ensuing systemic crisis, however, left unaddressed important weaknesses that continue to linger. The government has nationalized three of the largest banks and restructured their external obligations, thus preventing a collapse of the banking system. The banks? solvency situation is adequate but somewhat fragile as a result of legacy problems. A faster transition to risk-based oversight is needed. The relative vulnerability of banks to shocks warrants increased emphasis on risk. This can be achieved through the adoption of more advanced risk-assessment tools and a more extensive use of stress test results for risk analysis. The financial safety net and resolution framework were upgraded during the crisis but need further adjustments. The government amended the resolution framework in 2009 to incorporate several desirable features such as restructuring, purchase and assumption, and bridge bank. However, during the crisis it bypassed the use of sequential crisis management tools and nationalized banks and restructured their external liabilities. The resolution framework suffers from the absence of special authority and requires the approval of depositors and creditors. Adjustments to the Emergency Liquidity Assistance framework are needed to limit its availability to solvent institutions. 410 0$aIMF Staff Country Reports; Country Report ;$vNo. 2014/258 606 $aBanks and banking$zKazakhstan$vPeriodicals 606 $aFinance$zKazakhstan$vPeriodicals 606 $aBanks and Banking$2imf 606 $aPublic Finance$2imf 606 $aIndustries: Financial Services$2imf 606 $aMoney and Monetary Policy$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aSocial Security and Public Pensions$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aBanking$2imf 606 $aFinance$2imf 606 $aPensions$2imf 606 $aFinancial services law & regulation$2imf 606 $aMonetary economics$2imf 606 $aNonperforming loans$2imf 606 $aPension spending$2imf 606 $aCapital adequacy requirements$2imf 606 $aCommercial banks$2imf 606 $aFinancial institutions$2imf 606 $aCredit$2imf 606 $aMoney$2imf 606 $aLoans$2imf 606 $aFinancial regulation and supervision$2imf 606 $aExpenditure$2imf 606 $aBanks and banking$2imf 606 $aAsset requirements$2imf 607 $aKazakhstan, Republic of$2imf 615 0$aBanks and banking 615 0$aFinance 615 7$aBanks and Banking 615 7$aPublic Finance 615 7$aIndustries: Financial Services 615 7$aMoney and Monetary Policy 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aSocial Security and Public Pensions 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aBanking 615 7$aFinance 615 7$aPensions 615 7$aFinancial services law & regulation 615 7$aMonetary economics 615 7$aNonperforming loans 615 7$aPension spending 615 7$aCapital adequacy requirements 615 7$aCommercial banks 615 7$aFinancial institutions 615 7$aCredit 615 7$aMoney 615 7$aLoans 615 7$aFinancial regulation and supervision 615 7$aExpenditure 615 7$aBanks and banking 615 7$aAsset requirements 676 $a332.110958705 801 0$bDcWaIMF 906 $aBOOK 912 $a9910821950103321 996 $aThe Republic of Kazakhstan$93951019 997 $aUNINA