IMF-马尔代夫：金融部门评估方案关于金融安全网和危机管理安排的技术说明（英）-2024.1.docx

INTERNATIONA1.MONETARYFUNDIMFCountryReportNo.24/20MA1.DIVESFINANCIA1.SECTORASSESSMENTPROGRAMJanuary2024TECHNICA1.NOTEONFINANCIA1.SAFETYNETANDCRISISMANAGEMENTARRANGEMENTSThispaperontheMaldiveswaspreparedbyastaffteamoftheInternationalMonetaryFundasbackgrounddocumentationfortheperiodicconsultationwiththemembercountry.ItisbasedontheinformationavailableatthetimeitwascompletedonDecember18,2023.CopiesofthisreportareavailabletothepublicfromInternationalMonetaryFundPublicationServicesPOBox92780Washington,D.C.20090Telephone:(202)623-7430Fax:(202)623-7201E-mail:Dublicationsimf.orgWeb:InternationalMonetaryFundWashington,D.C.©2024InternationalMonetaryFundHINTERNATIONA1.MONETARYFUND勺R、MA1.DIVESFINANCIA1.SECTORASSESSMENTPROGRAMDecember18,2023TECHNICA1.NOTEFINANCIA1.SAFETYNETANDCRISISMANAGEMENTARRANGEMENTSPreparedByMonetaryandCapitalMarketsDepartment,InternationalMonetaryFundThisTechnicalNotewaspreparedinthecontextofajointIMF-WorIdBankFinancialSectorAssessmentProgram(FSAP)missioninMaldivesduringMay2023ledbyTorstenWezel(IMF)andNatalieNicolaou(WB),andoverseenbytheMonetaryandCapitalMarketsDepartment,InternationalMonetaryFund,andtheFinanceandMarketsGlobalPractice,WorldBank.ThenotecontainsthetechnicalanalysisanddetailedinformationunderpinningtheFSAPassessmentsfindingsandrecommendations.FurtherinformationontheFSAPprogramcanbefoundatCONTENTSGlossary3EXECUTIVESUMMARY4INTR0DUC110N9INSTITUnONA1.FRAMEWORKANDINTER-AGENCYARRANGEMENTS10A. InstitutionalArrangements10B. Inter-AgencyArrangements13C. SummaryofRecommendations15EAR1.YINTERVENTION,ANDRECOVERYANDRESO1.UTIONP1.ANNING15A. EarlyIntervention15B. RecoveryandResolutionPlanning17C. SummaryofRecommendations19BANKRESO1.UTIONANDUQUIDATION19A. KeyIssues19B. SummaryofRecommendations25C. ERGENCY1.IQUIDITYASSISTANCEAND1.IQUIDITYINRESO1.UTION26A. KeyIssues26B. SummaryofRecommendations28C. POSITINSURANCEANDRESO1.UTIONFUNDING29A. DepositorProtectionandPayout29B. ResolutionFunding30C. SummaryofRecommendations31CONTINGENCYP1.ANNINGANDCRISISMANAGEMENT32A. KeyIssues32B. SummaryofRecommendations32BOXES1. OverviewofMMASupervisoryToolstoAddressRisksandWeaknesses172. RecoveryandResolutionPlanning183. DifferentFormsofDepositorPreference25FIGURE1.BankResolutionand1.iquidationProcess20TAB1.E1.RecommendationsonBankResolutionandCrisisManagement6GlossaryBOFDCMDADIFDIRDISE1.AEWIEWSFSBFSCFSNFXKAsM&AMBAMMAMVRMOFMOUP&ARRPBanksandOtherFinancialInstitutionsDivisionCapitalMarketDevelopmentAuthorityDepositInsuranceFundDepositInsuranceRegulationDepositInsuranceSystemEmergency1.iquidityAssistanceEarlywarningindicatorEarlywarningsystemFinancialStabilityBoardFinancialStabilityCommitteeFinancialSafetyNetForeignexchangeKeyAttributesofEffectiveResolutionRegimesforFinancialInstitutionsMergerandacquisitionMaldivesBankingActMaldivesMonetaryAuthorityMaldivianRufiyaaMinistryofFinanceMemorandumofUnderstandingPurchaseandassumptionRecoveryandResolutionPlanningEXECUTIVESUMMARY】Maldiveslegislationincludesimportantelementsofafinancialsafetynetandcrisismanagementframeworkbutthereareareasforstreamliningandimprovement.Shortcomingsintheearlyinterventionandbankresolutionframeworksneedtobeaddressed,includinginternalarrangementsontheescalationprocessfromtheexerciseoftheMMA,spowertotakeenforcementactionsthroughtotheinitiationofresolution.Theoveralldesignoftheresolutiontoolsiscomplex-theMBAincludesdifferentmechanismsforthesameresolutiontools-andrequiresstreamlining.MMAshoulddevelopaneffectiveemergencyliquidityassistanceframework.Depositinsurancesystemshouldbeenhanced.InstitutionalandinteragencyarrangementsinMaldivesneedstobeenhanced.Thecooperationacrossfinancialsafetynetparticipantsneedstobestrengthened,includingtaskingtheFinancialStabilityCommittee,withresponsibilitiesforcrisispreparednessandmanagement.Inaddition,MMAshouldestablishworkingrelationshipswithresolutionauthoritiesinforeignjurisdictions,reservingtherightofdiscretionarynationalactionandsubjecttoappropriateconfidentialityrequirements.TheMaldivesBankingAct(MBA)providestoolsfortheMMAtoimplementearlyinterventionandresolutionmeasures.However,thereareshortcomingsthatneedtobeaddressedtoenhancebothframeworksandalignthemwithinternationalgoodpractices. MMAneedstoestablishaclearerandforward-lookingsetofearlyinterventiontriggersandt.Inaddition,theMMAshouldissuerelevantregulationsorguidelinesforoperationalizingtheearlyinterventionregimecomprisingpreventativeandcorrectiveactions. MMAshouldbeauthorizedtorequirebankstohavearecoveryplanthatcomplieswithrequirementstobespecifiedbytheMMA.Recoveryplanningshouldstartwithapilotprogramfocusingonthelargestbank. Similarly,theMMAshouldpreparearesolutionplanforsystemicallyimportantbanksandperformaccompanyingresolvabilityassessments.Undertheresolutionplan,theMMAshoulddeterminetheresolutionstrategiesforthebankbasedontheassessmentofhowtopreservefinancialstabilitywhileprotectingitscriticalfunctions. Thetriggersforinitiatingresolutionshouldbestrengthenedincludingaforwardlookingperspective.Thegovernancetriggershouldbeenhancedbyprovidinglinkstobank,scapacitytomaintainadequatesystemsandcontrolsandtoeffectivelymanageitsrisks. TheMBAshouldbeamendedtoprovidearesolutionframeworkincorporatingaunifiedmechanism.Underthismechanism,theMMAshouldbeempoweredtoimplementdifferent1ThisTechnicalNotewaspreparedbyYesimAydin(MCM).TheanalysisbenefitedfromdiscussionswiththestaffoftheMMAandreviewersattheIMF.resolutiontoolssequentiallyorincombination,andiffeasibleunderthelegalframework,withoutcourtinvolvement,subjecttorelevantsafeguardstoprotectinterestsofshareholdersandcreditors. TherequirementforthedeliveryofQconservator'sreportshouldnotbeapriorrequirementtoimplementingresolutionpowers,asthismayjeopardizethetimelyimplementationOfeffectiveresolutionactions.TheMBAshouldbeamendedtoempowertheMMAtotriggerresolutionandforresolutionpowerstobeappliedimmediatelyforabankdeemednon-viableorlikelynon-viable. Thebridgebankpreferablyshouldbeownedandcontrolledbythegovernment.ThebridgebankwillbeoperatingunderthesupervisionoftheMMA,andintheMaldivescontext,conflictofinterestissueswouldbebestaddressedbythegovernment,ratherthantheMMAowningandcapitalizingthebridgebank. TheMBAshoulddifferentiatethecreditorhierarchybyprovidingreferencetoinsuredanduninsureddepositorsrelativetounsecuredcreditors.Thiscouldtaketheformofatieredorgeneraldepositorpreference.Inaddition,thelegislationshouldauthorizetheMMA,underexceptionalcircumstances(i.e.zwhennecessarytocontainthepotentialsystemicimpactofabank,sfailureortomaximizeitsvalueforthebenefitofallcreditorsasawhole)todeviatefromtheparipassutreatmentofcreditorsofthesameclass,subjecttoanocreditorworseoffsafeguard.MMAshoulddevelopaneffectiveemergencyliquidityassistance(E1.A)framework.ThisrequiresamendmentstotheMMAActthattoincludeE1.Aprovisionsandsafeguards,andtoclarifythattheE1.AcanbeprovidedbytheMMAonadiscretionarybasistobanksthathavetemporaryliquidityshortagesbutareassessedtobesolventandviable.E1.Ashouldbeprovidedagainstadequatecollateralandatasufficientlyhighrateofinterest.Ahighlevelofdollarizationandtheriskofofficialreservesbeingdepletedposesignificantchallenges.WhiletheMMAshouldbevestedwiththecapacitytoprovideE1.AinFX,itshouldonlydosoinpracticeifithassufficientinternationalreservesandifnecessarytopreservefinancialstability.ThedepositinsurancesystemshouldbeenhancedandalignedwiththeInternationalAssociationofDepositInsurers(IADI)CorePrinciplesforEffectiveDepositInsuranceSystems.Thiswouldinclude:a. Enhancingthegovernancebyestablishingastronginternalcontrolframework,b. Decidingontargetfundsizesufficienttomeettheexpectedfutureobligationsandcovertheoperationalandrelatedcosts,c. TheDIFhavingapayboxplusmandate,enablingittoprovidecontributionstobankresolutionsubjecttosufficientsafeguardsandonaleast-costbasis,andallowforex-postrecoveryfromthebankingsystemoftemporarypublicfinancingusedtofacilitatetheorderlyresolutionofafailedbank.d. Providingforemergencyfundingarrangementsforthedepositinsurancesystem,includingprearrangedandassuredsourcesofliquidityfunding(preferablyacreditlinefromthegovernment)inlaworregulation(IADICP9).Safeguardsagainstrecapitalizationbypublicfundsneedtobestrengthened.Thisshouldbeanexceptionalmechanismusedasalastresort,onlyforcaseswherethereisasignificantriskofdestabilizationofthefinancialsystemandnootheroptionsavailable.Publicfundsshouldbeusedonlyafterallestimatedlossesinthefailedbankhavebeenallocatedtoshareholdersand,totheextentpossible,tounsecuredcreditors.Anypublicsolvencysupportshouldbecombinedwithdeeprestructuringandmanagementreforms,toenhancelongtermviability.Thereshouldalsobepredefinedmechanismsforlossrecoverysuchasex-postleviesfromthebankingsector.Table1.Maldives:RecommendationsonBankResolutionandCrisisManagementNo.RecommendationAuthorityTime1Institutionalandinter-agencyarrangements1.EstablishaseparateResolutionUnitintheMMA;ifnotpracticable,establishandadhocteamtobeconvertedtoaseparateunitinduecourse,withappropriatesafeguardstoensureitsautonomyandminimizeconflictsofinterest(UlO).MMANT2.AmendtheMBAtoexplicitlyincludetheresolutionobjectives(1112).MMA,ParliamentI3.ConsiderstrengtheningtheindependenceofMMA,sboardofdirectorsbyremovingGovernmentandprivatesectorrepresentativesfromit(H14).ParliamentI4.EnhancethedomesticcooperationandcoordinationacrossfinancialsafetynetparticipantsandtasktheFinancialStabilityCommittee(FSC)recommendedformacroprudentialpolicywiththecoordinationofactivitiespertainingtocrisispreparednessandmanagement,ensuringthatthecoordinationroleoftheFSCdoesnotpreemptthepowersandinitiativeoftheMMAasresolutionauthority(If16,18).MMA,MoF,CMDAI5.AmendtheMBAinlinewiththeFSBKAsinrelationtoestablishmentoflegalframeworkconditionsforcrossbordercooperation(1121).MMA,ParliamentST6.Establishworkingrelationshipswithresolutionauthoritiesinforeignjurisdictions,reservingtherightofdiscretionarynationalactionandsubjecttoappropriateconfidentialityrequirements;identifythemattersforwhichlegalrecognitioninMaldivesmightbeneededinordertofacilitatetheimplementationofthehomeresolutionautho11ty,sresolutionplanforaDSIBwithasubsidiaryorbranchintheMaldives(1120,21,22).MMASTEarlyintervention,recoveryandresolutionplanning7.Includeclearlydefinedandforward-lookingearlyinterventiontriggersintheMBA(1125f26).MMA,ParliamentITable1.Maldives:RecommendationsonBankResolutionandCrisisManagement(Continued)8.Issuerelevantregulationsorguidelinesforoperationalizingtheearlyinterventionregimecomprisingpreventativeandcorrectiveactions,MMASTincludingtheguidanceforsettingouttheparametersandgovernanceanddevelopaformalizedEWS(1127)9.DevelopcontingencyplansforhowtheMMAwouldrespondtoemergingstressandweaknessinabankandnoncompliancewithregulatoryrequirementsandundertakeregulartestingofMMAcapacitytoapplyearlyintervention(H27).MMAMT10.AuthorizetheMMAtorequirebankstopreparerecoveryplansandrequiretheMMAtoprepareresolutionplansandundertakeresolvabilityassessments.(1129,30).MMA,ParliamentSTBankresolutionandliquidation11.AmendtheMMAto: enhanceresolutiontriggersandempowertheMMAtotriggerresolutionandforresolutionpowerstobeappliedimmediatelyforabankdeemednon-viableorlikelynon-viable(1133,36). providearesolutionframeworkincorporatingaunifiedmechanismunderwhichdifferentresolutiontoolscanbeimplementedsequentiallyorincombination,andwherefeasibleunderthelegalframework,withoutcourtinvolvement,subjecttorelevantsafeguardstoprotectinterestsofshareholdersandcreditors(1142).MMA,ParliamentI12.IncludenecessaryprovisionsintheMBAtoexpeditetheCourt叩ProValfortheP&Atoolinsection72oftheMBA(1137).MMA,ParliamentI13.AmendtheMBAtoensurethatthebridgebankisnotownedandcontrolledbytheMMA,ensurethattheMMAislegallyempoweredtoprovidethebasisforaneffectivecontroloverthebridgebank(V38,44).MMA,ParliamentI14.EnhancetheoperationalpreparednessoftheMMAforbankresolution;prepareguidelinesormanualsfortheoperationalizationoftheresolutiontools;preparevaluationguidelines(1143,44,45).MMAMT15.ProvidetearedorgeneraldepositorpreferenceintheMBA;includetheNCWO1.principleinthelegislation;empowertheMMAtodeviate,underexceptionalcircumstances,fromtheparipassutreatmentofcreditorsofthesameclass(1148,49).MMA,ParliamentMTEmergency1.iquidityAssistance16.AmendtheMMAActtolegallyempowertheMMAtoprovideE1.Awithinawell-designedframework,alignedwithinternationalbestpractices.(1150,51,53).MMAParliamentI17.DevelopthelegalandproceduraldocumentationregardingtheprovisionofE1.Atosolventandviablebankswithtemporaryliquidityshortages(1152).MMAITable1.Maldives:RecommendationsonBankResolutionandCrisisManagement(Concluded)18.EmpowertheMMAtoprovideliquiditysupportinresolution,subjecttoadequatesafeguards(U54).MMA,MOF,ParliamentSTDepositInsuranceandResolutionFunding19.Establishaseparate,dedicatedunitresponsibleforthemanagementoftheDIF,ensuringoperationalindependenceandsoundgovernancearrangements(1156).MMAMT20.Increasethesubmissionfrequencyofdepositdata(1159).MMAI21.Determineatargetfundsizeonthebasisofclear,consistentandtransparentcriteriaandareasonabletimeframetoreachthetargetfundsize(1158).MMAMT22.EnhanceMMA,sITcapacitytohaveaccesstoonlinedepositoraccountsandadoptaplantoreducethereimbursementperiodforinsureddepositstosevenworkingdays(H59).MMAMT23.Adoptalong-termstrategytopromotepublicawarenessoftheDIS(1160).MMAMT24.GiveDIFapayboxplusmandate(1161).MMA1ParliamentMT25.EnsurethattheDIFhasaclearback-upemergencyfundingfromthegovernmentincaseswheretheresourcesareinsufficienttocoveritsresponsibilities;ensurethatthelegislation(MMAActandDIR)doesnotallowforanyborrowingsandcontributionsfromtheMMAincaseofashortfalloffundingfromtheD正(1162).MOFfMMAParliamentI26.Strengthenthesafeguardsagainstrecapitalizationbypublicfundsneedtobestrengthenedtominimizetheriskofmoralhazard(1163).MMA,MoEParliamentIContingencyPlanningandCrisisManagement27.EnhanceMMA,sroleincontingencyplanningandcrisispreparednessbydevelopinganoverarchingcrisis-managementplanandconductingregulardomesticcrisisexercises(U64).MMAST28.EnsurethatFSNparticipantshaveregularlyupdatedcontingencyplans(1164).MMA,MOF,CMDAMT1Timing:!-Immediate:within1year;ST-shortterm:1to2years;MT-mediumterm:3-5years.INTRODUCTIONThisTechnicalNotewaspreparedbyHanifeYesimAydin(MCM).TheauthorwouldliketothanktheMaldivianauthoritiesfortheirexcellentengagementandconstructivedialoguethroughouttheFSAPprocess.1. ThistechnicalnotepresentsfindingsandrecommendationsregardingMaldives'financialsafetynetandcrisismanagementarrangements.Itcoversanassessmentoftheinstitutionalframework,earlyinterventionandrecoveryandresolutionplanning,bankresolutionandliquidationregimes,arrangementsforemergencyliquidityassistance(E1.A),depositinsuranceandresolutionfundingaswella