Financial Sector Assessment Program 2002 and 2006 (Slovak Experience)

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1 Financial Sector Assessment Program 2002 and 2006 (Slovak Experience) Roman Turok-Heteš National Bank of Slovakia World Bank Groups 2007 Finance and Private Sector Development Forum Making Changes: Reasons, Obstacles and Results Washington, April 25-26, 2007

2 Contents 1. INITIAL FSAP 2002 RESULTS 2. SUPERVISORY DEVELOPMENT PLAN ( ) 3. PROGRESS ACHIEVED ( ) 4. FSAP UPDATE 2006 RESULTS 5. CONCLUSION

3 1. INITIAL FSAP RESULTS February Supervisory Authorities: NBS (Banking Market) FMA (the rest of the Financial Market) NBS Supervisory structure consisted of: LICENSING&METHODOLOGICAL DPT. SUPERVISORY (ON-SITE & OFF-SITE) DPT. Summary Compliance with BCP: 5 Compliant 10 Largely Compliant 15 Materially Non-Compliant

4 1. INITIAL FSAP RESULTS Main recommendations to: Improve Cross-Border Supervision Introduce Risk-based Supervision (a Pro-Active Supervisory Approach) Implement IAS Determine Supervisory Policy (Strategy) Improve the Legislation (also Secondary Legislation) Establish more transparency towards to: Auditors, Managements, General Public Institutional Integration Implement Supervision on a Consolidated Basis Develop Solutions of Crisis Situations Fulfill Supervisory Development Plan

5 2. SUPERVISORY DEVELOPMENT PLAN ( ) Originally drafted together with WB Experts & IMF Resident Advisor Endorsed by the Bank Board in December 2001 Had to be accomplished to the end of 2003 (being one of the conditions for EFSAL tranches)

6 2. SUPERVISORY DEVELOPMENT PLAN ( ) Main Issues of the SDP Compliance with 25 BCP Independence (MOU s) Interpretation of laws Budged and Resources Transparency (External Communication) Function of Supervision Pro-Active Approach (Risk Based Supervision) Corrective & Remedial Actions Internal Communication Licensing (Evaluation) Reporting Requirements Human Resources and Education Quarterly Reports to WB and Bank Board

7 3. Progress Achieved ( ) Legal Basis Regulation Banking Act in force on January 2002 adapted Slovak banking legislation to relevant EU directives and recommendations made by the World Bank and the International Monetary Fund Amendments of the Banking Act (the most important changes): 2005 banks and the branches of foreign banks are required to produce an analysis of risks related to the security of operating premises supplementary supervision of credit institutions, insurance undertaking and investment firms in a financial conglomerate NBS may adopt measures for risk management improvement of bank or branch of foreign bank National Bank of Slovakia Act Supervision of the Financial Market Act AML Preventive Act During the years were issued: Decrees (prudential regulations, licensing 41 liquidity, risk and risk management system, register of credits, classification of assets and liabilities, large exposures of banks, reporting of consolidated groups, adequacy of banks own funds) Methodological Instructions (28), Recommendations (6), Internal manuals (on-site, off-site, licensing) May 2002 Strategy of Banking Supervision was approved by Bank Board of the NBS

8 3. Progress Achieved ( ) Memoranda of Understanding signed between the National Bank of Slovakia and foreign supervisory authorities the Bundesaufsichtsamt für das Kreditwesen (BaFin), Germany, April 2002 Hungarian Financial Supervisory Authority, Hungary, June 2002 the Czech National Bank, Czech Republic, Nov the Commission bancaire, France, November 2002 the Banca d Italia, Italy, December 2002 De Nederlandsche Bank, Netherland, February 2003 the Central Bank of Cyprus, Cyprus, June 2003 Federal Ministry of Finance, the Austrian FMA Austria, December 2003 the Malta Financial Services Authority, Malta, February 2004 Letter of Understanding exchanged with the Office of the Comptroller of the Currency (USA), 2002 Multilateral Memoranda of Understanding (accession July 2005) Memorandum of Understanding on co-operation between the Banking Supervisors, Central Banks and Finance Ministries of the European Union in Financial Crisis situations Memorandum of Understanding on co-operation between payment systems oversees and Banking Supervisors in stage three of Economic and Monetary Union Memorandum of Understanding signed between the NBS and domestic supervisory authority Cooperation Agreement between the National Bank of Slovakia and Ministry of the Interior of the Slovak Republic, Presidium of the Police Corps December 2002 (2 Amendments due to the organizational changes within the National Bank of Slovakia)

9 3. Progress Achieved ( ) Transparency Web Regular meetings with management and auditors QIS (Quantitative Impact Study) New Basel Capital Framework calibration QIS QIS 5 New organizational structure valid since March 1, 2003 Licensing Department Supervision Department Methodology and Risk Management Department According to the Slovak government s resolution No.775 on paper 737/2003 of August 2003, the Slovak government approved Implementation Plan of Integration of the Financial Market Supervision IAS on the base of decision of MF SR was introduced on January 1, 2006

10 3. Progress Achieved ( ) Integrated supervision of the SR (Organizational structure) ( ) BANK BOARD OF THE NBS = decision of the second instance Deputy governor = decision of the first instance Financial market supervision unit Financial market supervision unit Banking Sector and Securities Dealers Supervision Division (chief executive director) Capital Market, Insurance And Pension Savings Supervision Division */ (chief executive director) */collective investment area, securities central depository, depository activities provided by bank for collective investment and pension funds, stock exchange, agents s of investment services, securities issuers, insurance, pension funds (Pillars II and III)

11 3. Progress Achieved ( ) Number of On-site Inspections Inspections planned concluded planned concluded planned concluded planned concluded planned concluded Full- scope Follow-up Targeted Total

12 3. Progress Achieved ( ) Banking Privatization Slovak bank Foreign shareholder/year of privatization Slovenska sporitelna Erste Bank/ 2001 Austria VUB Comit Holding International (IntesaBCI)/ 2001 Privat Banka (fromer Banka Slovakia) MEINL BANK/ 2003 Country of origin Luxemburg / Italy Austria UniBanka (former Polnobanka) UniCredito/ 2000 Italy Istrobanka BAWAG/ 2002 Austria Dexia banka Slovensko (former PKB) OTP Banka Slovensko (former IRB) Dexia Kommunalkredit Holding/ 2000 OTP/ 2002 Austria Hungary

13 4. FSAP UPDATE 2006 FINANCIAL SECTOR ASSESSMENT PROGRAM UP DATE November 29 December 12, 2006 Targeted primarily to: Assessment of Basel Core Principles (BCP) Assessment of IAIS Insurance Core Principles (ICP) Also reviewed: Securities Markets (Capital Market), Pension Funds, Payment system Results (BCP): 25 C, 4 LC, 1 MNC from 30 Core Principles and Sub-Principles Received: a) FSAP update Slovak Republic Aide-Memoire - December 2006 b) FSAP update: Basel Core Principles for effective banking supervision Detailed Assessment of Observance - December 2006 c) FSAP update: Technical note Securities Markets and Future Challenges - December 2006 d) FSAP update: Background note Stress Tests of the Banking System - January 2007 under the comments e) FSAP update: Detailed Assessment of Observance of the IAIS Insurance Core Principles - December 2006

14 4. FSAP UPDATE 2006 Still in process of preparation: Pension Funds Technical Note Payment System Overview feedback AML/CFT Paragraph based on Moneyval 2005 Assessment Recommendation (BCP): improve BCP 6, 9, 16, 17 Challenges: a) Improving coordination with home supervisors, especially regarding Basel II implementation, b) Addressing consumer protection concerns while avoiding conflicts with other financial sector policies, c) Implement all of recommendations of the Moneyval report to improve the AML/CFT regime in a timely fashion.

15 5. Conclusion Reason for FSAP update: to prepare an independent assessment of Slovak Financial Sector to recognize the progress which has been achieved since year 2002 in the Slovak financial sector. Main factors which enabled the progress: a) Fulfillment of FSAP 2002 recommendations, b) Fulfillment of Supervisory Development Plan recommendations, c) Fulfillment of conditions inevitable for joining EU (EU Peer Review of Financial Services Supervision May 2002), d) Privatization and restructuralization of Slovak banking sector (years ). e) Staff Education: Technical assistance on Corporate Governance to the National Bank of Slovakia (First Initiative, September-December 2004), Technical assistance Support to the Implementation of Risk Based Supervision (EU s Phare Fund May 2005 October 2006), Technical assistance Strengthening Financial Sector Supervision in the Slovak Republic (EU s Phare Fund, June 2004 October 2005), Technical assistance Money Laundering (EU Twining Project, October 2003 June 2004), Technical assistance E-Money, E-banking Regulation, Audit and Evaluation of Bank IT System (Financial Services Volunteer Corps, January 2004).

16 Thank you for your attention Roman Turok-Heteš Cross-border Cooperation Section Licensing and Proceeding Department The National Bank of Slovakia Phone No.: Fax No.:

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