EBRD supporting Deposit Insurance Agencies. Vedrana Jelusic Kasic, Director for Croatia

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1 EBRD supporting Deposit Insurance Vedrana Jelusic Kasic, Director for Croatia

2 Contents 1

3 Areas of Policy Dialogue in the Supporting Deposit Insurance DAB Croatia & EBRD 2

4 : an overview Portfolio Composition EBRD is one of the largest investors in Croatia with realized investments over 3.14bn in 172 projects since In 2014 the EBRD committed 298m in 22 projects, with the current portfolio of around 1.06bn. 72% of its portfolio is comprised from private corporate investments while equity investments amounted to more than 750m. Annual Bank Investment and Number of Projects 3

5 : supporting financial sector Investments into the financial sector represent 38% of the portfolio. Composition of the current FI Portfolio in Croatia The main part of the portfolio relates to SME credit lines to commercial banks (62%), followed by placements to the leasing companies (23%). 12% 23% 3% 62% Banks (credit lines) Banks (equity) Factoring Leasing 4

6 Areas of Policy Dialogue in the Supporting Deposit Insurance DAB Croatia & EBRD 6

7 Policy dialogue in the Financial sector included Factoring Law Technical assistance provided to fund the engagement of the legal team to introduce and draft the Law on Factoring. The law was successfully introduced and approved by the Croatian Parliament in July Establishment of SEE Link a joint stock company established by the Bulgarian, Macedonian and Zagreb stock exchanges to support the development of regional capital markets. The Bank provided an 540,000 grant to establish an electronic system for order routing. WEBSEFF II (Western Balkan Sustainable Energy Financing Facility II) allows Croatian private SMEs and municipal companies to benefit from the EU grants that the EBRD has secured for EE and RE investments. Out of total EUR 75 million funding available for Croatia and WB countries, 45mio committed in Croatia. Leasing - Cooperation with the regulator of the Croatian Leasing Market has been aimed at improving reporting standards of the leasing sector. 75m was provided in credit lines to the leasing companies over the last year 6

8 Areas of Policy Dialogue in the Supporting Deposit Insurance DAB Croatia & EBRD 7

9 ( DIA ) DIA, together with the Central bank, the Ministry of Finance and other financial services authorities constitutes a key pillar of a stable financial system and is the guardian of public trust. EBRD provides Technical Assistance and Stand-by credit lines for agencies in different countries tailored for specific requirements of each of the countries. EBRD engagement via Technical Assistance provides the necessary assessment, allowing to, if needed to: implement regulatory changes aimed at strengthening the regulatory environment determine the appropriate level of funding for DIF and/or Resolution Fund 8

10 Albanian Deposit Insurance Agency (ADIA), 2014 Business Purpose: Strengthening of the funding base to increase the deposit coverage ratio to higher levels until ADIA s builds its own funds from premiums. The project provides funding support for ADIA to ensure credible protection of depositors as part of continuing efforts to strengthen the financial infrastructure in Albania. Funding: 100m sovereign standby facility with the availability period of 5 to 10 years. ADIA would be able to draw the credit line upon request for the purpose of making funds available as and when required by the Bank of Albania as the supervisory authority. Technical Assistance: 405,000 for the establishment of automatic monitoring and pay-out system of the depositors with assistance with a gap analysis to establish gaps between ADIA s new legal and organizational framework and the functionality of its existing IT system. 9

11 Deposit Insurance Fund of Kosovo (DIFK), 2013 Business Purpose: Supporting the liquidity of DIFK during the implementation phase until the DIFK managed to build up its own funds from the premium based income. Funding: EUR 10 million sovereign credit line with maturity of 8 to 12 years. The product was structured in a way that, if needed be, DIFK could utilise the credit line as a bridge loan to allow DIFK time to increase the membership fee. Even if never utilised, the line allowed DIFK to maintain a comfortable coverage ratio. Technical Assistance: 300,000 for management training, operational improvements (software), build up of the financial model, alignment of the risk-based premiums system with the EU directive and strengthening of the legal and procedural framework. 10

12 Deposit Insurance Agency of Serbia, 2014 Business Purpose: Under the broader Government initiative for comprehensive financial sector reform, the EBRD together with the National Bank of Serbia, the Ministry of Finance, World Bank, IMF, USAID and the EC embarked on a coordinated programme to improve the financial safety net in Serbia. Funding: 200m sovereign credit line for additional liquidity to DIA supplementing the existing funds balance and its premium income from member banks. The drawn downs are possible, upon request by DIA, upon the occurrence of an insured event for the purpose of securing/paying out funds to insured depositors. Technical Assistance: 575,000 for (i) a comprehensive diagnostic study contributing to a final financial instrument and for (ii) Institutional Capacity Building Programme to bring deposit insurance framework in Serbia in line with the international best practice. 11

13 New projects under consideration EU countries Bulgaria In 2014 the Bulgarian banking market experienced deposit runs on two domestically-owned banks. This event has undermined public trust in the country s banking supervision and potentially also the existing deposit insurance mechanism. EBRD and Bulgarian DIA are currently considering funding options to the Bulgarian DIA for the resolution event according to the preliminary agreed criteria with availability period of 5 to 7 years, maturity of up to 10 years for the drawdown amounts with an overall tenor of up to 15 years. 12

14 Areas of Policy Dialogue in the Supporting Deposit Insurance DAB Croatia & EBRD 13

15 Croatia: Cooperation between DAB and EBRD Business purpose: In line with the new EU directives (BBRD and DGS) and the new local legislation, EBRD will assist DAB in adapting its new organisational setup and building up its financial capacity as a Resolution Authority. BRRD requires each member state to create a Resolution Fund ( RF ) to allow the costs related to banks resolution to be covered in advance in the event of potential bank failures. In Croatia, DAB will now act also as a Resolution Authority and will be in charge of the premium collection for the RF and the management of the RF. Technical Assistance: EBRD has mobilised Technical Assistance for Diagnostic Review Study to assist DAB in aligning with the BRRD and DGS s guidelines 14

16 Croatia: Cooperation between DAB and EBRD Diagnostic Review will cover the following key areas: Determination of the adequate RF funding by building financial model to assist with the identification of the most appropriate risk premium structure. Assessment of the current adequacy of the insured deposits. Assessment of the new organisational structure, with focus on the new roles related to the RF, including recommendations in line with the best practices. Assessment of the corporate governance and recommendations. Funding: Based on the result of Diagnostic Review, and if needed, the EBRD may provide a stand-by credit line. 15

17 THANK YOU FOR YOUR ATTENTION 16

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