• About Us
• For the Public
• Community Development
• Our Region
• Research
• Banking
• Learning Center
• Forefront Magazine

Home > Research > Topics > Finstability >      

Financial Stability Programs in Other Countries

Australia

Major players: 

• Reserve Bank of Australia (RBA)
• Australian Prudential Regulation Authority (APRA)
• Australian Securities and Investment Commission (ASIC)

Financial stability reports:

• RBA's Financial Stability Review: March 2007 | 2004–2007
• APRA's Pandemic Planning for the Financial Sector

Formal agreements of cooperation:

• Memorandum of Understanding - RBA & APRA
• Memorandum of Understanding - APRA & ASIC
• Memorandum of Understanding - ASIC & RBA

 

Austria

Major players: 

• Oesterreichische Nationalbank (OeNB)
• Financial Market Authority (FMA)

Financial stability reports:

• OeNB -- Financial Stability Report

Formal agreements of cooperation:

• "Memorandum of Understanding— Croatian National Bank, Austrian Federal Ministry of Finance & FMA"

 

Belgium

Major players: 

• National Bank of Belgium (NBB)
• "Banking, Finance and Insurance Commission (CBFA)"

Financial stability reports:

• NBB -- Financial Stability Review

Formal agreements of cooperation:

N/A

 

Canada

Major players: 

• Bank of Canada (BoC)
• Office of the Superintendent of Financial Institutions (OSFI)
• Canada Deposit Insurance Corporation (CDIC)
• Department of Finance (DoF)

Financial stability reports:

• BoC -- Financial System Review

Formal agreements of cooperation:

N/A

 

Czech Republic

Major players: 

• Czech National Bank (CNB)

Financial stability reports:

• CNB -- Economic Research Bulletin

Formal agreements of cooperation:

N/A

 

Denmark

Major players: 

• Danmarks Nationalbank (DN)
• Finanstilsynet (The Danish FSA)

Financial stability reports:

• DN -- Financial Stability

Formal agreements of cooperation:

• Memorandum of Understanding—DN & FSA

 

Euro Zone (Overall)

Major players: 

• European Central Bank (ECB)
• Committee of European Banking Supervisors

Financial stability reports:

• ECB & CEBS -- Financial Stability Review

Formal agreements of cooperation:

• "Memorandum of Understanding— Banking Supervisors, Central Banks, & Finance Ministries"

 

Finland

Major players: 

• Bank of Finland (BoF)
• Finnish Financial Supervision Authority (FIN-FSA)

Financial stability reports:

• BoF -- Financial Stability Bulletin

Formal agreements of cooperation:

N/A

 

France

Major players: 

• Banque de France (BdF)
• Comité Consultatif de la Législation et de la Réglementation Financières (CCLRF)
• Commission Bancaire
• Comité des Établissements de Crédit et des Entreprises d'Investisseme (CECEI)

Financial stability reports:

• BdF -- Financial Stability Review
• Commission Bancaire Annual Report
• CECEI Annual Report

Formal agreements of cooperation:

N/A

 

Germany

Major players: 

• Deutsche Bundesbank (DB)
• Federal Financial Supervisory Authority (BaFin)

Financial stability reports:

• DB -- Financial Stability Review
• DB -- FSI (Financial Soundness Indicators)

Formal agreements of cooperation:

N/A

 

Greece

Major players: 

• Bank of Greece (BoG)
• Hellenic Capital Market Commission (HCMC)
• Commission for the Supervision of Private Insurance

Financial stability reports:

• BoG -- Financial Stability Review (contained within monetary policy report)

Formal agreements of cooperation:

• Speech on roles of three regulators

 

Hong Kong

Major players: 

• Hong Kong Monetary Authority (HKMA)
• Securities and Futures Commission (SFC)

Financial stability reports:

• HKMA -- Monetary and Financial Stability Report

Formal agreements of cooperation:

• Memorandum of Understanding— HKMA & SFC

 

Hungary

Major players: 

• Magyar Nemzeti Bank (NMB)
• Hungarian Financial Supervisory Authority (HFSA)
• Ministry of Finance (MoF)

Financial stability reports:

• NMB -- Report on Financial Stability

Formal agreements of cooperation:

• "Memorandum of Understanding— NMB, HFSA & MoF"

 

Iceland

Major players: 

• Central Bank of Iceland (CBI)
• Financial Supervisory Authority (FME)

Financial stability reports:

• CBI -- Financial Stability

Formal agreements of cooperation:

• Memorandum of Understanding— CBI & FME

 

Ireland

Major players: 

• Central Bank and Financial Services Authority of Ireland (CBFSA)
• Irish Financial Services Regulatory Authority (IFSRA)

Financial stability reports:

• CBFSA -- Financial Stability Report

Formal agreements of cooperation:

• Memorandum of Understanding— CBFSA & IFSRA

 

Italy

Major players: 

• Bank of Italy (BoI)
• Istituto per al Viglanza sulle assicurazioni Private e di Interesse Collettivo (ISVAP)
• Commissione Nazionale per le Societa e las Borsa (Consob)
• Commissione di Vigilanza sui Fondi Pensione (Covip)

Financial stability reports:

• BoI-- Annual Report

Formal agreements of cooperation:

N/A

 

Japan

Major players: 

• Bank of Japan (BoJ)
• Financial Services Agency (FSA)

Financial stability reports:

• BoJ -- Financial System Report

Formal agreements of cooperation:

N/A

 

Korea

Major players: 

• Bank of Korea (BoK)
• Financial Supervisory Commission (FSC)
• "Financial Supervisory Service (FSS, executive arm of FSC)"
• Ministry of Finance and Economy (MoFE)
• Korean Deposit Insurance Corporation (KDIC)

Financial stability reports:

• BoK: Financial Stability Report

Formal agreements of cooperation:

• "An MoU between the BoK and the FSC/FSS appears to exist, but could not be located online."

 

Luxembourg

Major players: 

• Banque Centrale du Luxembourg (BCL)
• Commission de Surveillance du Secteur Financier (CSSF)

Financial stability reports:

• BCL: Macro-prudential Indicators

Formal agreements of cooperation:

• "Financial Supervision is primarily concentrated under the CSSF. However, ""the BCL is legally responsible for the supervision of the payment systems in which it takes part,” ""by way of exception”."

 

Mexico

Major players: 

• Banco de Mexico
• Comision Nacional Bancaria y de Valores (CNBV)
• Comision Nacional de Seguros y Fianzas (CNSF)
• Comision Nacional de Sistema de Ahoro para el Retiro (Consar)

Financial stability reports:

• No financial stability publications could be found.

Formal agreements of cooperation:

• "No formal arrangements could be found; however, information regarding the roles of the respective agencies can be found in the US Department of Commerce website."

 

Netherlands

Major players: 

• De Nederlandsche Bank (DNB)
• Netherlands Authority for the Financial Markets (AFM)
• Ministry of Finance (MoF)

Financial stability reports:

• DNB: Financial Stability Overview

Formal agreements of cooperation:

• Relations between the DNB and AFM are governed by an MoU.
• Relations between the DNB and MoF are governed by an MoU.

 

New Zealand

Major players: 

• Reserve Bank of New Zealand (RBNZ)
• Ministry of Economic Development (MED)
• Securities Commission (SC)

Financial stability reports:

• RBNZ: Financial Stability Report
• RBNZ: Major Financial Institutions Review

Formal agreements of cooperation:

• "No MoUs could be found. Information on the sharing of regulatory responsibility can be found in the RBNZ publication ""Major Financial Institutions Review""."

 

Norway

Major players: 

• Norges Bank (NB)
• Kredittilsynet (Financial Supervisory Authority of Norway)
• Ministry of Finance (MoF)

Financial stability reports:

• NB: Financial Stability Report
• Kredittilsynet: The Financial Market in Norway: Risk Outlook

Formal agreements of cooperation:

• Information on coordination between the 3 regulators in Norway can be found in the Norges Bank website.
• Additional information on the relationship between the NB and Kredittilsynet can be found in the Norges Bank website.

 

Poland

Major players: 

• Commission for Banking Supervision (independent commission within the National Bank of Poland) (CBS)
• Securities and Exchange Commission (KPWiG)
• State Office for Insurance Supervision (PUNU)
• Superintendency of Pension Funds (UNFE)

Financial stability reports:

• NBP: Financial Stability Review/Report

Formal agreements of cooperation:

• "The CBS is responsible for the banking sector; KPWiG is responsible for the securities sector; PUNU for the insurance sector; and UNFE for supervision of pension funds. See the IMF report on Poland (page 13) for more information. Formal MoU(s) appear to be in place, but could not be located online."

 

Portugal

Major players: 

• Banco de Portugal (BdP)
• Portuguese Insurance Institute (ISP)
• Comissão do Mercado de Valores Mobiliários (CMVM)

Financial stability reports:

• BdP: Financial Stability Report

Formal agreements of cooperation:

• "According the IMF, regulatory activities in Portugal are coordinated in part by a committee (Conselho Nacional de Supervisores Financeiros) and in part by a series of bilateral MoUs between the 3 regulators. However, neither a website for the committee nor any of the MoUs could be located online."

 

Slovak Republic

Major players: 

• National Bank of Slovakia (NBS)
• Slovak Financial Market Authority (FMA)

Financial stability reports:

• NBS: Financial Stability Report

Formal agreements of cooperation:

• "None necessary; for a discussion of regulatory roles before integration, see the IMF publication (in document database) on Slovak Financial Stability, page 9."

 

Spain

Major players: 

• Banco de España (BE)
• Comisión Nacional del Mercado de Valores (CNMV)
• Direccion General de Seguros y Fondos de Pensiones (DGSFP)

Financial stability reports:

• BE: Financial Stability Report

Formal agreements of cooperation:

• "Relations among the three authorities appear to be governed by a series of bilateral MoUs; however, these could only be found in Spanish. Zimkova and Vargova, whose publication is contained in the documents collection, classified Spain as having a ""sectoral model” of regulation."

 

Sweden

Major players: 

• Sveriges Riksbank
• "Finansinspektionen, Swedish Financial Supervisory Authority (FSA)"
• Ministry of Finance (MoF)

Financial stability reports:

• Riksbank: Financial Stability Report

Formal agreements of cooperation:

• Formal relations between the 3 major players are governed by an MoU.

 

Switzerland

Major players: 

• Swiss National Bank (SNB)
• "Swiss Federal Banking Commission (SFBC, aka EBK)"
• Federal Office of Private Insurance (FOPI)
• Federal Social Insurance Office (FSOI)

Financial stability reports:

• SNB: Financial Stability Report
• SNB: Business continuity planning in the Swiss financial sector

Formal agreements of cooperation:

• Relations between the SNB and the SFBC are governed by an MoU.

 

Turkey

Major players: 

• Central Bank of the Republic of Turkey (CBRT)
• Capital Markets Board of Turkey (CMBT)
• Banking Regulation and Supervision Agency (BRSA)
• Treasury Undersecretariat

Financial stability reports:

• CBRT: Financial Stability Report

Formal agreements of cooperation:

• "Relations between the CBRT, the BRSA, and the Treasury are governed by an MoU."

 

United Kingdom

Major players: 

• Bank of England (BoE)
• HM Treasury
• Financial Services Authority (FSA)

Financial stability reports:

• BoE: Financial Stability Report
• "HM Treasury: ""The Financial System and Major Operational Disruption”, Feb-03"
• "FSA: Resilience Benchmarking Project, Dec-05"

Formal agreements of cooperation:

• "Relations between the BoE, the HM Treasury and the FSA are governed by an MoU."

 

 

Careers | Diversity | Privacy | Terms of Use | Contact Us | Feedback | RSS Feeds