2016年-世界发展银行全球_El_Salvador_Financial_Sector_Assessment_Program_Development_Module___Efficiency_and_Competition_19页_828kb

报告摘要

El Salvador Financial Sector Assessment Program - Development Module: Efficiency and Competition

Core Content

This document is a Technical Note from the World Bank Financial Sector Assessment Program (FSAP), focusing on the efficiency and competition of El Salvador's financial sector. It provides an in-depth analysis of the structure of the financial system, entry and disclosure regulations, banking concentration and competition, profitability and spreads, and the allocation of credit across different market segments.

Main Points

1. Financial System Overview

El Salvador's financial system is less deep than its regional peers but more competitive and efficient.
Private sector credit to GDP was at 41.9% in 2014, below the Central American and LAC averages.
Bank deposits also lag behind regional averages, with a GDP share of 39.5% in 2015.
Banking sector assets have declined as a share of total financial assets since 2010, while pension funds have grown.
The banking sector is dominated by foreign-owned institutions, with three Colombian groups controlling 54% of assets.

2. Regulatory Framework

Entry and disclosure regulations are adequate and in line with regional practices.
There are no excessive legal barriers to entry, and legal procedures do not hinder competition.
The SSF has made efforts to improve transparency and consumer protection, including publishing monthly interest rates and reforming disclosure standards.
A working group is developing updated bank resolution and recovery laws to meet global standards, aiming to improve efficiency and reduce government costs.

3. Banking Concentration and Competition

The degree of concentration in the banking sector is moderate and has been declining since 2012.
The HHI (Herfindahl-Hirschman Index) is third lowest among Central American countries, indicating higher competition.
El Salvador's H-statistic is 1.06, suggesting the sector operates close to or under perfect competition, while other countries are under monopolistic competition.
The H-statistic is a direct measure of competition, based on the elasticity of interest revenue to input prices.
The H-statistic is valid only under long-run equilibrium, which is supported in El Salvador with a p-value of 0.98 for the equilibrium condition.

4. Profitability and Bank Spreads

Bank profitability has declined since 2011, but remains adequate compared to regional averages.
ROA (Return on Assets) and ROE (Return on Equity) have decreased, but the capital to asset ratio is higher than regional averages.
Banking spreads have been declining since 2010, indicating gains in efficiency and competition.
Net interest margins have decreased since 2011, reflecting improved efficiency and lower overhead costs.
Administrative and personnel costs are relatively low compared to other countries in the region.

5. Loan Market Segments

Credit allocation has shifted from productive activities to consumer credit.
Consumer credit increased from 8.4% of GDP in 2005 to 14.1% in 2015, while enterprise credit declined from 23.8% to 18.1%.
Overall bank credit has remained around 42% of GDP.
Enterprise informality is substantial, limiting access to commercial credit to formal enterprises.
The 2011 Enterprise Survey showed that 64% of firms in El Salvador needed a loan, higher than the average of 56% in other Central American countries.

Key Information

Financial depth is relatively low, but competition and efficiency are stronger than regional peers.
Foreign ownership dominates the banking sector, with only 8.3% of assets controlled by domestic banks.
H-statistic is a key indicator of competition, with El Salvador showing the highest value among the 7 countries.
Banking spreads have decreased from 3.6% in 2010 to 1.7% in 2016, reflecting improved efficiency.
Consumer credit has increased significantly, but enterprise credit has declined, raising concerns about support for productive activities.
Pension funds have grown rapidly, increasing from 28.1% to 32.8% of total financial assets between 2010 and 2015.