2015年-IMF国际货币组织全球_Samoa_Financial_Sector_Assessment_Program_18页_421kb

SAMOA: Banking Resolution and Crisis Prevention and Management Frameworks

Core Content

This Technical Note, prepared by the International Monetary Fund (IMF) in July 2015, evaluates the current banking resolution and crisis prevention and management frameworks in Samoa and provides recommendations for reform. The goal is to enhance the capacity of financial sector authorities to address serious banking problems effectively, while minimizing damage to the financial system and reducing costs to taxpayers and the economy.

Main Findings and Recommendations

Current Framework Limitations

• Preventive and Corrective Actions: The Central Bank of Samoa (CBS) has issued "Prudential Statements" with rules on capital adequacy, liquidity, and risk management, but the consequences for non-compliance are not clearly defined. The CBS lacks the legal authority to enforce these rules uniformly and decisively.

• Banking Resolution: The CBS has limited powers under the Financial Institutions Act (FIA) to resolve distressed financial institutions (FIs). The available options are either to issue a "cease and desist" directive, appoint an advisor, revoke the license, or seek court intervention for winding up. These tools are either too vague or too extreme, making it difficult for the CBS to act swiftly and effectively in resolving banking crises.

• Court Supervised Management: The only non-closure option for the CBS is to apply for court supervised management. However, this process is uncertain and inefficient, as the court retains full control over the resolution actions, including the selection of an administrator and the termination of the process.

Key Recommendations

Proposed Reforms

• Amendment of the FIA: The FIA should be revised to empower the CBS to issue a resolution framework that allows for timely preventive and corrective actions. This includes:

  • Clear quantitative and qualitative triggers for initiating resolution actions.
  • Direct powers to remove and replace senior management, appoint administrators, and take necessary steps to preserve viable banking operations.
  • Legal authority to use modern resolution tools such as asset and liability transfers, bridge institutions, and overriding shareholder rights for recapitalization and restructuring.

• Deposit Insurance Scheme (DIS): A funded DIS with contributions from the banking sector should be introduced in the medium term. It should provide financial support to preserve critical banking functions during resolution processes and be based on a "least cost principle" to ensure cost efficiency.

• Emergency Liquidity Assistance (ELA): The CBS should be granted the legal authority to act as a lender of last resort, with appropriate safeguards to protect its financial position. This would allow it to provide financial assistance to illiquid but solvent banks, thereby preserving systemic stability.

• Contingency Planning and Coordination: A formal contingency planning framework should be established, including:

  • Coordination between the Ministry of Finance (MOF) and the CBS at both high-level and operational levels.
  • A dedicated unit within the CBS to monitor the financial system and develop contingency plans.
  • Regular meetings of a high-level committee to approve plans, review monitoring, and make decisions on systemic issues.

Key Information

• The Financial Institutions Act (FIA) is the primary legal framework governing banking resolution in Samoa.
• The Central Bank of Samoa (CBS) is the main regulator, but its powers are limited and not well-suited for addressing serious banking problems.
• The Deposit Insurance Scheme (DIS) and Emergency Liquidity Assistance (ELA) are essential components of an improved crisis management framework.
• The Financial Stability Board (FSB) outlines key attributes for effective resolution regimes, including the use of modern resolution tools.
• A systemic implications committee comprising CBS and MOF should be established to determine the need for special resolution actions.

Conclusion

The current legal and regulatory framework for banking resolution and crisis management in Samoa is inadequate and requires substantial reform. Strengthening the FIA, introducing a DIS, and enhancing the ELA and contingency planning arrangements are critical steps towards building a resilient and effective financial sector.