Financial Stability Report 21

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• Financial Stability Report 21 (PDF, 14.4 MB) June 2011.

Studies and Analyses

• Austrian Financial Sector Stable in General with Risks in Particular Business Segments (PDF, 3 MB) en Jun 15, 2011, 12:00:00 AM

• Economic Recovery to Continue, Commodity Price Surge Dampens Growth (PDF, 3 MB) en Jun 15, 2011, 12:00:00 AM

• Favorable Financing Conditions for Real Economy (PDF, 3.2 MB) en Jun 15, 2011, 12:00:00 AM

• The Austrian Financial System Has Recovered, Yet Challenges Remain (PDF, 2.3 MB) en Jun 15, 2011, 12:00:00 AM

• The Road to Basel III – Quantitative Impact Study, the Basel III Framework and Implementation in the EU (PDF, 1.7 MB) Gromova-Schneider, Niziolek. Gromova-Schneider, Niziolek – Financial Stability Report 21 In response to the financial crisis, the Basel Committee on Banking Supervision (BCBS) in December 2009 published its first consultative proposals to review the Basel II regulatory framework. Following a consultation process and a quantitative impact study (QIS), on December 16, 2010, the BCBS published the final Basel III framework for tightening the globally applicable capital adequacy and liquidity rules. The implementation of the new provisions in the EU is currently under way. The European Commission’s legislative proposals are expected to be published before summer 2011. en Basel III, capital and liquidity G21, G28 Jun 15, 2011, 12:00:00 AM

• Macroprudential Regulation and Supervision: From the Identification of Systemic Risks to Policy Measures (PDF, 2.2 MB) Liebeg, Posch. Liebeg, Posch – Financial Stability Report 21 Macroprudential regulation and supervision of systemic risks is one of the most discussed issues on both the national and international regulatory agenda. This rather new concept presents regulators and supervisors with a number of major challenges. First, in the sphere of risk identification and assessment, the main tasks will be assessing network effects, enhancing stress tests, expanding the supervisory scope to include nonbank financial intermediaries and distilling the findings from various analytical strands into an overall perspective on systemic risks. Second, although some systemic elements have been embedded in the “Basel III” framework, experience in implementing macroprudential policies is scarce and implementation is highly dependent on national circumstances, i.e. legal mandates and feasibility as well as authorities’ readiness to act. Third, in addition to the newly established European Systemic Risk Board (ESRB), some European (as well as non-European) countries have made considerable progress in establishing national systemic risk boards with extended legal rights and responsibilities for macroprudential regulation and supervision. Austria is lagging behind in this respect, and the legal mandate of regulatory and supervisory authorities remains vague and is largely restricted to monitoring financial stability. Besides giving an overview of the current discussion on macroprudential regulation and supervision, this paper provides an analysis of the state of play in Austria as well as some proposals to improve the current macroprudential framework. en central banking, regulation, supervision, policy making, financial stability, macroprudential E58, E61, G28 Jun 15, 2011, 12:00:00 AM

• Preserving Macrofinancial Stability in Serbia: Past Legacies, Present Dilemmas and Future Challenges (PDF, 8.8 MB) Gardó. Gardó – Finanzmarktstabilitätsbericht 21 In the course of the boom years from 2004 to 2008, Serbia accumulated sizeable macrofinancial imbalances, which made the country vulnerable to external shocks during the global crisis and rendered the process of crisis management more complex. As these vulnerabilities materialized, Serbia had to take recourse to international support which helped stabilize the country’s macrofinancial conditions. Some macrofinancial risks prevail, however, mainly with regard to fiscal and external sustainability. At the same time, financial stability concerns are mitigated by the banking system’s high shock-absorption capacities, the strategically oriented presence of foreign banks and vigilant central bank action. A major future challenge will be to avoid a renewed rise in financial and external vulnerabilities. This calls for a prudent economic policy mix and increased efforts toward structural reform en financial stability, banking sector, economic and financial crisis F36, G2, O52, P2 Jun 15, 2011, 12:00:00 AM

• Annex of Tables (PDF, 1.7 MB) en Jun 15, 2011, 12:00:00 AM

• Notes (PDF, 1.5 MB) en Jun 15, 2011, 12:00:00 AM