Norway Financial Sector Assessment Program Technical Note Insurance Sector Stress Tests PDF Download
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| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 37 |
| Release | : 2015-09-17 |
| Genre | : Business & Economics |
| ISBN | : 1513576496 |
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This Technical Note presents key findings of insurance sector stress tests on Norway. Although the financial condition of insurance companies under Solvency I has generally been sound, insurers face major challenges going forward, thus placing an important premium on sound risk management and effective oversight by supervisors. The stress tests (under Solvency II) confirm that life insurers are vulnerable to severe shocks. The stress tests pointed to the high sensitivity of life insurers to market risks such as equity prices, real estate prices, and credit spreads. The risks to insurers are particularly pronounced if interest rates fall further from the current levels.
| Author | : International Monetary Fund |
| Publisher | : |
| Total Pages | : |
| Release | : 2015 |
| Genre | : Banks and banking |
| ISBN | : 9781513553351 |
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| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 49 |
| Release | : 2015-09-17 |
| Genre | : Business & Economics |
| ISBN | : 151358670X |
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This Technical Note discusses results of banking sector stress tests on Norway. The Norwegian banking sector is generally well prepared to cope with possible external shocks, but imbalances have built up in recent years and could pose challenges. The stress-testing exercise included a comprehensive analysis of solvency and liquidity risks in the banking sector. The stress test results show that while the banking sector is highly resilient, it could experience challenges in case of severe macroeconomic shocks, as assumed in the adverse scenarios. The stress tests also illustrate that the banking system remains vulnerable to liquidity risks, due in part to scarce liquidity buffers in Norwegian krone.
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : |
| Total Pages | : 36 |
| Release | : 2020-08-12 |
| Genre | : |
| ISBN | : 9781513553139 |
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Norway has made substantial progress in strengthening its framework for financial crisis management and bank safety nets since the 2015 FSAP. The Norwegian authorities have implemented the EU framework. The Bank Recovery and Resolution Directive (BRRD) has been transposed into the Norwegian legal framework mainly by amendments to the Financial Institutions and Financial Groups Act and accompanying regulations. Finanstilsynet (the Financial Supervisory Authority of Norway, FSA) has been designated as Norway's resolution authority. Resolution financing options were broadened by establishing a resolution fund. While the Deposit Guarantee Scheme Directive (DGSD) has yet to be brought into the European Economic Area (EEA) agreement, Norway has, in fact, already transposed it into the Norwegian law. This provides the Norwegian authorities with a broadened and detailed regulatory framework for dealing with weak banks.
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : INTERNATIONAL MONETARY FUND |
| Total Pages | : 72 |
| Release | : 2020-11-10 |
| Genre | : Business & Economics |
| ISBN | : 9781513560755 |
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Much of the work of the FSAP was conducted prior to the COVID-19 outbreak. The risk and vulnerability analysis integrates the original work with a quantification of the impact of the COVID-19 crisis on bank solvency under two separate scenarios. The original ‘market shock’ scenario explores additional risks that feature less prominently in the COVID scenarios.
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 25 |
| Release | : 2015-09-17 |
| Genre | : Business & Economics |
| ISBN | : 1513571737 |
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This Technical Note reviews linkages and interconnectedness in the Norwegian financial system for Norway. Norway’s banks have important connections with global financial centers, but regional links are also important. Norwegian banks are very dependent on global financial centers as sources of funding and to hedge currency risks. Cross-sectoral exposures of Norway’s banks, insurance companies, and real estate companies are significant and extend beyond the Nordic region. The authorities are encouraged to expand their current monitoring efforts of crossborder and cross-sectoral exposures of the Norwegian financial sector, and to conduct regional stress tests. For this effect, the authorities can resort to market data and, if available, to balance sheet data of exposures at the individual financial institution level.
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 53 |
| Release | : 2015-09-17 |
| Genre | : Business & Economics |
| ISBN | : 1513531018 |
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This Technical Note reviews macroprudential policy in Norway. The authorities have taken or announced a wide range of macroprudential measures to address systemic risk. Since the 2008 global financial crisis, the authorities have deployed a range of measures to safeguard the financial system in the country. These measures include higher capital requirements, including early adoption and implementation of the European Union capital regulations, additional capital buffers, etc. These macroprudential measures have focused primarily on building the resilience of banks through higher capital requirements. Good progress has been made on reciprocity agreements to ensure that domestic macroprudential policy measures apply to all banking activities with Norwegian customers.
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 62 |
| Release | : 2023-05-25 |
| Genre | : Business & Economics |
| ISBN | : |
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Sweden’s financial system has weathered the COVID-19 pandemic well. Strong macro- fundamentals, regulatory capital buffers exceeding minimum requirements by a wide margin, ample liquidity reserves of banks, and prompt market liquidity support measures by the authorities helped the financial system exit the COVID-19 crisis without a significant impact on profitability, including loan portfolio losses.
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 38 |
| Release | : 2019-06-27 |
| Genre | : Business & Economics |
| ISBN | : 1498322417 |
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Financial Sector Assessment Program; Technical Note-Insurance Stress Testing
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 42 |
| Release | : 2015-09-17 |
| Genre | : Business & Economics |
| ISBN | : 1513528297 |
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This Technical Note reviews crisis management, bank resolution, and financial sector safety nets in Norway. Arrangements for crisis management, bank and group resolution, and the financial sector safety nets are well developed and tested in Norway. Roles, responsibilities, accountabilities, and information-sharing arrangements among the relevant bodies are generally well defined and functioning. The current legal framework provides substantial powers and flexibility to deal with failing or failed banks but needs to be strengthened in several respects. The Financial Supervisory Authority has begun to implement a recovery plan requirement for the largest banks. The authorities also make good use of simulation exercises to enhance crisis preparedness.
