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Republic of Armenia

Author: International Monetary
Publisher: Washington, D.C. : International Monetary Fund, 2018.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
The Armenian banking sector is recovering from the 2014 economic slowdown, aided by additional capital injected by shareholders, several mergers, and improved regulation and supervision. However, banks, including the largest ones, are vulnerable to external shocks because high levels of dollarization expose them to FX-related credit and liquidity risks. These risks can be mitigated with the adoption of a stressed  Read more...
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Details

Genre/Form: Electronic books
Additional Physical Format: Print version:
Monetary, International.
Republic of Armenia.
Washington, D.C. : International Monetary Fund, ©2018
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: International Monetary
ISBN: 9781484389775 1484389778
OCLC Number: 1082249431
Description: 1 online resource (67 pages)
Contents: Cover; CONTENTS; Glossary; EXECUTIVE SUMMARY; FINANCIAL SECTOR STRUCTURE; SYSTEMIC RISK AND RESILIENCE; A. Structural Vulnerabilities; B. Cyclical Vulnerabilities; C. Risk Assessment; FINANCIAL STABILITY POLICY FRAMEWORK; A. Systemic Liquidity Management; B. Macroprudential Oversight; C. Microprudential Oversight; D. Financial Integrity; FINANCIAL SAFETY NET AND CRISIS MANAGEMENT; FINANCIAL DEVELOPMENT; A. Introduction; B. Information and Methodology Used for Assessment; C. Preconditions for Effective Bank Supervision; D. Main Findings; FIGURES; 1. Interbank Market (November 2017) 2. Loans to and Deposits from the Non-Financial Sector3. Drivers of Profitability of Armenian Banks; 4. Monetary and Financial Conditions; 5. Households and Corporates' Balance Sheets; 6. Financial Soundness Indicators; 7. Evolution of Macrofinancial Variables Under the Adverse Scenario; 8. Solvency Stress Test (Aggregate) Results; TABLES; 1. Key Recommendations; 2. Structure of the Financial System; 3. Bank Size and Ownership; 4. Key Financial Markets; 5. Central Bank of Armenia: Planned Phase-in of Basel III Capital Requirements; 6. Baseline and Adverse Scenarios 7. Selected Economic Indicators, 2015-218. Financial Soundness Indicators for the Banking System; 9. Risk Assessment Matrix; APPENDICES; I. Implementation of 2012 FSAP Recommendations; II. Banking Sector Stress Testing Matrix (STeM); ANNEX; I. Report on the Observance of Standards and Codes-Basel Core Principles for Effective Banking Supervision

Abstract:

The Armenian banking sector is recovering from the 2014 economic slowdown, aided by additional capital injected by shareholders, several mergers, and improved regulation and supervision. However, banks, including the largest ones, are vulnerable to external shocks because high levels of dollarization expose them to FX-related credit and liquidity risks. These risks can be mitigated with the adoption of a stressed debt service to income ratio limit, the gradual introduction of reserve requirements in foreign currency for liabilities denominated in foreign currency, and the adoption of the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) in domestic currency and in United States dollars (USD). The introduction of the capital surcharge for domestic systemically important banks is also needed.

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