Financial Sector Assessment : Serbia

Financial Sector Assessment : Serbia

This Financial Sector Assessment presents the Bank's policy recommendations following an analysis of Albania's financial system, currently broadly stable, but with systemic risks which could come to the fore if the rapid pace of credit gr...

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Bibliographic Details
Main Author:	World Bank
Format:	Financial Sector Assessment Program (FSAP)
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNTABILITY ACCOUNTING ACCOUNTING POLICIES ACCOUNTS ADMINISTRATIVE COSTS ASSET CLASSIFICATION AUDITING AUDITORS BANK ASSETS BANK CAPITAL BANK LENDING BANK LOANS BANK PRIVATIZATION BANK REHABILITATION BANK RUN BANK SUPERVISION BANKING LAW BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BANKRUPTCY BANKRUPTCY PROCEDURES BONDS BORROWING BROKERS CAPITAL ADEQUACY CAPITAL BASE CAPITAL INFLOWS CAPITAL MARKETS CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CAPITALIZATION CAR CENTRAL BANK CLEARING HOUSE COMMERCIAL BANKS COMPETITIVE ADVANTAGE CONSOLIDATED SUPERVISION CONSOLIDATION CORPORATE BONDS CORPORATE GOVERNANCE CORPORATE SECTOR CREDIT BOOM CREDIT COOPERATIVES CREDIT INSTITUTIONS CREDIT RISK DAMAGES DECISION MAKING DEPOSIT INSURANCE DEPOSITORS DEPOSITS DISCOUNT RATE DISINFLATION DISTRESSED BANKS ECONOMIC GROWTH EQUITY MARKETS EXCESS LIQUIDITY EXPORTS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL LEASING FINANCIAL MARKETS FINANCIAL POLICIES FINANCIAL REPORTING FINANCIAL SECTOR FINANCIAL STABILITY FISCAL POLICIES FORECASTS FOREIGN BANKS FOREIGN CURRENCY DEPOSITS FOREIGN EXCHANGE GDP GOVERNMENT BONDS INFLATION INSOLVENCY INSOLVENT BANKS INSURANCE INSURANCE INDUSTRY INSURANCE LAW INSURANCE SUPERVISION INTEREST RATE INTEREST RATES INTERNAL CONTROLS JOINT STOCK COMPANIES LAWS LEGAL FRAMEWORK LEGAL PROTECTION LEGISLATION LEVEL PLAYING FIELD LIABILITY LIQUIDATION LIQUIDATION OF BANKS LOAN CLASSIFICATION LOAN LOSS PROVISIONS LONDON CLUB MACROECONOMIC CONTEXT MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MARKET RISKS MERGERS MONETARY POLICY MORAL HAZARD MORTGAGES NATIONALIZATION OWN FUNDS PAYMENT SYSTEMS PENSIONS PORTFOLIOS PRICE INCREASES PRIVATE BANKS PRIVATIZATION PRODUCTIVITY PROPERTY RIGHTS PRUDENTIAL REGULATIONS PRUDENTIAL RULES PRUDENTIAL SUPERVISION PUBLIC DEBT RECAPITALIZATION REGULATORY FRAMEWORK RESERVE REQUIREMENT RESERVE REQUIREMENTS RISK MANAGEMENT SAVINGS SECURITIES SHAREHOLDERS SMALL BANKS STATE BANKS STATUTORY AUDITORS SUBSIDIARIES SYSTEMIC RISK T-BILLS TRADE DEFICIT TRADING TRANSACTION COSTS TRANSPARENCY VULNERABILITY WEAK JUDICIARY
Online Access:	http://documents.worldbank.org/curated/en/2005/11/6430013/serbia-montenegro-serbia-financial-sector-assessment http://hdl.handle.net/10986/15955

Description
Summary:	This Financial Sector Assessment presents the Bank's policy recommendations following an analysis of Albania's financial system, currently broadly stable, but with systemic risks which could come to the fore if the rapid pace of credit growth continues. Policies to support financial stability, and development should focus mostly on bank supervision, and the legal framework, while policies to remove impediments to the development of the nascent insurance sector are underway. Not surprisingly, the creation of a supporting legal framework is currently the main issue for capital markets. But monetary policy effectiveness should be strengthened by adjustments to the monetary operation framework, and the establishment of an interest rate bureau. Regarding corporate governance, much remains to be done. The authorities should eliminate discrepancies between the general-purpose financial reporting under the International Financial Reporting Standards (IFRS) and the regulatory reporting. Moreover, macroeconomic imbalances are rooted in structural problems in state- and socially-owned enterprises which account for 50 percent of GDP. Regarding prudential supervision issues, the NBS Bank Supervision Department (BSD) has made progress in enhancing effectiveness; however, the Basel Core Principles assessment of bank supervision was unfavorable.

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