France: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, Payment Systems, Securities Settlement, and Anti-Money Laundering and Combating the Financing of Terrorism
IMF Staff Country Reports, November 3, 2004
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- France: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, Payment Systems, Securities Settlement, and Anti-Money Laundering and Combating the Financing of Terrorism
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Bibliographic details
- Published: November 3, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451813555.002
Summary findings
- Consolidation among financial institutions has resulted in six large universal, vertically integrated banking groups having a strong position in the domestic market.
- Bank profitability has improved markedly over the past decade and is in line with average euro area levels.
- Systemic vulnerabilities in the important insurance sector are well contained.
- The government debt market is large.
- The corporate debt market has been growing rapidly since the introduction of the euro.
Banking sector
- Structure: Six large universal, vertically integrated banking groups dominate the domestic market.
- Performance: Bank profitability has improved markedly over the past decade and is in line with average euro area levels.
- Risks and vulnerabilities: The assessment highlights consolidation and concentration as salient structural features; specific credit risk metrics and supervisory assessments are contained in the full report.
Insurance sector
- Systemic assessment: Systemic vulnerabilities in the insurance sector are characterized as well contained.
- Role: The insurance sector is described as important to the financial system; the report assesses regulatory and supervisory arrangements relevant to systemic risks.
Debt markets and securities
- Government debt market: Described as large.
- Corporate debt market: Characterized as having grown rapidly since the introduction of the euro.
- Securities and settlement: The report includes coverage of securities regulation and securities settlement frameworks.
Institutional and regulatory framework
- Scope: The assessment reviews the institutional and regulatory framework across multiple topics, including Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, Payment Systems, Securities Settlement, and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).
- Themes covered: Financial regulation and supervision, bank capitalization and management, credit risk, off-balance sheet items, mortgage markets, and payment systems are among the principal topics.
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- France: Financial System Stability Assessment