United Kingdom: Financial Sector Assessment Program-Macroprudential Institutional Framework-Technical Note
IMF Staff Country Reports, June 17, 2016
Source details
- Canonical URL
- United Kingdom: Financial Sector Assessment Program-Macroprudential Institutional Framework-Technical Note
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Bibliographic details
- Published: June 17, 2016
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475574920.002
Summary
- Reviews the institutional framework for the conduct of macroprudential policy in the United Kingdom and steps taken by the authorities to make the macroprudential framework operational.
- Emphasizes that an effective macroprudential framework is crucial for the U.K. financial system to remain a global public good, given its size and systemic nature.
- Focuses on how the institutional setup promotes the willingness to act, ability to act, effective cooperation, and accountability.
- Reviews authorities’ processes for monitoring systemic risk (including beyond the core financial system), data gaps, and the U.K. macroprudential toolkit.
Major findings on institutional setup
- Institutional setup evaluated across four dimensions:
- Willingness to act
- Ability to act
- Effective cooperation
- Accountability
- A strong institutional framework is deemed essential to ensure that macroprudential policy can work effectively.
Monitoring systemic risk and data
- Review includes the authorities’ processes for monitoring systemic risk, explicitly noting coverage "including beyond the core financial system."
- Identifies data gaps relevant to macroprudential surveillance and policy.
Macroprudential toolkit
- Review focuses on the U.K. macroprudential toolkit available to authorities and its operationalization.
Publication and metadata (key statistics)
- Pages: 38
- Volume: 2016
- Issue: 160
- Series: Country Report No. 2016/160
- DOI: https://doi.org/10.5089/9781475574920.002
- Stock No: 1GBREA2016008
- ISBN: 9781475574920
- ISSN: 1934-7685
- Publication date on landing page: June 17, 2016
Subjects and keywords
- Subject: Banking, Financial sector policy and analysis, Financial sector risk, Financial sector stability, Financial services, Macroprudential policy, Systemic risk
- Keywords: BoE governor, CR, Financial sector risk, Financial sector stability, financial system, FPC code of conduct, FPC meeting, FPC meeting record, FPC member, Global, ISCR, Macroprudential policy, Systemic risk, U.K. authorities
United Kingdom: Financial Sector Assessment Program-Macroprudential Institutional Framework-Technical Note — IMF Staff Country Reports 2016, 160 (2016).