{
  "title": "Nigeria: Publication of Financial Sector Assessment Program Documentation––Technical Note on Crisis Management and Crisis Preparedness Frameworks",
  "publication": "IMF Staff Country Reports, May 28, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/nigeria-publication-of-financial-sector-assessment-program-documentationtechnical-note-on-40579",
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  "summary": "The Nigerian financial system underwent a banking crisis in 2008–09, owing to the global financial crisis and domestic events. The decisive crisis response effectively stabilized the banking system, but the challenge now is to devise a credible exit strategy.",
  "publishDate": "2013-05-28",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary",
      "content": "- The Nigerian financial system underwent a banking crisis in 2008–09, owing to the global financial crisis and domestic events.\n- The decisive crisis response effectively stabilized the banking system, but the challenge now is to devise a credible exit strategy.\n- The Central Bank of Nigeria (CBN) has a broad resolution toolkit, which was put to use during the crisis to resolve the intervened banks.\n- The Nigerian authorities set up the Asset Management Corporation of Nigeria (AMCON) to purchase nonperforming loans of banks."
    },
    {
      "heading": "Key findings and themes",
      "content": "- Crisis timing and drivers:\n  - Banking crisis occurred in 2008–09.\n  - Causes included the global financial crisis and domestic events.\n- Crisis response and stabilization:\n  - The response was decisive and effectively stabilized the banking system.\n  - The CBN employed a broad resolution toolkit to resolve intervened banks.\n- Asset management interventions:\n  - AMCON was established to purchase nonperforming loans of banks.\n- Ongoing challenges:\n  - The main ongoing challenge identified is devising a credible exit strategy from crisis interventions."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Bank resolution, Bank resolution framework, Banking, Commercial banks, Crisis management, Deposit insurance, Financial crises, Financial institutions, Loans\n- Keywords: Africa, Australia and New Zealand, bank liquidation regime, bank management, Bank resolution, bank resolution arrangement, Bank resolution framework, bank resolution phase, banking sector, banking system, bridge-bank measure, business plan, Central Africa, Commercial banks, CR, credit line, Crisis management, economic value, financial support, financial system, Global, intervened bank, ISCR, Loans, managing director, NDIC watch list, sacked bank CEO, West Africa\n\n---\n\n Content in this bundle\n\n- cr13143\n  - cr13143 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr13143 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/nigeria-publication-of-financial-sector-assessment-program-documentationtechnical-note-on-40579"
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    "Published: May 28, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484373040.002",
    "The Nigerian financial system underwent a banking crisis in 2008–09, owing to the global financial crisis and domestic events.",
    "The decisive crisis response effectively stabilized the banking system, but the challenge now is to devise a credible exit strategy.",
    "The Central Bank of Nigeria (CBN) has a broad resolution toolkit, which was put to use during the crisis to resolve the intervened banks.",
    "The Nigerian authorities set up the Asset Management Corporation of Nigeria (AMCON) to purchase nonperforming loans of banks.",
    "Crisis timing and drivers:",
    "Crisis response and stabilization:",
    "Asset management interventions:",
    "Ongoing challenges:",
    "Subjects: Bank resolution, Bank resolution framework, Banking, Commercial banks, Crisis management, Deposit insurance, Financial crises, Financial institutions, Loans",
    "Keywords: Africa, Australia and New Zealand, bank liquidation regime, bank management, Bank resolution, bank resolution arrangement, Bank resolution framework, bank resolution phase, banking sector, banking system, bridge-bank measure, business plan, Central Africa, Commercial banks, CR, credit line, Crisis management, economic value, financial support, financial system, Global, intervened bank, ISCR, Loans, managing director, NDIC watch list, sacked bank CEO, West Africa",
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