{
  "title": "Malta: Financial Sector Assessment Program-Technical Note-Macroprudential Policy Framework and Tools",
  "publication": "IMF Staff Country Reports, November 21, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/11/21/malta-financial-sector-assessment-program-technical-note-macroprudential-policy-framework-48831",
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  "summary": "This technical note evaluates the domestic macroprudential policy framework in Malta and provides recommendations to strengthen it. It assesses: the domestic institutional arrangements; the systemic risk monitoring framework; and the macroprudential policy toolkit.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Purpose: Evaluate the domestic macroprudential policy framework in Malta and provide recommendations to strengthen it.\n- Main objectives:\n  - Assess the domestic institutional arrangements.\n  - Assess the systemic risk monitoring framework.\n  - Assess the macroprudential policy toolkit.\n  - Assess current financial vulnerabilities in Malta to develop specific policy recommendations."
    },
    {
      "heading": "Assessment areas",
      "content": "- Domestic institutional arrangements:\n  - Review of current domestic institutional arrangements and provision of recommendations.\n  - Finding: The legal backing of inter-agency coordination could be further strengthened.\n- Systemic risk monitoring framework:\n  - Discussion of the existing systemic risk monitoring framework and options to enhance it further.\n- Macroprudential policy toolkit:\n  - Evaluation of tools and consideration of planned policy measures to address sectoral vulnerabilities."
    },
    {
      "heading": "Key findings and financial vulnerabilities",
      "content": "- The planned introduction of borrower-based measures is identified as a welcome step to proactively address a build-up of vulnerabilities in the housing and household sectors.\n- There is scope to refine the design of the planned borrower-based measures to reduce uncertainty over policy effects.\n- The Central Bank of Malta plans to introduce borrower-based measures to proactively address the potential build-up of vulnerabilities in the housing and household sectors."
    },
    {
      "heading": "Policy recommendations (summarized)",
      "content": "- Strengthen the legal backing of inter-agency coordination to support macroprudential policy implementation.\n- Enhance the systemic risk monitoring framework with options discussed in the note to improve early identification of risks.\n- Refine the design of borrower-based measures to reduce uncertainty over policy effects and improve effectiveness in addressing housing and household sector vulnerabilities.\n\n---\n\n Content in this bundle\n\n- 1mltea2019008\n  - 1mltea2019008 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1mltea2019008 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 21, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513520933.002",
    "Purpose: Evaluate the domestic macroprudential policy framework in Malta and provide recommendations to strengthen it.",
    "Main objectives:",
    "Domestic institutional arrangements:",
    "Systemic risk monitoring framework:",
    "The planned introduction of borrower-based measures is identified as a welcome step to proactively address a build-up of vulnerabilities in the housing and household sectors.",
    "There is scope to refine the design of the planned borrower-based measures to reduce uncertainty over policy effects.",
    "The Central Bank of Malta plans to introduce borrower-based measures to proactively address the potential build-up of vulnerabilities in the housing and household sectors.",
    "Strengthen the legal backing of inter-agency coordination to support macroprudential policy implementation.",
    "Enhance the systemic risk monitoring framework with options discussed in the note to improve early identification of risks.",
    "Refine the design of borrower-based measures to reduce uncertainty over policy effects and improve effectiveness in addressing housing and household sector vulnerabilities.",
    "**1mltea2019008**"
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