IMF Staff Country Reports

This report on Belgium discusses the technical note on financial safety net and crisis management. The authorities should now focus on strengthening the crisis management framework, ensure the operational readiness of resolution plans and enhancing the Deposit Insurance System. The Belgium financial sector assessment program has reviewed the national arrangements and, as a result, all the recommendations are addressed to the national authorities. This technical note also refers to Significant Institutions when relevant and includes a factual description of the allocation of responsibilities between the Belgian authorities, the European Central Bank and the Single Resolution Board with regards to the functioning of the financial safety net. The resolution and crisis management framework should further promote internal coordination and cooperation. Efforts in the resolution front should be devoted to achieving operational readiness. The framework for granting Emergency Liquidity Assistance should be reinforced further. Recent international experiences also highlighted the critical importance of having sufficient liquidity leading up to and during resolution.