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Rol de las Instituciones en el Sistema Financiero
Silvina VatnickCentro para la Estabilidad Financiera
Seminario CEMA
16 de Octubre de 2003
• “The three important forces behind economic growth pointed out by modern economists –the extent of a country ´s openness to trade and its integration with the rest of the world, the success of the policy makers in implementing the measures necessary for macroeconomic stability, and the quality of its institutional infrastructure -, simply confirm much of what Adam Smith inferred from a far less impressive set of data many years ago”[1]
[1] “The Wealth of Nations Revisited”, Remarks by Alan Greenspan, Chairman Board of Governors of the Federal Reserve System, at the Banco de Mexico ´s Second International Conference: Macroeconomic Stability, Financial Markets and Economic Development, Mexico City, November 12, 2002
Instituciones Financieras - Definición
• Reglas– Políticas– Governance
• Enforcement– Leyes– Normativas
• Estructuras de Organización– Mercados– Sistema de Pagos– Mecanismos de Supervisión
Reglas
• Política Monetaria
– Activa con Tipo de Cambio Flexible.
• Política Fiscal
– Restricción Presupuestaria comprometida
con el FMI.
• Governance
– Desarrollo incipiente por falta de incentivos.
Enforcement
• Mercado de capitales– Leyes 17.811 y 19.550 – Decreto de transparencia 677/01
• AFJP– Ley 24.241– Normativas y Resoluciones
• Seguros– Leyes 20.091, 17.418 y 24.557– Normativas
• Bancos– Ley 25.526– Carta Orgánica del BCRA
Enforcement
• En líneas generales el Marco Legal y
Regulatorio en Argentina es adecuado...
• ...pero el Enforcement es muy débil.
Fondos
Intermediarios Financieros
- AFJP
- Seguros
- FCI
Intermediación Financiera Directa
Intermediación Financiera Indirecta
Supervisión y Regulación
Fondos Fondos
Prestamistas-Ahorristas
1. Familias
2. Empresas
3. Gobierno
4. Agentes Extranjeros
Prestatarios-Deudores
1. Empresas
2. Gobierno
3. Familias
4. Agentes Extranjeros
Fondos Fondos
Mercados Financieros
- Bancos
- Bolsas
Aplicaciones de la riqueza financiera del sector privado en Argentina
En Millones de DólaresJunio de 2001 Junio de 2002
Rubros Monto % del Monto % delen millones de U$s total en millones de U$s total %
Intermediación del Sistema Financiero
98,328 52.1 35,126 25.7 -64.3
Depósitos 59,248 31.4 19,240 14.1 -67.5Inversores institucionales 39,080 20.7 15,886 11.6 -59.3- AFJP 22,166 11.7 10,569 7.7 -52.3- FCI 8,155 4.3 1,064 0.8 -86.9- Cías de seguros 8,759 4.6 4,253 3.1 -51.4
Tenencias individuales de activos financieros
19,744 10.5 8,478 6.2 -57.1
Circulante 10,903 5.8 4,065 3.0 -62.7Valores negociables 8,842 4.7 4,413 3.2 -50.1. Acciones 2,488 1.3 580 0.4 -76.7. Títulos públicos 5,281 2.8 3,438 2.5 -34.9. ON 1,073 0.6 396 0.3 -63.1
Activos extranjeros 70,627 37.4 92,847 68.0 31.5
Total 188,699 100 136,450 100 -27.7
Intenacionales y Ctas Nacionales- MECON, CNV, SAFJP, SSN y Cámara de Fondos Comunes
Variación Junio 2001 / Junio 2002
Fuentes: UEP en base a datos del BCRA, Dir. De Ctas
Asset Composition / Institutional BreakdownIn Practice, Restructure Must Apply in the Context of the Wole Banking System
Assets ($M)
Public BanksPrivate Banks
0
25
50
75
100
125
150
NationalRegional
Of National Capital
Cooperative Of foreignCapital
Branches of foreign entities
Other financial entities
Total
17.2
20.5
23.5 2.4
45.3
22.8 1.9 133.6
Banco de la Nación Argentina
BICEBanco de Corrientes S.A., Banco de la Pcia. de Córdoba, Banco Mun. de Rosario, Banco de la Ciudad de Bs. As., Banco de la Pcia. de Neuquen, Banco de la Pcia. de Tierra del Fuego, Banco de la Pampa, Banco del Chubut S.A., Nvo. Banco del Chaco S.A., Banco de la Pcia. de Bs. As., Banco Mun. de La Plata
Note: All data corresponds to October 2001
Source: BCRA; BCG Analysis
Evolución de las entidades aseguradoras según actividad principal
Cantidades por rubro
Actividad principal 1990 1995 2002*TOTAL 247 256 208Retiro 24 37 25Vida 6 45 59Riesgos del Trabajo 14Patrimoniales (1) o Mixtas (2) 217 174 110
Fuente: CEF en base a SSN
(1) Excluidas las de Riesgos del Trabajo Exclusivas(2) Incluye las de: Vida y Patrimoniales, y Riesgos del Trabajo no exclusivas* Al 31 de Mayo de 2002 - Fuente SSN
Evolución de las AFJPs
• En el caso de las AFJPs:
– Originalmente se establecieron 13 empresas.
– En la actualidad existen 12 empresas.
Financial Conglomeration by Asset Size1
Sample
Highest Lowest Average Number Assets Highest Lowest Average Number Assets
Global List
Top 500 Financial Institutions 590.3 8.8 299.6 41.8 72.1 1,281.4 11.1 646.3 59.6 80.1
Top 250 Financial Institutions 590.3 31.3 310.8 69.2 80.7 1,281.4 34.1 657.7 72.2 83.6
Top 100 Financial Institutions 590.3 90.5 340.4 85.0 86.8 1,281.4 116.5 699.0 89.0 91.7
Top 50 Financial Institutions 590.3 169.1 379.7 88.0 89.4 1,281.4 257.5 769.5 92.0 94.2
Source: Worldscope
1 Based on a sample of top 500 financial institutions ranked by total assets, in billions of U.S. Dollars
(In percentage)
Asset Size (Billions of U$S) Cong. (%)
1995 2000
Asset Size (Billions of U$S) Cong. (%)
Conglomerados Financieros
La concentración del sistema se expandió a los diversos sectores de servicios financieros
1995 2001 2002
Participación de las 10 principales entidades bancarias sobre el total de depósitos del sistema (en %)
59.0 74.0 78.9
Participación de las 5 principales AFJPS sobre el total de inversiones administrados en el sistema (en %)
61.4 80.4 82.7
Participación de los 10 principales Fondos Comunes de Inversión sobre el total de inversiones administradas (en %)
- 87.0 83.0
Los conglomerados públicos tuvieron una participación significativa
78%
22%
Privados PúblicosInv. Ins. más bancos
26%
74%
Junio 2001
Junio 2002
Apertura general de conglomerados
Conglomerados por sectores - II y bancos -Junio 2001
23%
13%
64%
Conglomera Nac. Público Conglomera Nac. PrivadoConglo Extranjero
26%
8%
66%
Junio 2002
Nac. Privado
Nac. Público
Estructura Actual del Sistema de Pagos Argentino
BANCO CENTRAL
Sistema MEP (RTGS)
Cámaras Compensadoras de Bajo Valor (Net Settlement)
Cámaras Compensadoras de Alto Valor (Net
Settlement)
COELSA ACH Iterbanking Provincanje
ENTIDADES FINANCIERAS
Personas Físicas
Empresas Entidades Financieras y Cambiarias
Overview: Central Settlement SystemMedio Electrónico de Pagos (MEP)
Market Type
Owned and operated by the BCRA
Participating Institutions Include banks, low and high value automated clearing houses and the BCRA
All banks are members, 90% are active users
Payment Instruments are primarily electronic transactions
Cross Border transfers may be executed
Daily Average of 4,000 transactions
•Commercial Banks transactions represented 43% of total value, 98% of total number
Operations
Real time gross settlement system
Participants execute transfers through current accounts held with BCRA
Originating bank is required to load the transaction in the system and provide additional authorisation by another individual
Operational hours are 9am to 8pm
•Peak hour between 3-4pm when 28% of total value settle
Capacity us ∼4,000 transactions per day but upgrade in beta test
BCRA does not charge for MEP services
Risk
Credit is not granted – participants must have sufficient
liquidity for transactions to be authorized. Banks hold
guarantee accounts at MEP
Contingency plans are in place to deal with communication or
computer malfunction
•Transactions sent through alternative network and netted on
an hourly basis
System is dependent on communication links that do not
currently enable encryption and authentication
Regulation
Central Bank owns and operates MEP
Superintendencia de Entidades Financieras y Cambiarias
(SEFyC) supervises through onsite inspections
Basis for participation is qualification as a bank
•Banks regulated by BCRA
Source: Report by Center for Latin America Monetary Studies August 2000, BCRA and the Boston Consulting Group
Overview: Low Value Clearing Houses, COELSA and ACH
Market Type
Two private clearing houses authorized in 1997 by BCRA to process electronically low value payments
•ACH ( Used mostly by private and provincial banks)
•COELSA (Used mostly by foreign banks and BNA)
Participants in the system are banks
•ACH, 39 banks mainly from outside Buenos Aires
•COLESA, 70 banks mainly located in Buenos Aires
Types of instruments transacted include cheques, letters of credit, certificated of deposit, bank orders, postal & bank giros &transfers
•Cheques are most common instrument
- 12 million cheques a month processed
Operations
Net settlement system
Next day settlement
•Operating hours are 9am - 9pm
Cheque truncation for cheques up to U$S 1,000 (75% of all cheques)
•High value cheque also truncated but transmission is required
Both clearing houses charge member are fixed monthly fee and a fee per transaction
COELSA and ACH interconnected using international standards
Risk
•Average of 5 highest debit balances of last 3 months –guarantee account in the MEP
Participation is open to all banks
Guarantee fund set-up to cover circumstances when a bank is unable to settle
•Collateral pledged by all individual members
•U$S 1.5 million in fund
Regulation
Central bank regulates the low value clearing houses
•Sets liquidity requirements
•Monitors compliance
Participation is open to all banks
•By virtue of complying with banking requirements each bank
is a qualified participant
Source: Report by Center for Latin America Monetary Studies August 2000, BCRA and the Boston Consulting Group
Overview: High Value Clearing Houses, INTERBANKING and PROVINCANJE
Market Type
Interbanking is a private sector high value clearing house
•Participants are banks
•Owned by 12 of its 40 member banks
•As much as 90% of interbanking ´s total activity comes from its banking members´ 3,600 clients using cash management services
•Processes 22,000 transactions each day
•Intra day positions can by as high as Pesos 40 million for a single participant
•Average net amount settled by the systems Pesos 1,000 million
Provincanje is effectively a regional correspondent payment service facilitating cheques transfers
Operations
Multilateral net settlement service to banks
Same day settlement
Electronic fund transfer services to private companies for inter-company payments
No prioritization or queuing mechanism
Real time information on remittance information
Risk
Bilateral credit limits set by each participant for each counter
party
Credit exposures also limited by a network which caps a
participants intra-day credit to 5% of th e sum of bilaterals
creditd recived
Guarantee deposit required to be placed with interbanking
Interbanking monitors participants´ debt position and is able
to administer the debit cap control in real-time
Regulation
Central bank regulates low value clearing houses
•Sets liquidity requirements
•Monitors compliance
No member rules other than requirement to make liquidity guarantees
In the event of a participant default loss is shred amongst other participants
•Assessed pro rata based on the size of the bilateral credit limits extended to the party in default
•Irrespective of which participants were counterparties to the default party
Source: Report by Center for Latin America Monetary Studies August 2000, BCRA and the Boston Consulting Group
Overview: Capital Market Clearing Houses, MERVAL and MAE / ARGENCLEAR
Market Type
Merval
•Maintains and operates the principal clearance and settlement system for equity and debt transactions at Merval
•Direct participants are brokers and brokerage firms
•Other, indirect, participants rely on the a direct participant for execution of a trade but are able to settle the transaction themselves
MAE / Argenclear
•Maintains and operates the clearance and settlement systems for non-Merval based debt transactions
•Direct participants are banks
Operations
Merval
•Multilateral net settlement service with central counterparty
•Simultaneous net settlement of both securities and funds transfer instructions
•Settlement may occur once or at several times during the day
•Normal settlement cycle is s days after trade date (T+3)
•Currently operating at T+0 (for a 4 month period)
MAE / Argenclear
•Multilateral net settlement service
RiskMerval guarantees DVP settlement – counterparty all transactions•Guarantee is large enough given current transaction volume•However, there are some potential risks
- Failure of the Banco de Valores may break DVP- Guarantee fund growth related to profits; not risk /
volumes- No relationship between volume and risk at broker level
for cash transactions (collateral not related to operation cost)- High potential of systemic risk due to iliquidity of most
collateral for `pases´ and `caucinoes´MAE / Argenclear does not guarantee settlement•Credit risk managed at participant level•Transaction may be unwound
Regulation
Securities Commission is the federal securities market
regulator and is responsible for the supervision of trading of
govermment securities
Merval and MAE / Argenclear are self-regulatory under the
Ley de Oferta Pública
All Merval participants must maintain a securities settlement
account at the Caja de Valores and cash settlement account
with one of thirty authorized banks
Source: Payments and Securities Clearance and Settlement System in Argentina - August 2000, BCRA and BCG interviews / analysis
Estructura de Supervisión de Servicios Financieros en Argentina
Poder Legislativo Poder Ejecutivo
Ministerio de Economía
Banco Central
Ministerio de Trabajo
Ministerio de Salud
SEF y C SSN CNV SAFJP SSS
Alternativas de organización de la Supervisión de Servicios Financieros
Reino Unido, Japón, Suecia, Dinamarca, Noruega, Corea, Taiwán, Islandia, Alemania (proyecto)
TotalBancos, seguros,
pensiones yvaloresFuera del
BCParcial
Bancos, seguros, pensiones yvalores, etc.
Australia, Bélgica, Finlandia, Canadá, Suiza , México, ChileConsolidada
TotalBancos, seguros,
pensiones yvalores
Austria, Singapur
Dentro del BC Parcial
Bancos, seguros, pensiones yvalores, etc.
Irlanda, Luxemburgo, Uruguay
Memorando de entendimiento
Segmentada
Estados Unidos, Francia, España, Países Bajos, Nueva Zelanda
Acuerdo anti-crisisCoordinada
Directorios Cruzados
Comité de Coordinación
ARGENTINA, Hong Kong, Italia, Polonia
No Coordinada
Recent Developments in the Financial Sectorand the Structure of Regulation and
Supervision
FinancialConglomerates
(with banking, insurance,securities and other
intermediaries)
Securities firms
BanksInsurance companies
UnifiedSupervisory
Agencies (for banking,
securities, insurance and other intermediaries)
Securitiessupervisor
Bank supervisor
Insurance supervisor
Key Standards for Sound Financial SystemsSubject Area Standard Issuing Body Macroeconomic Policy and Data Transparency Monetary and financial policy transparency
Code of Good Practices on Transparency in Monetary and Financial Policies
IMF
Fiscal policy transparency
Code of Good Practices in Fiscal Transparency IMF
Data dissemination
Special Data Dissemination Standard / General Data Dissemination System1
IMF
Institutional and Market Infrastructure Insolvency 2 World Bank Corporate governance
Principles of Corporate Governance OECD
Accounting International Accounting Standards (IAS)3 IASB4 Auditing International Standards on Auditing (ISA) IFAC4 Payment and settlement
Core Principles for Systemically Important Payment Systems Recommendations for Securities Settlement Systems
CPSS
CPSS/IOSCO Market integrity The Forty Recommendations of the Financial Action
Task Force / 8 Special Recommendations Against Terrorist Financing
FATF
Financial Regulation and Supervision Banking supervision
Core Principles for Effective Banking Supervision BCBS
Securities regulation
Objectives and Principles of Securities Regulation IOSCO
Insurance supervision
Insurance Core Principles IAIS
1. Economies with access to international capital markets are encouraged to subscribe to the more stringent SDDS and all other economies are encouraged to adopt the GDDS.
2. The World Bank is co-ordinating a broad-based effort to develop a set of principles and guidelines on insolvency regimes. The United Nations Commission on International Trade Law (UNCITRAL), which adopted the Model Law on Cross-Border Insolvency in 1997, will help facilitate implementation.
3. Relevant IAS are currently being reviewed by the IAIS and IOSCO.4. The International Accounting Standards Board (IASB) and the International Federation of Accountants (IFAC) are distinct from other standard-setting bodies in that
they are private sector bodies.
Compliance with the Basel Core Principles for Effective Banking Supervision
Assessment Core Principle C
1 LC2
MNC3
NC4
NA5 Comments
1. Objectives, autonomy, and resources powers
1.1 Objectives X
1.2 Independence
X The legal framework does not ensure total political independence to the BCRA in its supervisory decisions
1.3 Legal framework
X
1.4 Enforcement powers
X
1.5 Legal Protection
X
There is no legal protection for BCRA members of the Board of Director and for supervisors against judicial demands on bonafide actions taken wile in the exercise of their duties
1.6 Information Sharing
X
The legislation does not make explicit the criteria based on which the SEFC can communicate information to third parties. Also, Argentine banks have branches and subsidiaries located in countries with which no formal agreement have been established so far, and no formal agreement has been established between the SEFC and de CNV
2 Permissible activities
X
The law does not provide a clear definition of bank but rather a list of activities that could be performed by both bank and no bank companies; furthermore, the regulation permits a type of “second degree bank” that is not allowed to rise deposit from the public
1 C: Compliant 2 LC: Largely compliant 3 MNC: Materially noncompliant 4 NC: Noncompliant 5 NA: Not Applicable
Compliance with the Basel Core Principles for Effective Banking Supervision
Assessment Core Principle C
1 LC2
MNC3
NC4
NA5 Comments
3. Licensing Criteria
X
4. Ownership X 5. Investment Criteria
X
6. Capital Adequacy
X
Although the level of the minimum requirement are higher than those established in the Basel Accord, the risks weights for state and public-owed banks and companies reflect some differences with those of private entities
7. Credit Policies
X
8. Loan Evaluation
X
9. Large Exposure Limits
X
10. Connected Lending
X
11. Country Risk X
Although domestics banks are not permitted to lend to nonresident parities, their activity through overseas subsidiaries could create country risk.
12. Market Risk
X
The overall efficiency of measuring market risk requirement can be affected by accounting rules which allow bank to shift freely from trading account to investment portfolio account and vice versa.
13. Other Risks X
The potential risk on U.S. dollar positions, due to borrowers´ possible credit difficulties, should be addressed by the SEFC. A statement on management policies and procedures should be included in the annual financial statements.
1 C: Compliant 2 LC: Largely compliant 3 MNC: Materially noncompliant 4 NC: Noncompliant 5 NA: Not Applicable
Compliance with the Basel Core Principles for Effective Banking Supervision
Assessment Core Principle C
1 LC2
MNC3
NC4
NA5 Comments
14. International Control and Audit
X
15. Money Laundering X
The degree of awareness of the bank industry towards money laundering appears still inadequate. However a clear tendency towards improvement was noted
16. On-site and Off-site Supervision
X
17. Contract with bank management
X
18. Off-site Supervision
X
19. Valuation of Information
X
20. Consolidated Supervision
X
21. Accounting Standards
X
22. remedial Measures
X
23. Global Consolidated Supervision
X
24. Host Country supervision
X
Need to strengthen relationship with host supervisors in Uruguay and Paraguay (no MoU with this two countries) or limit activities by domestic banks in this countries.
25. Sup / foreign establishments
X
1 C: Compliant 2 LC: Largely compliant 3 MNC: Materially noncompliant 4 NC: Noncompliant 5 NA: Not Applicable
Observance of IAIS Insurance Supervisory Principles
Assessment Principle O1 BO2 PO3 NO4 NA5 Comments and Corrective Actions
1. Organization X Financial independence; staff immunity; appointment of head.
2. Licensing X License application review should include filing of a business plan with projections and a capital plan.
3. Changes in Control X Criteria of review should be clearly specified.
4. Corporate Governance X
Existing legislation does not impose responsibilities upon Directors. Changes to general commercial law required.
5. Internal Controls X Not in legislation. The SSN resolution asks external auditors to report on internal controls.
6. Prudential-Assets X Over-valuation of amounts receivable from
INDER. 7. Prudential-Liabilities X Establish system to monitor the run-off of
provisions for outstanding claims. 8. Capital Adequacy and Solvency
X Insufficiency of provisions for outstanding claims; accounting for investment in downstream subsidiaries.
9. Derivatives and of Balance Sheet Items
X No derivatives at present. Existing rules exclude any such asset from the test of coverage of liabilities.
10. Reinsurance X Assess reinsurance companies using international rating agencies.
11. Market Conduct X
New legislation will include greater specification of information to be supplied to consumer; at present there are alternate dispute mechanisms in place.
12. Financial Reporting X
The SSN should establish internal information system that permits sharing of information between departments.
13. On site Inspection-Access to Information
X Develop risk-based approach; focus on prospects for the company.
14. Sanctions X New legislation to argument powers; establish regulatory ladder.
15. Cross Border Business Operations
X
16. Cooperation X Review MERCOSUR arrangements and clarify confidentiality restrictions in existing legislation.
17. Confidentiality X
1 O: Observed 2 BO: Broadly observed 3 PO: Partly observed 4 NO: Nonobserved 5 NA: Not Applicable
El sistema financiero no puede funcionar adecuadamente y potenciar el impacto sobre el crecimiento económico con instituciones débiles
Objetivo a Mediano Plazo:
• Converger hacia los Estándares y Códigos Internacionales en materia financiera
• Promover incentivos para fortalecer el “enforcement”
• Capacitar a autoridades y participantes del mercado (empresarios, intermediarios financieros, hacedores de política, legisladores, etc.)