Colombia: Financial Sector Assessment Program-Technical Note on Macroprudential Framework Policy and Tools

Colombia:Financial Sector Assessment Program-Technical Note on Macroprudential Framework Policy and Tools Macroprudential Framework Policy and Tools

Volume/Issue: Volume 2022 Issue 157

Publication date: June 2022

ISBN: 9798400212239

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , Economics- Macroeconomics , Money and Monetary Policy , International - Economics , IMF-World Bank Financial Sector Assessment Program , FX risk , risk monitoring , staff team of the International Monetary Fund , FSAP program , Macroprudential policy , Systemic risk assessment , Financial sector stability , Financial sector risk , Liquidity requirements , Global , Central America

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Summary

There has been little change in the institutional framework for macroprudential policy oversight since the last FSAP. Macroprudential policy for the banking sector is a shared competency of the Financial Superintendency of Colombia (SFC), the Banco de la República (BR), and the Ministry of Finance (MHCP), although the SFC and the MHCP play dominant roles. The Financial Sector Coordination and Monitoring Committee (CCSSF), which consists of the three institutions and the Financial Institutions Guarantee Fund (Fogafin), is the main platform for information sharing and cooperation, but it does not have a macroprudential mandate or any formal powers. The SFC supervises asset managers and insurance companies, but there is no formal macroprudential oversight framework for those types of financial institutions.