Colombia: Technical Assistance Report-Detailed Assessment of Observance of Key Attributes of Effective Resolution Regimes for Financial Institutions-Pilot of the Draft Assessment Methodology

International Monetary Fund

No 2016/099, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper provides a detailed assessment of key attributes of effective resolution regimes for financial institutions in Columbia. The authorities of Columbia have strong powers to manage weak and failing financial institutions and a track record of using them. Colombia’s resolution regime, however, has shortcomings with respect to standards set in the key attributes. Important resolution powers are not available to the authorities, the regime does not emphasize minimizing the exposure of taxpayers to loss, and taking resolution actions does not hinge on an assessment of non-viability. However, Columbia has a large and diversified financial system compared with peer countries, with significant cross-border institutions and large mixed function conglomerates.

Keywords: ISCR; CR; resolution authority; business organization; parent company; resolution action; resolution measure; resolution power; lead authority vis-à-vis SSoc; event of default; public funds; nonfinancial company; resolution planning; advisory council; resolution authority result; home authority; Bank resolution framework; Legal support in revenue administration; Bridge bank; Crisis recovery and resolution planning; Bank resolution; Central America (search for similar items in EconPapers)
Pages: 73
Date: 2016-04-13
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