By International Monetary Fund
The worldwide economic climate continues to be in a interval of vital uncertainty. even if the continued restoration is anticipated to slow increase stability sheets, growth towards balance has skilled a setback because the April 2010 GFSR. As mentioned during this October 2010 file, policymakers in lots of complicated international locations have to confront the interactions created via gradual development, emerging sovereign indebtedness, and nonetheless fragile monetary associations through addressing legacy difficulties within the banking method, strengthening the basics of sovereign and financial institution stability sheets, and clarifying regulatory reforms.
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Extra resources for Global Financial Stability Report, October 2010: Sovereigns, Funding, and Systemic Liquidity (World Economic and Financial Surveys)
Bank holding companies, which used an adverse scenario, showed that 5 banks would require $13 billion in additional capital to maintain a 4 percent Tier 1 common capital ratio (see table). 2 percent in 2011, with unemployment hovering above 9 percent over the test horizon. Negative macrofinancial linkages led to a cumulative 6 and 19 percent cumulative fall in RRE and CRE prices, respectively, over the test horizon (around 10 percentage points lower than under the baseline). 7 percent, redefaults, which affected 65 percent of all modified loans, kept them elevated at around 2 percent until end-2012.
Equity flows, which had reached a record pace in March-October 2009, and for which the effects of the IOF would have been Note: This box was prepared by Chris Walker. 1IOF stands for Imposto sobre Operações Financeiras, as the tax is known in Brazil. significant, did diminish after October. However, and somewhat surprisingly, the rate of inflows into domestic bonds, where the impact of the IOF should also have been large, remained quite robust after the IOF was imposed. There were increases in short- and long-term dollar borrowing, neither of which is subject to the IOF in its present form.
13 Creditors are likely to scrutinize their bank counterparties on the basis of the market value of their assets, using the most recent data they have on the assumption that these assets may have to be sold to meet repayment requirements. Accordingly, for banks to maintain access to funding markets, private creditors and investors may require them to maintain a buffer of capital in excess of standard solvency norms. Additional recapitalization and higher quality capital are still required in a number of countries to achieve this objective, and to break the sensitivity and interconnectedness between sovereign and bank balance sheets, and the correlation of market spreads.