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The World Bank financial sector advisory center : Vienna annual report 2014 (English)

Significant progress has been made in addressing the fault lines that led to the global financial crisis. The European Union (EU) is gradually implementing a new financial architecture - aiming to achieve more integrated, competitive, and hopefully, better supervised financial institutions - while addressing the resolvability of systemic banking institutions without recourse to fiscal support, and implementing international agreements directed at enhancing the resilience of banking institutions such as Basel III and the financial stability board (FSB) recommendations. Despite progress on the new EU financial architecture, the return to normality still has not been completed. 2014 was a disappointing year in terms of further postponement of the long-awaited resumption of faster credit and economic growth, the reduction of non-performing loans, and better financial results for banking institutions. Financial sector advisory center (FinSAC) stepped up its activities in 2014. It provided targeted technical assistance (TA) to tackle some of the most pressing banking problems - particularly the high levels of non-performing loans (NPLs) and the resolution of non-viable banks - while addressing the medium-term institutional development needs of incorporating EU legislation and best practices into the national legal frameworks and supervisory systems. As a results-based advisory program, and to make the most effective use of resources, assistance is being focused on more selective interventions.

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Citation

Montes-Negret,Fernando D'Hulster,Katia

The World Bank financial sector advisory center : Vienna annual report 2014 (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/305011467986298149/The-World-Bank-financial-sector-advisory-center-Vienna-annual-report-2014