国际货币基金（IMF）：哈萨克斯坦：金融系统稳定性评估

February2024

INTERNATIONALMONETARYFUND

IMFCountryReportNo.24/48

REPUBLICOFKAZAKHSTAN

FINANCIALSYSTEMSTABILITYASSESSMENT

ThispaperontheRepublicofKazakhstanwaspreparedbyastaffteamofthe

InternationalMonetaryFund.ItisbasedontheinformationavailableatthetimeitwascompletedonJanuary17,2024.

Copiesofthisreportareavailabletothepublicfrom

InternationalMonetaryFund·PublicationServicesPOBox92780·Washington,D.C.20090

Telephone:(202)623-7430·Fax:(202)623-7201

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InternationalMonetaryFund

Washington,D.C.

◎2024InternationalMonetaryFund

PRESSRELEASE

PR24/42

IMFExecutiveBoardConcludesthe2023ArticleIVConsultationwiththeRepublicofKazakhstan

FORIMMEDIATERELEASE

Washington,DC—February7,2024:TheExecutiveBoardoftheInternationalMonetaryFund(IMF)concludedthe2023ArticleIVconsultation1withtheRepublicofKazakhstan.

In2024,Kazakhstan'seconomicgrowthisexpectedtoslowto3.1percent,mostlyduetodelaysin

expandingtheTengizoilfield,whileinflation,whichisstillwellabovetheauthorities'target,would

continuetodecline.Acurrentaccountdeficitof3.9percentofGDPisprojectedfor2024,andthebankingsectorshouldremainsoundamideasingfinancialconditions.Inthemedium-term,non-oilGDPgrowth

wouldstabilizeataround31zpercent,andinflationwouldeasegraduallytoreach5percentby2026-27,assumingacceleratedreformimplementation.`

Riskstotheoutlookremaintiltedtothedownsideandinclude:delayedreformimplementation;oilprice

declines,furtherdelaysintheTengizfieldexpansion,anddisruptionstooilexportsthroughtheCaspianPipelineConsortium(CPC)pipeline;slowgrowthintradingpartners;spilloversfromthewarinUkraine

andgeo-economicfragmentation;and,increasedsocialtensions.Upsiderisksincludeacceleratedreformimplementation,higheroilprices,andhigher-than-expectedforeigninvestmentinnewsectors.

Theauthoritieshavecontinuedtheireffortstosecuremacroeconomicstability.TheNationalBankof

Kazakhstanmaintainedtightmonetarypolicythroughout2023.Theauthoritiesremaincommittedto

medium-termfiscalconsolidationandhaveundertakensignificanteffortstoincreasetradediversificationandaddressgovernanceandcorruptionvulnerabilities.Arecentlyadoptedclimatestrategyprioritizesthedevelopmentofrenewableenergysourcestohelpreducecarbonemissionsfromcurrentlyhighlevels.

Withslowstructuralreformimplementationinrecentyears,thestate'sfootprintintheeconomyremainslarge.

AccordingtotherecentlycompletedFinancialSectorAssessmentProgram(FSAP),thebankingsystemappearswell-capitalizedinaggregate.Kazakhstanisexposedtotransitionriskfromdomesticandglobalclimatepolicies.Bankingsupervisionhasbecomemorerisk-based,butrelatedpartytransactionsremainchallengingtomonitorandconsolidatedsupervisionisstillincomplete.

Finally,thereremaingapsinthefinancialsafetynetsandcrisismanagementarrangements.

1UnderArticleIVoftheIMF'sArticlesofAgreement,theIMFholdsbilateraldiscussionswithmembers,usuallyeveryyear.Astaffteamvisitsthecountry,collectseconomicandfinancialinformation,anddiscusseswithofficialsthe

country'seconomicdevelopmentsandpolicies.Onreturntoheadquarters,thestaffpreparesareport,whichformsthebasisfordiscussionbytheExecutiveBoard.

2

ExecutiveBoardAssessment2

ExecutiveDirectorsagreedwiththethrustofthestaffappraisal.TheypositivelynotedKazakhstan’seconomicresilienceinthefaceofmultipleexternalshocksandwelcomedthestronggrowthin2023.Notingthatriskstotheoutlookaretiltedtothedownside,Directorscalledforcontinuedprudent

macroeconomicpoliciesandacceleratedimplementationofstructuralreformstomaintainstrongandresilientgrowth.

Directorswelcomedtheauthorities’commitmenttofiscalconsolidationwhichwouldsupportdisinflationandhelppreservebuffers.Theyunderscoredthattheplannedintroductionofnewtaxandbudgetcodesisanopportunitytoenhancenon-oilrevenuesandpublicfinancialmanagement.Directorsalsowelcomedthereinstatementofthefiscalrulesin2024andstressedthattherulesshouldbesimplifiedandbetter

enforced,includingthroughthecreationofanindependentfiscalcouncilandstrongerescapeclauses.SwiftimplementationoftherecommendationsfromtherecentFiscalTransparencyEvaluationwouldenhancepublicdataquality.

Directorswelcomedthedecliningtrendofinflation.TheyurgedtheNationalBankofKazakhstan(NBK)tocontinuetomaintainacautiousanddatadependentapproachbykeepingmonetarypolicytightuntil

inflationisclosetotargetandinflationexpectationsarewellanchored.Directorsalsorecommended

strengtheningthecredibilityandeffectivenessofthemonetarypolicyframework,includingbyimprovingtheNBK’sgovernanceandindependence.Theyencouragedacarefulanalysisofthemacro-financialimplicationsandgovernancerequirementsoftheDigitalTengebeforeitsfullpubliclaunch.

ReflectingthefindingsfromtherecentlycompletedFinancialSectorAssessmentProgram(FSAP),

Directorswelcomedtheoverallsoundnessofthefinancialsectorandprogressinrisk-basedsupervision.

TheysupportedtheFSAP’srecommendationstocontinuestrengtheningfinancialresilienceandpolicyframeworks.Effortscouldfocusonclosingdatagaps,upgradingthebankresolutionandcrisis

managementframework,andreinforcingtheindependence,powers,andresourcesoftheresolutionauthority,supportedbycapacitydevelopment.

2Attheconclusionofthediscussion,theManagingDirector,asChairmanoftheBoard,summarizestheviewsofExecutiveDirectors,andthissummaryistransmittedtothecountry'sauthorities.Anexplanationofanyqualifiersusedinsummingsupcanbefoundhere:

http://www.IMF.org/external/np/sec/misc/qualifiers.htm

.

3

Directorsencouragedtheauthoritiestoacceleratestructuralreformstoboostcompetitiveness,promotediversificationandsustainstrongerlong-termeconomicgrowth.Keyprioritiesincludedownsizingthe

statefootprintintheeconomyandimprovingpublicsectorgovernance,reducingcorruption-relatedvulnerabilities,addressinginfrastructuregapsandremovingtradedistortions.

Directorsemphasizedtheimportanceofacceleratingreformstostrengthenclimateresilienceandmeettheauthorities’carbonemissiontargetsby2030.Theyalsocalledforclosemonitoringofclimate-relatedrisksinthefinancialsector.

4

Kazakhstan:SelectedEconomicIndicators,2021–25

2021

2022

202320242025

(est.)

(proj.)

(proj.)

Output

RealGDPgrowth(%)

4.3

3.2

4.8

3.1

5.7

Realoil

-0.6

-1.7

7.1

0.1

14.4

Realnon-oil

5.5

4.7

4.2

3.9

3.4

Crudeoilandgascondensateproduction(milliontons)

85.7

84.2

90.0

90.3

103.0

Employment

Unemployment(%)

4.9

4.9

4.8

4.8

4.8

Prices

Inflation(%,eop)

8.4

20.3

9.8

7.7

6.2

Generalgovernmentfinances

Revenue(%GDP)

17.1

21.8

23.1

20.7

20.6

Oilrevenue

4.3

8.0

6.4

5.3

5.4

Non-oilrevenue

12.9

13.8

16.7

15.4

15.1

Expenditures(%GDP)

22.1

21.7

22.9

21.8

21.5

Fiscalbalance(%GDP)

-5.0

0.1

0.1

-1.2

-0.9

Non-oilfiscalbalance(%GDP)

-9.3

-7.9

-6.3

-6.4

-6.4

Grosspublicdebt(%GDP)

25.1

23.5

22.7

23.0

25.1

Netpublicdebt(%GDP)

-3.0

-1.2

-1.0

-0.4

-0.1

Moneyandcredit

Broadmoney(%change)

20.8

13.9

16.4

17.3

14.0

Credittotheprivatesector(%GDP)

24.4

21.5

17.0

18.2

16.7

NBKpolicyrate(%,eop)

9.8

16.8

15.8

…

…

Balanceofpayments

Currentaccount(%GDP)

-1.4

3.1

-3.5

-3.9

-2.3

Netforeigndirectinvestments(%GDP)

-1.0

-3.6

-3.4

-3.3

-3.6

NBKreserves(inmonthsofnextyear'simportsofG&S)

6.9

5.9

6.0

5.8

5.9

NFRKassets(%ofGDP)

28.1

24.7

23.7

23.4

25.2

Externaldebt(%GDP)

83.3

71.7

65.6

61.7

58.7

Exchangerate

Exchangerate(y-o-ypercentchange;TengeperU.S.dollar;eop)

2.6

6.8

-1.6

…

…

Sources:KazakhstaniauthoritiesandFundstaffestimatesandprojections.

INTERNATIONALMONETARYFUND

REPUBLICOFKAZAKHSTAN

January17,2024

FINANCIALSYSTEMSTABILITYASSESSMENT

KEYISSUES

Context:FollowingKazakhstan'srecoveryfromthe2014-15declineinoilprices,thecountrywashitbyaseriesofshocks,startingwiththeCOVID-19pandemic,thentheJanuary2022socialunrest,andmostrecentlythefalloutfromRussia'sinvasionofUkraine.Sofar,thathashadlimitedimpactonoutput,alsothankstovariousmeasurestakenbytheauthoritiesto

stabilizetheeconomy.However,thereareriskstotheoutlook.Thefinancialsystem,whichissmallandbank-dominated,underwentsignificantchangesduringthisperiod.Bankslargestexposuresaretohouseholdswhilelargecorporatesrelyonnon-residentsforfunding.

Findings:Thefinancialsystemappearsresilienttoseveremacrofinancialshocks.Capital

adequacyratiosinaggregateremainrobustunderanadversescenario.Liquidityriskscouldbeaggravatedbytheconcentrationoflargedepositsinsomebanks.Relatedparty

transactionsremainchallengingtomonitorandassess.Stronggrowthinconsumerlendingisanemergingriskcompoundedbydatagapsthathinderproperquantificationand

monitoring.Largedomesticnonfinancialcorporatesareexposedtorefinancingrisks.Kazakhstanisexposedtotransitionriskfromdomesticandglobalclimatepolicies.TheAstanaInternationalFinancialCenter's(AIFC)planstoexpandactivitytowardsKazakhstaniresidentsraisesregulatoryandsupervisoryissues.

Policyadvice:Theauthoritiesshouldcontinuetoenhancetop-downstresstestingbyclosingdatagaps,monitorLCRinsignificantforeigncurrencies,andstrengthen

oversightofassetanddepositconcentration.Theyshouldalsocontinuetoclosely

monitorconsumerloans,whilestrengtheningdataqualityandregulatoryrequirements.Engagingintheinternationaldebateonclimatewouldraiseawarenessofclimate-

relatedrisksforKazakhstan.FinancialsectoroversightshouldbefurtherreinforcedbystrengtheningtheindependenceandresourcesoftheAgencyoftheRepublicof

KazakhstanforRegulationandDevelopmentofFinancialMarkets'(ARDFM),aligningtheprudentialframeworkforproblemassetsandprovisioningwithinternationalstandards,identifyingandquantifyingrelatedpartytransactionpractices,implementing

consolidatedsupervision,andstrengtheningAML/CFToversight.Theauthoritiesshouldtacklegapsintheresolutionregime,crisismanagementprocess,depositinsurance

framework,andmanagementofemergencyliquidity.Steppingupregulatory

arrangementsandcollaborationbetweenthedomesticauthoritiesandAstanaFinancialServicesAuthority(AFSA)isrequiredtocontainAIFC-relatedrisks.Theauthoritiesshouldprepareforthepossibilitythatthecryptomarketgrowssubstantiallyandthecurrent

baninthedomesticmarketbecomesuntenable.

ApprovedBy

MayKhamisandSubirLall

PreparedBy

MonetaryandCapitalMarketsDepartment

REPUBLICOFKAZAKHSTAN

ThisreportisbasedontheworkoftheFinancialSectorAssessmentProgram(FSAP)missionthatvisitedKazakhstaninMarch-April2023andJuly-August2023.TheFSAPfindingswerediscussed

withtheauthoritiesduringtheArticleIV

consultationmissioninNovember2023.

TheFSAPteamwasledbyPierpaoloGrippa,InternationalMonetaryFund(IMF),andPietro

Calice,WorldBank(WB),andincludedPriscillaToffano(IMF)andMateiDohotaru(WB)as

deputymissionchiefs;ParmaBains,StephanieForte,GregorioImpavido,SujanLamichhane,

AlessandroSantoni,ShaYu,JirenZhang(allIMF),ChristopherF.Calabia,NigelJenkinson(IMF

externalexperts),ZsoltBango,TaniaBegazo,GianBoeddu,EzioCaruso,TatianaDidier,

GanbaatarJambal,andYaewonYoon,FernandoDancausaandSergioJosedeMesquitaGomes(allWorldBank),AlexCiborowska,EmmaNgoga,andFrancisRalambotsiferanaRatsimbazafy(allWorldBankexternalexperts).LillySibleszdeDoldan,VanessaGuerrero,JesseSteil,David

Ramirez(allIMF),GulmiraAkshatyrovaandAigerimAlpkarina(allWorldBank)provided

administrativesupport.WethankZoltanJakab,ManishaPatel,HannahSheldon,Ashley

Lannquist,KaterynaZhabska,HugoRojas-Romagosa,MohamadNassar(allIMF)forsupportingtheanalysisofthisreport.

ThemissionmetwithseniorofficialsattheAgencyoftheRepublicofKazakhstanforRegulationandDevelopmentofFinancialMarket(ARDFM),theNationalBankofKazakhstan(NBK),the

MinistryofFinance(MoF)andotherministriesandpublicagencies,aswellasstaffinprivateanddevelopmentfinancialinstitutions,andseveralotherstakeholders.

AssessmentsundertakenbytheFundundertheFSAPassessthestabilityofthefinancialsystemandnotthatofindividualinstitutions.Theyaimathelpingcountriesidentifykeythreatsto

systemicfinancialstability,andpoliciestoenhancetheirresiliencetoshocksandcontagion.Certaincategoriesofriskaffectingfinancialinstitutions,suchasoperationalorlegalrisks,orrisksrelatedtofraud,arenotcoveredinFSAPassessment.

ThisreportwaspreparedbytheKazakhstanFSAPteam.

2INTERNATIONALMONETARYFUND

REPUBLICOFKAZAKHSTAN

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CONTENTS

Glossary

5

EXECUTIVESUMMARY

8

BACKGROUND

12

FINANCIALSYSTEMSTRUCTURE

14

SYSTEMICVULNERABILITIESANDSOURCESOFRISKS

18

A.SystemicVulnerabilities

18

B.MacrofinancialScenarios

19

C.StressTestsandLiquidityAnalysis

20

D.ConsumerLendingRiskAnalysis

24

E.Climate-RelatedRiskAnalysis

26

FINANCIALSECTOROVERSIGHT

28

A.MacroprudentialFramework

28

B.BankingRegulationandSupervision

29

C.RegulationandSupervisionofCryptoAssets

31

D.TheAIFCandtheDomesticFinancialSystem

31

E.FinancialIntegrity(AML/CFT)

32

FINANCIALCRISISMANAGEMENTANDRESOLUTION

32

FINANCIALSECTORDEVELOPMENT

34

AUTHORITIES’VIEWS

34

FIGURES

1.CreditDevelopments

13

2.PolicyandExchangeRates

14

3.FinancialSoundnessIndicators,Cross-CountryComparison

16

4.BankingSectorPanel

17

5.SolvencyStressTestScenario

20

6.BankSolvencyStressTestResults

23

7.BankLiquidityStressTestResults

24

8.HouseholdIndebtednessandConsumerLending

25

9.ResultsfromClimateRiskAnalysis—MicroApproach

27

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10.ResultsfromClimateRiskAnalysis—MacroApproach

28

11.MacroprudentialDecisionMaking

29

12.RecoveryandResolutionScheme

33

TABLES

1.MainRecommendations

10

2.StructureoftheFinancialSystem

14

APPENDICES

I.SelectedEconomicIndicators

36

II.FinancialSoundnessIndicators

37

III.KeyMessagesfromLatestIMFReports

38

IV.RecentMCMTechnicalAssistanceActivities

39

V.RecentArticleIVRecommendationsRelatedtotheFinancialSector

40

VI.RiskAssessmentMatrix

41

VII.TheDigitalTenge

43

VIII.StressTestingMatrix

46

REPUBLICOFKAZAKHSTAN

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Glossary

AFSA

AstanaFinancialServicesAuthority(partofAIFC)

AIFC

AstanaInternationalFinancialCenter

AIX

AstanaInternationalExchange

AML/CFT

Anti-MoneyLaundering/CounteringtheFinancingofTerrorism

AQR

AssetQualityReview

ARDFM

AgencyoftheRepublicofKazakhstanforRegulationandDevelopmentofFinancialMarkets

ASPR

AgencyforStrategicPlanningandReforms

BCP

BaselCorePrinciplesforEffectiveBankingSupervision

BIS

BankforInternationalSettlements

BOP

BalanceofPayments

CBAM

CarbonBorderAdjustmentMechanism

CBDC

CentralBankDigitalCurrency

CCyB

CountercyclicalCapitalBuffer

CET1

CoreEquityTier1

COVID-19

CoronavirusDisease

CPC

CaspianPipelineConsortium

CPI

ConsumerPriceIndex

DAR

DetailedAssessmentReport

DICPs

CorePrinciplesforEffectiveDepositInsuranceSystems

DIF

DepositInsuranceFund

DLT

DistributedLedgerTechnology

DSGE

DynamicStochasticGeneralEquilibrium

D-SIBs

DomesticSystemicallyImportantBanks

DSTI

Debt-Service-to-Income

DT

DigitalTenge

EAG

EurasianGrouponCombatingMoneyLaunderingandtheFinancingofTerrorism

EIR

EffectiveInterestRate

ELA

EmergencyLiquidityAssistance

EM

EmergingMarket

EU

EuropeanUnion

FATF

FinancialActionTaskForce

FDI

ForeignDirectInvestment

FHC

FinancialHoldingCompany

FSAP

FinancialSectorAssessmentProgram

FSB

FinancialStabilityBoard

FSC

FinancialStabilityCounciloftheRepublicofKazakhstan

FSI

FinancialSoundnessIndicator

FSSA

FinancialSystemStabilityAssessment

FX

ForeignExchange

REPUBLICOFKAZAKHSTAN

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GDP

GrossDomesticProduct

GFSR

GlobalFinancialStabilityReport

GHG

GreenhouseGas

G-SIB

GlobalSystemicallyImportantBank

HQLA

HighQualityLiquidAssets

IADI

InternationalAssociationofDepositInsurers

IEA

InternationalEnergyAgency

IFRS

InternationalFinancialReportingStandard

IIP

InternationalInvestmentPosition

IMF

InternationalMonetaryFund

IRRBB

InterestRateRiskintheBankingBook

JSIFC

JurisdictionallySeparateInternationalFinancialCenter

KA

KeyAttributes

KASE

KazakhstanStockExchange

KDIF

KazakhstanDepositInsuranceFund

KZT

KazakhstaniTenge

LCR

LiquidityCoverageRatio

LoLR

LenderofLastResort

LTV

Loan-to-Value

MCM

MonetaryandCapitalMarketsDepartment,IMF

MEGNR

MinistryofEcology,Geology,andNaturalResources

MER

MutualEvaluationReport

MES

MinistryofEmergencySituations

MFI

MicrofinanceInstitution

MIID

MinistryofIndustryandInfrastructuralDevelopment

ML/TF

MoneyLaundering/TerroristFinancing

MNE

MinistryofNationalEconomy

MoA

MinistryofAgriculture

MoE

MinistryofEnergy

MoF

MinistryofFinance

MoU

MemorandumofUnderstanding

MSME

Micro,SmallandMedium-sizedEnterprise

NBFI

Non-BankFinancialInstitution

NBK

NationalBankofKazakhstan

NDC

NationallyDeterminedContribution

NFC

NonfinancialCorporations

NFRK

NationalFundoftheRepublicofKazakhstan

NGFS

NetworkforGreeningtheFinancialSystem

NII

NetInterestIncome

NOP

NetOpenPosition

NPC

NationalPaymentsCorporation

NPL

Non-performingLoans

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NSFR

NetStableFundingRatio

NZE

NetZeroEmissions

OMO

OpenMarketOperation

P&A

PurchaseandAssumption

PCG

PartialCreditGuarantee

PD

ProbabilityofDefault

PLF

ProblemLoanFund

RAM

RiskAssessmentMatrix

RWA

RiskWeightedAsset

ROSC

ReportontheObservanceofStandardsandCodes

SDN

SpeciallyDesignatedNationalsandBlockedPersons

SIFI

SystemicallyImportantFinancialInstitution

SME

SmallandMediumSizeEnterprise

SOE

State-OwnedEnterprises

SREP

SupervisoryReviewandExaminationProcess

ST

StressTest

STeM

StressTestMatrix

TD

Top-down

TLAC

TotalLossAbsorbingCapacity

UAPF

UnifiedAccumulativePensionFund

USD

UnitedStatesDollar

WB

WorldBank

WEO

WorldEconomicOutlook

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EXECUTIVESUMMARY

SincethelastFinancialSectorAssessmentProgram(FSAP)in2014,thefinancialsystem

underwentsignificantchanges.Majordevelopmentsincludestressepisodesimpactingthefinancial

sector,withsubsequentclean-upconductedmainlythroughgovernmentbailoutsoftroublebanksand,whenfeasible,throughcapitalinjectionsbybanks’shareholdersandalsobyusingtheoperatingincomeofbanks;abalancesheetrecompositionfromcorporatetoconsumerandmortgageloans;continued

de-dollarizationofthebankingsectors’assetsandliabilities;increasedmarketconcentrationandstate

footprint;theestablishmentoftheAgencyoftheRepublicofKazakhstanforRegulationand

DevelopmentofFinancialMarkets(ARDFM)assupervisoryandresolutionagencyin2020;andthelaunchoftheAstanaInternationalFinancialCenter(AIFC)in2018.

DespiteKazakhstan’sachievements,particularlyimplementingrisk-basedsupervision,long-standingchallengesremainwhilenewriskshaveemerged.Thestockofproblemassetsfrom

previouscriseshasnotbeencompletelyresolved.Relatedpartytransactionsneedtobecontinuously

monitoredandassessed.Stronggrowthinconsumerlendingisakeyemergingrisk,compoundedby

datagapsthathinderproperquantificationandmonitoring.GivenKazakhstan’shighdependenceonthehydrocarbonsector,thefinancialsystemcouldbeaffectedbythedomesticimplicationsofglobal

climateriskmitigationpolicies.Finally,becauseofrecentchangesinKazakhstan’stradepatterns,thereisariskofsecondarysanctionsimposedondomesticentities.

Scenario-basedriskanalysispointstoabroadlyresilientfinancialsystem,withsome

vulnerabilitieswarrantingattention.Capitaladequacyratiosinaggregatewouldremainrobustunderanadversescenario,withlargersolvencyrisksforsomesmallerbanks.Theconcentrationoflargedepositsinsomebankscouldheightenliquidityrisksconnectedtodepositoutflows.Large

domesticnonfinancialcorporates,whichinaggregatearemostlyfundedexternally,areexposedtorefinancingrisk,highlightingtheimportanceofstrengtheningthemonitoringofforeigncurrencyliquidityrisk.TheclimateriskanalysissuggeststhatKazakhstanisexposedtosignificanttransitionriskfromdomesticand,moreimportantly,globalclimatepolicies.

Financialsectoroversighthasimproved,butitwouldbenefitfromfurtherstrengthening.

Effortsshouldtargetthefollowingkeyareas:

•Independenceandresources.ThelegalframeworkshouldbeamendedtostrengthenARDFMpowers,ensuringitsfinancialindependenceandautonomyindecidingitsorganizational

structure.Thelegalframeworkshouldalsoenshrinetheprimacyoftheobjectiveofsafetyandsoundnessofsupervisedentities.

•Problemassetsandrelatedpartytransactions.Theprudentialframeworkforproblemassetsandprovisioningmustbemorecloselyalignedwithinternationalstandards.Relatedparty

lendingtransactionsshouldbebetteridentifiedandquantified,whilethearm’slengthprincipleshouldbeappliedtotransfersofproblemassetsfrombankstotheirassetmanagement

companies.

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•Consolidatedsupervision.Riskmanagementandkeyprudentialrequirementsonbanking

groupsshouldbealignedtoBaselstandardsbyfinalizingtheongoingworkbytheARDFMinthisarea.

Consumerlendingisanemergingrisktofinancialst