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Since the 2008 Financial Sector Assessment Program (FSAP), the financial sector of the West African Economic and Monetary Union (WAEMU) has undergone major changes that have altered its risk profile. Three structural changes have played a key role since the 2008 FSAP: (i) the financial sector has grown significantly; (ii) regional banking groups have become dominant; and (iii) the high concentration of bank portfolios in sovereign exposures, which accounted for an average of 31 percent of banking assets at end-2020, are almost triple the level observed in 2004. These changes have altered the structure of systemic risks and vulnerabilities and raised the need for implementing reforms to strengthen the effectiveness of the macroprudential policy and banking supervision frameworks.

Money and Monetary Policy --- International Economics --- Finance: General --- Macroeconomics --- Banks and Banking --- Monetary Policy --- International Agreements and Observance --- International Organizations --- General Financial Markets: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary economics --- International institutions --- Finance --- Banking --- Monetary policy --- International organization --- Macroprudential policy --- Financial sector policy and analysis --- Financial sector stability --- Systemic risk --- Commercial banks --- Financial institutions --- Financial sector risk --- International agencies --- Financial risk management --- Financial services industry --- Economic policy --- Banks and banking

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The U.K. financial sector is globally systemic, open, and complex. It has weathered the COVID-19 pandemic fittingly, thanks to the post-GFC reforms, a proactive macroprudential stance, and an effective multipronged response to maintain financial stability. Brexit uncertainties are being handled appropriately as the U.K. and EU authorities and the financial industry collaborate to prevent undesirable financial stability outcomes. The endpoint of the pandemic remains unclear, as does the actual impact on the financial system once support measures wane. At this juncture, therefore, financial stability conditions in the United Kingdom are being shaped by three key considerations: (i) the evolving U.K.-EU relationship on financial services; (ii) securing a sustainable and robust post-pandemic economic recovery; and (iii) successfully managing ongoing structural transitions.

Money and Monetary Policy --- International Economics --- Finance: General --- Industries: Financial Services --- Business and Financial --- Monetary Policy --- International Agreements and Observance --- International Organizations --- General Financial Markets: Government Policy and Regulation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Institutions and Services: Government Policy and Regulation --- Monetary economics --- International institutions --- Finance --- Financial services law & regulation --- Monetary policy --- International organization --- Financial sector stability --- Financial sector policy and analysis --- Financial services --- Financial sector risk --- Insurance companies --- Financial institutions --- Nonbank financial institutions --- Financial Sector Assessment Program --- International agencies --- Financial services industry --- Financial risk management --- Law and legislation --- United Kingdom

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The U.K. financial sector is globally systemic, open, and complex. It has weathered the COVID-19 pandemic fittingly, thanks to the post-GFC reforms, a proactive macroprudential stance, and an effective multipronged response to maintain financial stability. Brexit uncertainties are being handled appropriately as the U.K. and EU authorities and the financial industry collaborate to prevent undesirable financial stability outcomes. The endpoint of the pandemic remains unclear, as does the actual impact on the financial system once support measures wane. At this juncture, therefore, financial stability conditions in the United Kingdom are being shaped by three key considerations: (i) the evolving U.K.-EU relationship on financial services; (ii) securing a sustainable and robust post-pandemic economic recovery; and (iii) successfully managing ongoing structural transitions.

United Kingdom --- Money and Monetary Policy --- International Economics --- Finance: General --- Industries: Financial Services --- Business and Financial --- Monetary Policy --- International Agreements and Observance --- International Organizations --- General Financial Markets: Government Policy and Regulation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Institutions and Services: Government Policy and Regulation --- Monetary economics --- International institutions --- Finance --- Financial services law & regulation --- Monetary policy --- International organization --- Financial sector stability --- Financial sector policy and analysis --- Financial services --- Financial sector risk --- Insurance companies --- Financial institutions --- Nonbank financial institutions --- Financial Sector Assessment Program --- International agencies --- Financial services industry --- Financial risk management --- Law and legislation

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This Toolkit is aimed primarily at policy makers, financial institutions, and enterprises. It examines different types of corporate restructuring procedures on the basis that one size does not fit across all jurisdictions. Recent experience of the operation of corporate restructuring regimes around the world demonstrates that such regimes must appropriately account for domestic considerations, including a jurisdiction's institutional and regulatory framework. This Toolkit, a revised and updated version of the 2016 publication, incorporates wide-ranging updates that reflects this experience. It describes matters relevant to the adoption of workout frameworks for a broad range of types of corporate restructuring procedures, some of which provide for a role for courts or regulatory authorities. This widened perspective highlights considerations of particular relevance in the context of the COVID-19 pandemic, a crisis that makes restructuring viable businesses especially important.

Bankruptcy and Resolution of Financial Distress --- Finance and Financial Sector Development --- Insolvency --- Microenterprises --- Private Sector Development --- Small and Medium Size Enterprises

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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.

Money and Monetary Policy --- International Economics --- Finance: General --- Macroeconomics --- Banks and Banking --- Monetary Policy --- International Agreements and Observance --- International Organizations --- General Financial Markets: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Financial Institutions and Services: Government Policy and Regulation --- Monetary economics --- International institutions --- Finance --- Financial services law & regulation --- Monetary policy --- International organization --- Macroprudential policy --- Financial sector policy and analysis --- Systemic risk assessment --- Financial sector stability --- Financial sector risk --- Liquidity requirements --- Financial regulation and supervision --- International agencies --- Financial risk management --- Financial services industry --- Economic policy --- Banks and banking --- State supervision --- Colombia