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| "text": "However, the team did not think that voting power over policy decision on the part of the CSO could be justified, and suggested to limit the role of the CSO to that of an observer.", |
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| "text": "The team broadly supported the proposals made by the NBP on the composition of the Systemic Risk Board.", |
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| "text": "Despite a range of macroprudential actions taken by the authorities since 2006 (Table 3) foreign exchange mortgage lending continued (currently standing at 63 percent of total mortgage loans) posing credit and liquidity risks, and complicating monetary policy transmission in Poland.", |
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| "text": "The NBP has taken the lead in preparing draft legislation to establish a Systemic Risk Board in Poland and invited an IMF mission to assess and discuss the draft proposals.", |
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| "text": "The banking system is profitable, well capitalized, and liquid; however the level of nonperforming loans remains elevated, even if a pick-up in loan growth has recently led to some decrease (Table 2).", |
| "verbatim": "The banking system is profitable, well capitalized, and liquid; however the level of nonperforming loans remains elevated, even if a pick-up in loan growth has recently led to some decrease (Table 2).", |
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| "text": "How to ensure effective communication with the public and markets and strong accountability for macroprudential policy?", |
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| "text": "How to ensure that the Systemic Risk Board has access to all relevant information for effective policy making?", |
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| "text": "How to ensure that the Systemic Risk Board has adequate powers and mechanisms to activate an appropriate range of macroprudential policy tools?", |
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| "text": "How to ensure the Systemic Risk Board has the appropriate composition and governance (e.g., voting procedures)?", |
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| "text": "How to formulate the objectives and tasks of the new Systemic Risk Board?", |
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| "text": "In Europe, establishment of the EU European Systemic Risk Board (ESRB) in early-2011 is a useful step towards establishing a macroprudential policy function across the EU.", |
| "verbatim": "In Europe, establishment of the EU European Systemic Risk Board (ESRB) in early-2011 is a useful step towards establishing a macroprudential policy function across the EU.", |
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| "text": "In small open economies in particular, these risks are not easily contained by traditional monetary policy but require more targeted prudential intervention that acts more directly to constrain excessive credit and leverage as well as overexposure to aggregate shocks, such as changes in exchange rates and asset prices.", |
| "verbatim": "In small open economies in particular, these risks are not easily contained by traditional monetary policy but require more targeted prudential intervention that acts more directly to constrain excessive credit and leverage as well as overexposure to aggregate shocks, such as changes in exchange rates and asset prices.", |
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| "text": "The authorities are aware that financial sector risks and macroeconomic developments interact strongly and that the sources and level of systemic risk are likely to evolve with time.", |
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| "text": "A leading role can ensure that macroprudential policy draws on the NBP’s expertise in the analysis of financial and macroeconomic developments and that it will harness the incentives of the NBP to ensure that macroprudential policy is pursued effectively.", |
| "verbatim": "A leading role can ensure that macroprudential policy draws on the NBP’s expertise in the analysis of financial and macroeconomic developments and that it will harness the incentives of the NBP to ensure that macroprudential policy is pursued effectively.", |
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| "text": "However, the team conceded that safeguards were needed to protect against a conflict in competencies of various public bodies and to counter expectations for the Systemic Risk Board that cannot then be met.", |
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| "text": "In particular, the KNF welcomed the idea of receiving recommendations by the Systemic Risk Board.", |
| "verbatim": "In particular, the KNF welcomed the idea of receiving recommendations by the Systemic Risk Board.", |
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| "text": "It also meshes with the NBP’s membership of the ESRB, allowing for strong coordination between the Polish and the European Systemic Risk Board in mitigating risks.", |
| "verbatim": "It also meshes with the NBP’s membership of the ESRB, allowing for strong coordination between the Polish and the European Systemic Risk Board in mitigating risks.", |
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| "text": "It viewed the Systemic Risk Board as a natural ally in the formulation of macroprudential policy.", |
| "verbatim": "It viewed the Systemic Risk Board as a natural ally in the formulation of macroprudential policy.", |
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| "text": "The KNF also saw the Systemic Risk Board as the natural place to bring together potentially complementary macro- and microprudential perspectives in formulating prudential policy.", |
| "verbatim": "The KNF also saw the Systemic Risk Board as the natural place to bring together potentially complementary macro- and microprudential perspectives in formulating prudential policy.", |
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| "text": "The KNF underlined synergies between its own objectives and those of the Systemic Risk Board.", |
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| "text": "The MoF was concerned that a broad scope might lead to a lack of clarity in view of existing responsibilities in macroeconomic policy.", |
| "verbatim": "The MoF was concerned that a broad scope might lead to a lack of clarity in view of existing responsibilities in macroeconomic policy.", |
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| "text": "The team argued that the crisis had shown that macroeconomic, especially external, imbalances, were often a key driver of the build-up of financial sector risks.", |
| "verbatim": "The team argued that the crisis had shown that macroeconomic, especially external, imbalances, were often a key driver of the build-up of financial sector risks.", |
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| "text": "in advanced countries has been that distribution of risks can shift quickly, not least in response to existing and static regulatory constraints.", |
| "verbatim": "in advanced countries has been that distribution of risks can shift quickly, not least in response to existing and static regulatory constraints.", |
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| "text": "IMF research suggests that these tools can be effective in mitigating systemic risk, especially when used in combination with other macroprudential tools (Table 5).", |
| "verbatim": "IMF research suggests that these tools can be effective in mitigating systemic risk, especially when used in combination with other macroprudential tools (Table 5).", |
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| "text": "International developments at the level of the FSB and the BCBS will also shape national approaches to contain the risks from domestic systemically important financial institutions (SIFIs).", |
| "verbatim": "International developments at the level of the FSB and the BCBS will also shape national approaches to contain the risks from domestic systemically important financial institutions (SIFIs).", |
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| "text": "International standards developed under the auspices of the Financial Stability Board (FSB) and Basel Committee on Banking Supervision (BCBS) and their implementation through EU directives and regulations can open the way for national application of new tools capable of addressing systemic risks that are developed at these levels (Appendix I).", |
| "verbatim": "International standards developed under the auspices of the Financial Stability Board (FSB) and Basel Committee on Banking Supervision (BCBS) and their implementation through EU directives and regulations can open the way for national application of new tools capable of addressing systemic risks that are developed at these levels (Appendix I).", |
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| "quote": "International standards developed under the auspices of the Financial Stability Board (FSB) and Basel Committee on Banking Supervision (BCBS) and their implementation through EU directives and regulations can open the way for national application of new tools capable of addressing systemic risks that are developed at these levels (Appendix I).", |
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| { |
| "text": "Legal constraints on macroprudential policy in Poland", |
| "verbatim": "Legal constraints on macroprudential policy in Poland", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "Legal constraints on macroprudential policy in Poland", |
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| "quote": "Legal Constraints on Macroprudential Policy in Poland", |
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| "text": "The directive creates additional room for instruments to tackle systemic risks, subject to control by the European institutions, allowing for tighter standards in a number of areas, including risk weights for residential and commercial property, liquidity requirements, and large exposures, which can again be determined by either the designated or the competent authority.", |
| "verbatim": "The directive creates additional room for instruments to tackle systemic risks, subject to control by the European institutions, allowing for tighter standards in a number of areas, including risk weights for residential and commercial property, liquidity requirements, and large exposures, which can again be determined by either the designated or the competent authority.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
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| { |
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| "quote": "The directive creates additional room for instruments to tackle systemic risks, subject to control by the European institutions, allowing for tighter standards in a number of areas, including risk weights for residential and commercial property, liquidity requirements, and large exposures, which can again be determined by either the designated or the competent authority.", |
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| "text": "3 For example, following IMF (2009) the FSB has accepted “systemic risk” to be defined as “the risk of widespread disruptions to the provision of financial services that have serious negative consequences for the economy at large.” The draft CRD IV Directive (Article 98a) proposes the following definition: “risk of disruption in the financial system with the potential to have serious negative consequences for the financial system and the real economy.”", |
| "verbatim": "3 For example, following IMF (2009) the FSB has accepted “systemic risk” to be defined as “the risk of widespread disruptions to the provision of financial services that have serious negative consequences for the economy at large.” The draft CRD IV Directive (Article 98a) proposes the following definition: “risk of disruption in the financial system with the potential to have serious negative consequences for the financial system and the real economy.”", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
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| "quote": "3 For example, following IMF (2009) the FSB has accepted “systemic risk” to be defined as “the risk of widespread disruptions to the provision of financial services that have serious negative consequences for the economy at large.” The draft CRD IV Directive (Article 98a) proposes the following definition: “risk of disruption in the financial system with the potential to have serious negative consequences for the financial system and the real economy.”", |
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| "text": "Adapting this to the Polish case, the law could require the Systemic Risk Board to consider (i) systemic risks from “a build-up of unsustainable levels of leverage, debt or credit growth, including when these arise in the context of macroeconomic imbalances,” and (ii) systemic", |
| "verbatim": "Adapting this to the Polish case, the law could require the Systemic Risk Board to consider (i) systemic risks from “a build-up of unsustainable levels of leverage, debt or credit growth, including when these arise in the context of macroeconomic imbalances,” and (ii) systemic", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
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| "quote": "Adapting this to the Polish case, the law could require the Systemic Risk Board to consider (i) systemic risks from “a build-up of unsustainable levels of leverage, debt or credit growth, including when these arise in the context of macroeconomic imbalances,” and (ii) systemic", |
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| { |
| "text": "From the list of tasks (Article 5) the Systemic Risk Board is meant to address both the “time dimension” and the “structural dimension” of systemic risk.", |
| "verbatim": "From the list of tasks (Article 5) the Systemic Risk Board is meant to address both the “time dimension” and the “structural dimension” of systemic risk.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "quote": "From the list of tasks (Article 5) the Systemic Risk Board is meant to address both the “time dimension” and the “structural dimension” of systemic risk.", |
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| "text": "In line with the definition of macroprudential policy developed by the IMF, FSB and BIS, the draft Act defines the objective of “macroprudential supervision” as “to identify and contain systemic risk.” (Article 2).", |
| "verbatim": "In line with the definition of macroprudential policy developed by the IMF, FSB and BIS, the draft Act defines the objective of “macroprudential supervision” as “to identify and contain systemic risk.” (Article 2).", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "page": 16, |
| "quote": "In line with the definition of macroprudential policy developed by the IMF, FSB and BIS, the draft Act defines the objective of “macroprudential supervision” as “to identify and contain systemic risk.” (Article 2).", |
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| "observation_id": "cr-2012-276-obs-0048" |
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| { |
| "text": "Moreover, constitutional autonomy protection for the NBP and the EU ban on instructions to central banks could potentially prohibit any influence by the Systemic Risk Board on tasks performed by the NBP and its organs (including establishing minimum reserve requirements and overseeing the payment systems) even if such influence would be desirable from a macroprudential policy perspective.", |
| "verbatim": "Moreover, constitutional autonomy protection for the NBP and the EU ban on instructions to central banks could potentially prohibit any influence by the Systemic Risk Board on tasks performed by the NBP and its organs (including establishing minimum reserve requirements and overseeing the payment systems) even if such influence would be desirable from a macroprudential policy perspective.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-78f99bddb9b605de", |
| "page": 16, |
| "quote": "Moreover, constitutional autonomy protection for the NBP and the EU ban on instructions to central banks could potentially prohibit any influence by the Systemic Risk Board on tasks performed by the NBP and its organs (including establishing minimum reserve requirements and overseeing the payment systems) even if such influence would be desirable from a macroprudential policy perspective.", |
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| "observation_id": "cr-2012-276-obs-0049" |
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| { |
| "text": "Systemic Risk Board, to issue binding normative acts.", |
| "verbatim": "Systemic Risk Board, to issue binding normative acts.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
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| "page": 16, |
| "quote": "Systemic Risk Board, to issue binding normative acts.", |
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| { |
| "text": "The concept of systemic risk can be further elaborated in the law.", |
| "verbatim": "The concept of systemic risk can be further elaborated in the law.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
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| "page": 16, |
| "quote": "The concept of systemic risk can be further elaborated in the law.", |
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| "text": "[2] The IMF also provided a definition of systemic risk in 2009 which was subsequently adopted by numerous other international bodies, including FSB and the BCBS.", |
| "verbatim": "[2] The IMF also provided a definition of systemic risk in 2009 which was subsequently adopted by numerous other international bodies, including FSB and the BCBS.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "page": 16, |
| "quote": "[2] The IMF also provided a definition of systemic risk in 2009 which was subsequently adopted by numerous other international bodies, including FSB and the BCBS.", |
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| "text": "[3] According to this definition, systemic risk is the “risk of widespread disruption to the provision of financial services that is caused by an impairment of all or parts of the financial system, with serious negative consequences for the real economy.” A variation of this definition (but with an add-on referring to macroeconomic imbalances) is reflected in the draft law (Article 3(2)).", |
| "verbatim": "[3] According to this definition, systemic risk is the “risk of widespread disruption to the provision of financial services that is caused by an impairment of all or parts of the financial system, with serious negative consequences for the real economy.” A variation of this definition (but with an add-on referring to macroeconomic imbalances) is reflected in the draft law (Article 3(2)).", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "page": 16, |
| "quote": "[3] According to this definition, systemic risk is the “risk of widespread disruption to the provision of financial services that is caused by an impairment of all or parts of the financial system, with serious negative consequences for the real economy.” A variation of this definition (but with an add-on referring to macroeconomic imbalances) is reflected in the draft law (Article 3(2)).", |
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| "text": "Accordingly, the law could task the Systemic Risk Board with developing this approach; potentially including the determination of a list of systemically important institutions (see further Appendix I).", |
| "verbatim": "Accordingly, the law could task the Systemic Risk Board with developing this approach; potentially including the determination of a list of systemically important institutions (see further Appendix I).", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "page": 17, |
| "quote": "Accordingly, the law could task the Systemic Risk Board with developing this approach; potentially including the determination of a list of systemically important institutions (see further Appendix I).", |
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| "text": "For example, the tasks could include that the Systemic Risk Board “considers and discusses analysis, risk assessments, and other information provided by members of the Systemic Risk Board relevant to the objectives of the Systemic Risk Board.” This would in practice include the report on macroeconomic imbalances that is planned by the NBP and the FSR already produced by the NBP but could also include analysis by other constituent agencies, such as the KNF and BGF.", |
| "verbatim": "For example, the tasks could include that the Systemic Risk Board “considers and discusses analysis, risk assessments, and other information provided by members of the Systemic Risk Board relevant to the objectives of the Systemic Risk Board.” This would in practice include the report on macroeconomic imbalances that is planned by the NBP and the FSR already produced by the NBP but could also include analysis by other constituent agencies, such as the KNF and BGF.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "quote": "For example, the tasks could include that the Systemic Risk Board “considers and discusses analysis, risk assessments, and other information provided by members of the Systemic Risk Board relevant to the objectives of the Systemic Risk Board.” This would in practice include the report on macroeconomic imbalances that is planned by the NBP and the FSR already produced by the NBP but could also include analysis by other constituent agencies, such as the KNF and BGF.", |
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| "observation_id": "cr-2012-276-obs-0055" |
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| { |
| "text": "However, particular issues arise since the supervision of individual institutions falls under the remit of the KNF, while resolution will rest with the BGF.", |
| "verbatim": "However, particular issues arise since the supervision of individual institutions falls under the remit of the KNF, while resolution will rest with the BGF.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "page": 17, |
| "quote": "However, particular issues arise since the supervision of individual institutions falls under the remit of the KNF, while resolution will rest with the BGF.", |
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| "text": "On the other hand, it is clear that an integrated and multipronged approach is needed to effectively contain the risk from systemically important institutions.", |
| "verbatim": "On the other hand, it is clear that an integrated and multipronged approach is needed to effectively contain the risk from systemically important institutions.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
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| { |
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| "quote": "On the other hand, it is clear that an integrated and multipronged approach is needed to effectively contain the risk from systemically important institutions.", |
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| { |
| "text": "The Systemic Risk Board is well placed to develop this approach, in line with evolving international standards for Domestic Systemically Important Banks (D-SIBs).", |
| "verbatim": "The Systemic Risk Board is well placed to develop this approach, in line with evolving international standards for Domestic Systemically Important Banks (D-SIBs).", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
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| "quote": "The Systemic Risk Board is well placed to develop this approach, in line with evolving international standards for Domestic Systemically Important Banks (D-SIBs).", |
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| { |
| "text": "The description of tasks of the Systemic Risk Board in risk identification could more clearly indicate that the Board will consider analysis provided by other bodies rather than conduct its own analysis.", |
| "verbatim": "The description of tasks of the Systemic Risk Board in risk identification could more clearly indicate that the Board will consider analysis provided by other bodies rather than conduct its own analysis.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "quote": "The description of tasks of the Systemic Risk Board in risk identification could more clearly indicate that the Board will consider analysis provided by other bodies rather than conduct its own analysis.", |
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| { |
| "text": "This would open the way for the Systemic Risk Board to be involved in the determination of not only the countercyclical capital buffer but of further macroprudential tools, as described above and in Appendix I.", |
| "verbatim": "This would open the way for the Systemic Risk Board to be involved in the determination of not only the countercyclical capital buffer but of further macroprudential tools, as described above and in Appendix I.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
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| "quote": "This would open the way for the Systemic Risk Board to be involved in the determination of not only the countercyclical capital buffer but of further macroprudential tools, as described above and in Appendix I.", |
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| }, |
| { |
| "text": "risks “attributable to structural features of financial markets or to the distribution of risks within the financial sector.”", |
| "verbatim": "risks “attributable to structural features of financial markets or to the distribution of risks within the financial sector.”", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
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| "quote": "risks “attributable to structural features of financial markets or to the distribution of risks within the financial sector.”", |
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| }, |
| { |
| "text": "In addition, when the Systemic Risk Board functions as the designated authority under the CRD IV, its ability to use and calibrate further specific tools that flow from this directive can be established in the context of transposing this directive into Polish law.", |
| "verbatim": "In addition, when the Systemic Risk Board functions as the designated authority under the CRD IV, its ability to use and calibrate further specific tools that flow from this directive can be established in the context of transposing this directive into Polish law.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "page": 18, |
| "quote": "In addition, when the Systemic Risk Board functions as the designated authority under the CRD IV, its ability to use and calibrate further specific tools that flow from this directive can be established in the context of transposing this directive into Polish law.", |
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| }, |
| { |
| "text": "Recommendations addressed to other public bodies are likely to be a fairly effective instrument.", |
| "verbatim": "Recommendations addressed to other public bodies are likely to be a fairly effective instrument.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "page": 18, |
| "quote": "Recommendations addressed to other public bodies are likely to be a fairly effective instrument.", |
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| { |
| "text": "The Polish Constitution constrains the Systemic Risk Board’s ability to issue normative acts and prohibits it from issuing regulations, as discussed further in Appendix II.", |
| "verbatim": "The Polish Constitution constrains the Systemic Risk Board’s ability to issue normative acts and prohibits it from issuing regulations, as discussed further in Appendix II.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-415b6fe3dce2fce0", |
| "page": 18, |
| "quote": "The Polish Constitution constrains the Systemic Risk Board’s ability to issue normative acts and prohibits it from issuing regulations, as discussed further in Appendix II.", |
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| }, |
| { |
| "text": "The mission is broadly supportive of the overall approach taken to ensure the Systemic Risk Board has an appropriate range of policy tools but recommends that the description of tools be further refined and adapted.", |
| "verbatim": "The mission is broadly supportive of the overall approach taken to ensure the Systemic Risk Board has an appropriate range of policy tools but recommends that the description of tools be further refined and adapted.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
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| "quote": "The mission is broadly supportive of the overall approach taken to ensure the Systemic Risk Board has an appropriate range of policy tools but recommends that the description of tools be further refined and adapted.", |
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| "text": "The policy tools established for the Systemic Risk Board are broadly in line with emerging international practice.", |
| "verbatim": "The policy tools established for the Systemic Risk Board are broadly in line with emerging international practice.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "The policy tools established for the Systemic Risk Board are broadly in line with emerging international practice.", |
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| "text": "These constraints may not be met for all tools that will be available under the CRD IV or that would more generally be desirable for a macroprudential body to have.", |
| "verbatim": "These constraints may not be met for all tools that will be available under the CRD IV or that would more generally be desirable for a macroprudential body to have.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "These constraints may not be met for all tools that will be available under the CRD IV or that would more generally be desirable for a macroprudential body to have.", |
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| "text": "When the Systemic Risk Board is the designated authority under the CRD IV, its decisions on the calibration of tools would ideally have direct legal force.", |
| "verbatim": "When the Systemic Risk Board is the designated authority under the CRD IV, its decisions on the calibration of tools would ideally have direct legal force.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "evidence_id": "ev-046a76c3092e7675", |
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| "quote": "When the Systemic Risk Board is the designated authority under the CRD IV, its decisions on the calibration of tools would ideally have direct legal force.", |
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| "text": "6 The draft law empowers the Systemic Risk Board to set up working groups, and the mission believes it would be beneficial for a working group involving legal staff from the KNF to be involved in the formulation of recommendations on prudential measures that the KNF is expected to enforce.", |
| "verbatim": "6 The draft law empowers the Systemic Risk Board to set up working groups, and the mission believes it would be beneficial for a working group involving legal staff from the KNF to be involved in the formulation of recommendations on prudential measures that the KNF is expected to enforce.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "6 The draft law empowers the Systemic Risk Board to set up working groups, and the mission believes it would be beneficial for a working group involving legal staff from the KNF to be involved in the formulation of recommendations on prudential measures that the KNF is expected to enforce.", |
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| { |
| "text": "For example, a supervisory agency might have shied away from taking risk-reducing action in anticipation of strong opposition from the financial industry.", |
| "verbatim": "For example, a supervisory agency might have shied away from taking risk-reducing action in anticipation of strong opposition from the financial industry.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "For example, a supervisory agency might have shied away from taking risk-reducing action in anticipation of strong opposition from the financial industry.", |
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| "text": "Recommendations are a natural tool in particular to achieve policy coordination between the Systemic Risk Board and the KNF.", |
| "verbatim": "Recommendations are a natural tool in particular to achieve policy coordination between the Systemic Risk Board and the KNF.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "Recommendations are a natural tool in particular to achieve policy coordination between the Systemic Risk Board and the KNF.", |
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| "text": "Since the MoF has normative powers, and is, in particular, the only member able to issue regulations in the field of financial policy (Appendix II) it will be important for the Systemic Risk Board to make recommendations to the MoF to issue regulations and resolutions that it is empowered to issue under the law.", |
| "verbatim": "Since the MoF has normative powers, and is, in particular, the only member able to issue regulations in the field of financial policy (Appendix II) it will be important for the Systemic Risk Board to make recommendations to the MoF to issue regulations and resolutions that it is empowered to issue under the law.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-310d5e4d3931ca75", |
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| "quote": "Since the MoF has normative powers, and is, in particular, the only member able to issue regulations in the field of financial policy (Appendix II) it will be important for the Systemic Risk Board to make recommendations to the MoF to issue regulations and resolutions that it is empowered to issue under the law.", |
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| { |
| "text": "They are at the disposal also of the European Systemic Risk Board, who can make such recommendations to the European Banking Authority (EBA), among a range of other addressees.", |
| "verbatim": "They are at the disposal also of the European Systemic Risk Board, who can make such recommendations to the European Banking Authority (EBA), among a range of other addressees.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "evidence": [ |
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| "quote": "They are at the disposal also of the European Systemic Risk Board, who can make such recommendations to the European Banking Authority (EBA), among a range of other addressees.", |
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| { |
| "text": "However, a number of considerations weigh against this concern.", |
| "verbatim": "However, a number of considerations weigh against this concern.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "However, a number of considerations weigh against this concern.", |
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| { |
| "text": "Third, legislation in other countries has judged it appropriate for a systemic risk board to make recommendations to constitutional bodies and for such recommendations also to be coupled with a comply or explain mechanism.", |
| "verbatim": "Third, legislation in other countries has judged it appropriate for a systemic risk board to make recommendations to constitutional bodies and for such recommendations also to be coupled with a comply or explain mechanism.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "Third, legislation in other countries has judged it appropriate for a systemic risk board to make recommendations to constitutional bodies and for such recommendations also to be coupled with a comply or explain mechanism.", |
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| { |
| "text": "This concern could arise since, unlike the Systemic Risk Board (or the KNF), the MoF is, as part of the council of ministers, a constitutional body.", |
| "verbatim": "This concern could arise since, unlike the Systemic Risk Board (or the KNF), the MoF is, as part of the council of ministers, a constitutional body.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-d53e375b8827441a", |
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| "quote": "This concern could arise since, unlike the Systemic Risk Board (or the KNF), the MoF is, as part of the council of ministers, a constitutional body.", |
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| "text": "[7] In addition, and in the context of new tools that will be brought into the legal framework through transposition of the CRDIV, the enabling law could specify that the MoF can issue implementing regulations only “on the motion of” the Systemic Risk Board.", |
| "verbatim": "[7] In addition, and in the context of new tools that will be brought into the legal framework through transposition of the CRDIV, the enabling law could specify that the MoF can issue implementing regulations only “on the motion of” the Systemic Risk Board.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-201b2cd203d62cc7", |
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| "quote": "[7] In addition, and in the context of new tools that will be brought into the legal framework through transposition of the CRDIV, the enabling law could specify that the MoF can issue implementing regulations only “on the motion of” the Systemic Risk Board.", |
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| }, |
| { |
| "text": "not to act on recommendations received, or to act on them only with a delay, it is important to counter this risk by ensuring that recommendations can be made public and are subject to a formal comply or explain mechanism.", |
| "verbatim": "not to act on recommendations received, or to act on them only with a delay, it is important to counter this risk by ensuring that recommendations can be made public and are subject to a formal comply or explain mechanism.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-9579e018eefa0753", |
| "page": 20, |
| "quote": "not to act on recommendations received, or to act on them only with a delay, it is important to counter this risk by ensuring that recommendations can be made public and are subject to a formal comply or explain mechanism.", |
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| ], |
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| "extraction_method": "diagnostic_signal_sentence", |
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| "observation_id": "cr-2012-276-obs-0078" |
| }, |
| { |
| "text": "By alerting private sector agents to the build-up of risks, a risk warning may lead to self-correcting changes in investor or borrower behavior that reduce the risk.", |
| "verbatim": "By alerting private sector agents to the build-up of risks, a risk warning may lead to self-correcting changes in investor or borrower behavior that reduce the risk.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-b08d9dc85eed0415", |
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| "quote": "By alerting private sector agents to the build-up of risks, a risk warning may lead to self-correcting changes in investor or borrower behavior that reduce the risk.", |
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| "observation_id": "cr-2012-276-obs-0079" |
| }, |
| { |
| "text": "However, such warnings may not always be effective.", |
| "verbatim": "However, such warnings may not always be effective.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "quote": "However, such warnings may not always be effective.", |
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| { |
| "text": "In particular, if warnings are not backed up by a credible plan to address the risks a warning may not induce sufficiently strong corrections, especially when market failures favor a continued build-up of risks.", |
| "verbatim": "In particular, if warnings are not backed up by a credible plan to address the risks a warning may not induce sufficiently strong corrections, especially when market failures favor a continued build-up of risks.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-847281ef72d7e4d2", |
| "page": 21, |
| "quote": "In particular, if warnings are not backed up by a credible plan to address the risks a warning may not induce sufficiently strong corrections, especially when market failures favor a continued build-up of risks.", |
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| }, |
| { |
| "text": "In this regard, a concern arises since Article 14 of the draft law appears to oblige the Systemic Risk Board to issue warnings “when factors of systemic risk are identified.” In addition, to public warnings, the Systemic Risk Board may benefit from an option to issue confidential warnings that it can address to other public bodies.", |
| "verbatim": "In this regard, a concern arises since Article 14 of the draft law appears to oblige the Systemic Risk Board to issue warnings “when factors of systemic risk are identified.” In addition, to public warnings, the Systemic Risk Board may benefit from an option to issue confidential warnings that it can address to other public bodies.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-87fb786fe2837cca", |
| "page": 21, |
| "quote": "In this regard, a concern arises since Article 14 of the draft law appears to oblige the Systemic Risk Board to issue warnings “when factors of systemic risk are identified.” In addition, to public warnings, the Systemic Risk Board may benefit from an option to issue confidential warnings that it can address to other public bodies.", |
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| ], |
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| "extraction_method": "diagnostic_signal_sentence", |
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| "observation_id": "cr-2012-276-obs-0082" |
| }, |
| { |
| "text": "Risk warnings can even be counterproductive, since they may provoke market responses that precipitate a crisis.", |
| "verbatim": "Risk warnings can even be counterproductive, since they may provoke market responses that precipitate a crisis.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "quote": "Risk warnings can even be counterproductive, since they may provoke market responses that precipitate a crisis.", |
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| { |
| "text": "Systemic Risk Board (other than the NBP) and that these recommendations can also be subject to a comply or explain mechanism.", |
| "verbatim": "Systemic Risk Board (other than the NBP) and that these recommendations can also be subject to a comply or explain mechanism.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "quote": "Systemic Risk Board (other than the NBP) and that these recommendations can also be subject to a comply or explain mechanism.", |
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| }, |
| { |
| "text": "[10] However, there can be no presumption that these recommendations will be enforced by the KNF.", |
| "verbatim": "[10] However, there can be no presumption that these recommendations will be enforced by the KNF.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "[10] However, there can be no presumption that these recommendations will be enforced by the KNF.", |
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| }, |
| { |
| "text": "[9] For public bodies that are not represented on the Board, recommendations may also be possible, but it is less clear that a comply or explain mechanism is appropriate or necessary to ensure the proper effectiveness of macroprudential policy.", |
| "verbatim": "[9] For public bodies that are not represented on the Board, recommendations may also be possible, but it is less clear that a comply or explain mechanism is appropriate or necessary to ensure the proper effectiveness of macroprudential policy.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "page": 21, |
| "quote": "[9] For public bodies that are not represented on the Board, recommendations may also be possible, but it is less clear that a comply or explain mechanism is appropriate or necessary to ensure the proper effectiveness of macroprudential policy.", |
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| ], |
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| }, |
| { |
| "text": "Access to data collected by the CSO on corporations and financial firms not subject to financial supervision and regulation will be useful to the Systemic Risk Board.", |
| "verbatim": "Access to data collected by the CSO on corporations and financial firms not subject to financial supervision and regulation will be useful to the Systemic Risk Board.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-acb0199f1e026dcc", |
| "page": 22, |
| "quote": "Access to data collected by the CSO on corporations and financial firms not subject to financial supervision and regulation will be useful to the Systemic Risk Board.", |
| "source": "document" |
| } |
| ], |
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| "extraction_method": "diagnostic_signal_sentence", |
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| "observation_id": "cr-2012-276-obs-0087" |
| }, |
| { |
| "text": "Access to information by the Systemic Risk Board can build on strong existing data sharing arrangements among the authorities.", |
| "verbatim": "Access to information by the Systemic Risk Board can build on strong existing data sharing arrangements among the authorities.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-d5503f33a50519d5", |
| "page": 22, |
| "quote": "Access to information by the Systemic Risk Board can build on strong existing data sharing arrangements among the authorities.", |
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| } |
| ], |
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| "extraction_method": "diagnostic_signal_sentence", |
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| }, |
| { |
| "text": "However, by virtue of the proposed amendment to the Act on Official Statistics (Article 20 of the draft law), its access to information is intended to include individual (firm-specific) data on such entities.", |
| "verbatim": "However, by virtue of the proposed amendment to the Act on Official Statistics (Article 20 of the draft law), its access to information is intended to include individual (firm-specific) data on such entities.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-8446caf9986780ba", |
| "page": 22, |
| "quote": "However, by virtue of the proposed amendment to the Act on Official Statistics (Article 20 of the draft law), its access to information is intended to include individual (firm-specific) data on such entities.", |
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| { |
| "text": "However, data on corporations and the relevant non-supervised financial entities is likely to be used primarily for analysis of time series risks, potentially including broad trends", |
| "verbatim": "However, data on corporations and the relevant non-supervised financial entities is likely to be used primarily for analysis of time series risks, potentially including broad trends", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "However, data on corporations and the relevant non-supervised financial entities is likely to be used primarily for analysis of time series risks, potentially including broad trends", |
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| "text": "Information brought to the attention of the Systemic Risk Board is subject to appropriately strict confidentiality requirements for its members, including the proposed external experts, as well as NBP staff, and others involved in the work of the Systemic Risk Board.", |
| "verbatim": "Information brought to the attention of the Systemic Risk Board is subject to appropriately strict confidentiality requirements for its members, including the proposed external experts, as well as NBP staff, and others involved in the work of the Systemic Risk Board.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "Information brought to the attention of the Systemic Risk Board is subject to appropriately strict confidentiality requirements for its members, including the proposed external experts, as well as NBP staff, and others involved in the work of the Systemic Risk Board.", |
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| { |
| "text": "Opinions directed at the Parliament may be appropriate also, for example when the Systemic Risk Board wants to express concern related to specific pieces of draft legislation that are being debated by the Sejm.", |
| "verbatim": "Opinions directed at the Parliament may be appropriate also, for example when the Systemic Risk Board wants to express concern related to specific pieces of draft legislation that are being debated by the Sejm.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
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| "quote": "Opinions directed at the Parliament may be appropriate also, for example when the Systemic Risk Board wants to express concern related to specific pieces of draft legislation that are being debated by the Sejm.", |
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| { |
| "text": "The Systemic Risk Board is given a broad “back-up power” to acquire information directly from public and private entities, necessary to perform its tasks (Article 12).", |
| "verbatim": "The Systemic Risk Board is given a broad “back-up power” to acquire information directly from public and private entities, necessary to perform its tasks (Article 12).", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "The Systemic Risk Board is given a broad “back-up power” to acquire information directly from public and private entities, necessary to perform its tasks (Article 12).", |
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| "text": "The draft proposal appropriately contains clauses that extend this framework to enable the authorities to share available information with members of the Systemic Risk Board.", |
| "verbatim": "The draft proposal appropriately contains clauses that extend this framework to enable the authorities to share available information with members of the Systemic Risk Board.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "The draft proposal appropriately contains clauses that extend this framework to enable the authorities to share available information with members of the Systemic Risk Board.", |
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| "text": "In view also of the possibility to base collection of individual data on non-banks on the powers of the Systemic Risk Board a requirement for the CSO to provide data at greater levels of aggregation is likely to strike a better balance.", |
| "verbatim": "In view also of the possibility to base collection of individual data on non-banks on the powers of the Systemic Risk Board a requirement for the CSO to provide data at greater levels of aggregation is likely to strike a better balance.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "In view also of the possibility to base collection of individual data on non-banks on the powers of the Systemic Risk Board a requirement for the CSO to provide data at greater levels of aggregation is likely to strike a better balance.", |
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| { |
| "text": "Moreover, some of the data collected by the CSO is collected under the auspices of Eurostat and the clauses requiring the CSO to provide individual data would potentially require the CSO to deliver to the Systemic Risk Board information that is protected by the Eurostat rules governing statistical secrecy.", |
| "verbatim": "Moreover, some of the data collected by the CSO is collected under the auspices of Eurostat and the clauses requiring the CSO to provide individual data would potentially require the CSO to deliver to the Systemic Risk Board information that is protected by the Eurostat rules governing statistical secrecy.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "Moreover, some of the data collected by the CSO is collected under the auspices of Eurostat and the clauses requiring the CSO to provide individual data would potentially require the CSO to deliver to the Systemic Risk Board information that is protected by the Eurostat rules governing statistical secrecy.", |
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| { |
| "text": "The draft law requires the NBP, MoF, KNF, the BGF, and the CSO to provide the Systemic Risk Board with the information necessary to assess systemic risk, including data protected under other laws .", |
| "verbatim": "The draft law requires the NBP, MoF, KNF, the BGF, and the CSO to provide the Systemic Risk Board with the information necessary to assess systemic risk, including data protected under other laws .", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "evidence": [ |
| { |
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| "quote": "The draft law requires the NBP, MoF, KNF, the BGF, and the CSO to provide the Systemic Risk Board with the information necessary to assess systemic risk, including data protected under other laws .", |
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| { |
| "text": "The effective working of the macroprudential policy framework requires appropriate governance procedures for the Systemic Risk Board.", |
| "verbatim": "The effective working of the macroprudential policy framework requires appropriate governance procedures for the Systemic Risk Board.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "The effective working of the macroprudential policy framework requires appropriate governance procedures for the Systemic Risk Board.", |
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| "text": "The team raised and discussed a number of important aspects; including the composition of the Systemic risk Board, its voting procedures as well as the frequency of meetings.", |
| "verbatim": "The team raised and discussed a number of important aspects; including the composition of the Systemic risk Board, its voting procedures as well as the frequency of meetings.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "The team raised and discussed a number of important aspects; including the composition of the Systemic risk Board, its voting procedures as well as the frequency of meetings.", |
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| "text": "Under the initial proposals, the Systemic Risk Board is a nine-member Board.", |
| "verbatim": "Under the initial proposals, the Systemic Risk Board is a nine-member Board.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "Under the initial proposals, the Systemic Risk Board is a nine-member Board.", |
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| "text": "[11] Such language can run the risk of contravening personal privacy protections in place in the domestic constitution and at the EU level.", |
| "verbatim": "[11] Such language can run the risk of contravening personal privacy protections in place in the domestic constitution and at the EU level.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "[11] Such language can run the risk of contravening personal privacy protections in place in the domestic constitution and at the EU level.", |
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| "text": "A further intention might have been to facilitate discussion of data needs on the part of the Systemic Risk Board.", |
| "verbatim": "A further intention might have been to facilitate discussion of data needs on the part of the Systemic Risk Board.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
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| { |
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| "quote": "A further intention might have been to facilitate discussion of data needs on the part of the Systemic Risk Board.", |
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| "text": "However, the assignment of voting powers to the CSO over macroprudential policies adopted by the Board is difficult to justify on these grounds.", |
| "verbatim": "However, the assignment of voting powers to the CSO over macroprudential policies adopted by the Board is difficult to justify on these grounds.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
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| "quote": "However, the assignment of voting powers to the CSO over macroprudential policies adopted by the Board is difficult to justify on these grounds.", |
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| "text": "The team found that Poland is no exception in this regard, with the resources allocated by the CSO to economic analysis dwarfed by those available at the NBP.", |
| "verbatim": "The team found that Poland is no exception in this regard, with the resources allocated by the CSO to economic analysis dwarfed by those available at the NBP.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "quote": "The team found that Poland is no exception in this regard, with the resources allocated by the CSO to economic analysis dwarfed by those available at the NBP.", |
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| "text": "This would be sufficient to ensure that data needs on the part of the Systemic Risk Board can be brought to the attention of the CSO.", |
| "verbatim": "This would be sufficient to ensure that data needs on the part of the Systemic Risk Board can be brought to the attention of the CSO.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
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| "quote": "This would be sufficient to ensure that data needs on the part of the Systemic Risk Board can be brought to the attention of the CSO.", |
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| { |
| "text": "While the focus of the objectives of the BGF is crisis resolution, rather than crisis prevention, its participation on the Systemic Risk Board is useful since assessments of whether the failure of financial institutions could be resolved effectively may have an impact on the need for additional macroprudential action to contain risks from systemically important institutions.", |
| "verbatim": "While the focus of the objectives of the BGF is crisis resolution, rather than crisis prevention, its participation on the Systemic Risk Board is useful since assessments of whether the failure of financial institutions could be resolved effectively may have an impact on the need for additional macroprudential action to contain risks from systemically important institutions.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "quote": "While the focus of the objectives of the BGF is crisis resolution, rather than crisis prevention, its participation on the Systemic Risk Board is useful since assessments of whether the failure of financial institutions could be resolved effectively may have an impact on the need for additional macroprudential action to contain risks from systemically important institutions.", |
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| { |
| "text": "A further advantage of this solution is that it would result in a smaller size of the Board, increasing effectiveness of discussions, as well as an odd number of seven voting members (presuming that CSO will not be assigned voting powers), facilitating decision-making.", |
| "verbatim": "A further advantage of this solution is that it would result in a smaller size of the Board, increasing effectiveness of discussions, as well as an odd number of seven voting members (presuming that CSO will not be assigned voting powers), facilitating decision-making.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "quote": "A further advantage of this solution is that it would result in a smaller size of the Board, increasing effectiveness of discussions, as well as an odd number of seven voting members (presuming that CSO will not be assigned voting powers), facilitating decision-making.", |
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| { |
| "text": "However, further discussion had led the authorities to consider alternatives, including unanimity and qualified majority.", |
| "verbatim": "However, further discussion had led the authorities to consider alternatives, including unanimity and qualified majority.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "However, further discussion had led the authorities to consider alternatives, including unanimity and qualified majority.", |
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| { |
| "text": "In particular, since under unanimity each member would be in a position to block any motion proposed by the chair, this runs the risk of obstructing the proper working of the Systemic Risk Board and could paralyze macroprudential policy.", |
| "verbatim": "In particular, since under unanimity each member would be in a position to block any motion proposed by the chair, this runs the risk of obstructing the proper working of the Systemic Risk Board and could paralyze macroprudential policy.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
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| "quote": "In particular, since under unanimity each member would be in a position to block any motion proposed by the chair, this runs the risk of obstructing the proper working of the Systemic Risk Board and could paralyze macroprudential policy.", |
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| "text": "In the case of the Polish Systemic Risk Board, such major policy decisions could potentially include the determination of macroprudential tools under the CRD IV, as well as recommendations to the MoF and KNF.", |
| "verbatim": "In the case of the Polish Systemic Risk Board, such major policy decisions could potentially include the determination of macroprudential tools under the CRD IV, as well as recommendations to the MoF and KNF.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "In the case of the Polish Systemic Risk Board, such major policy decisions could potentially include the determination of macroprudential tools under the CRD IV, as well as recommendations to the MoF and KNF.", |
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| "text": "The team cautioned against the latter proposal, since this was likely to create frictions and endanger the continuity of discussions on the Systemic Risk Board.", |
| "verbatim": "The team cautioned against the latter proposal, since this was likely to create frictions and endanger the continuity of discussions on the Systemic Risk Board.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "The team cautioned against the latter proposal, since this was likely to create frictions and endanger the continuity of discussions on the Systemic Risk Board.", |
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| "text": "The team warned that unanimity would result in reduced effectiveness and delay of decisions.", |
| "verbatim": "The team warned that unanimity would result in reduced effectiveness and delay of decisions.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "The team warned that unanimity would result in reduced effectiveness and delay of decisions.", |
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| "text": "This could be useful to ensure that views of the NBP do not come to dominate the discussions of the Systemic Risk Board.", |
| "verbatim": "This could be useful to ensure that views of the NBP do not come to dominate the discussions of the Systemic Risk Board.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "This could be useful to ensure that views of the NBP do not come to dominate the discussions of the Systemic Risk Board.", |
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| "text": "While it is useful for the Systemic Risk Board to strive for consensus, a requirement for unanimity is likely to slow decision-making and reduce effectiveness of macroprudential policy.", |
| "verbatim": "While it is useful for the Systemic Risk Board to strive for consensus, a requirement for unanimity is likely to slow decision-making and reduce effectiveness of macroprudential policy.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "While it is useful for the Systemic Risk Board to strive for consensus, a requirement for unanimity is likely to slow decision-making and reduce effectiveness of macroprudential policy.", |
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| "text": "A low frequency poses the risk that the authorities take their eyes off the ball for a relatively long time.", |
| "verbatim": "A low frequency poses the risk that the authorities take their eyes off the ball for a relatively long time.", |
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| "text": "Accountability tools are useful to enhance the Systemic Risk Board’s willingness to act.", |
| "verbatim": "Accountability tools are useful to enhance the Systemic Risk Board’s willingness to act.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "Accountability tools are useful to enhance the Systemic Risk Board’s willingness to act.", |
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| "text": "However, publication of a less detailed “record” of meetings is useful.", |
| "verbatim": "However, publication of a less detailed “record” of meetings is useful.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "text": "However, the NBP explained that it was important that the Minister (MoF) and other heads of institutions attended in person, making more frequent meetings difficult to schedule.", |
| "verbatim": "However, the NBP explained that it was important that the Minister (MoF) and other heads of institutions attended in person, making more frequent meetings difficult to schedule.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "However, the NBP explained that it was important that the Minister (MoF) and other heads of institutions attended in person, making more frequent meetings difficult to schedule.", |
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| "text": "In addition, the law provides that further meetings can be convened by the Chair at his own initiative or upon the request of other members of the Systemic Risk Board.", |
| "verbatim": "In addition, the law provides that further meetings can be convened by the Chair at his own initiative or upon the request of other members of the Systemic Risk Board.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "In addition, the law provides that further meetings can be convened by the Chair at his own initiative or upon the request of other members of the Systemic Risk Board.", |
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| "text": "In contrast to policy tools, which are used by the Systemic Risk Board to influence the behavior of others, e.g., the financial markets, and other public authorities, the essence of accountability tools is that they can affect the behavior of the Systemic Risk Board and its members in appropriate ways.", |
| "verbatim": "In contrast to policy tools, which are used by the Systemic Risk Board to influence the behavior of others, e.g., the financial markets, and other public authorities, the essence of accountability tools is that they can affect the behavior of the Systemic Risk Board and its members in appropriate ways.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "In contrast to policy tools, which are used by the Systemic Risk Board to influence the behavior of others, e.g., the financial markets, and other public authorities, the essence of accountability tools is that they can affect the behavior of the Systemic Risk Board and its members in appropriate ways.", |
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| "text": "In particular, they can help counter biases in favor of inaction or insufficiently forceful and timely action that are inherent in macroprudential policy and that can be further exacerbated by lobbying of the financial industry and political pressures.", |
| "verbatim": "In particular, they can help counter biases in favor of inaction or insufficiently forceful and timely action that are inherent in macroprudential policy and that can be further exacerbated by lobbying of the financial industry and political pressures.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "In particular, they can help counter biases in favor of inaction or insufficiently forceful and timely action that are inherent in macroprudential policy and that can be further exacerbated by lobbying of the financial industry and political pressures.", |
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| "text": "One is the NBP’s FSR that will be provided to the Systemic Risk Board, and can therefore inform the Board’s policy actions.", |
| "verbatim": "One is the NBP’s FSR that will be provided to the Systemic Risk Board, and can therefore inform the Board’s policy actions.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "text": "The other is the requirement for the Chairman of the Board to present, by endJuly each year, information to the Sejm on actions taken by the Board and progress on their implementation.", |
| "verbatim": "The other is the requirement for the Chairman of the Board to present, by endJuly each year, information to the Sejm on actions taken by the Board and progress on their implementation.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "The other is the requirement for the Chairman of the Board to present, by endJuly each year, information to the Sejm on actions taken by the Board and progress on their implementation.", |
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| "text": "However this would blur the distinction between accountability mechanisms and policy tools.", |
| "verbatim": "However this would blur the distinction between accountability mechanisms and policy tools.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "However this would blur the distinction between accountability mechanisms and policy tools.", |
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| "text": "It could assign policy tools to these dimensions of risk and give an indication under what conditions these policy tools would be used.", |
| "verbatim": "It could assign policy tools to these dimensions of risk and give an indication under what conditions these policy tools would be used.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "It could assign policy tools to these dimensions of risk and give an indication under what conditions these policy tools would be used.", |
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| "text": "One option would involve an explicit endorsement of the FSR by the Systemic Risk Board, whereby the FSR is provided to the Systemic Risk Board prior to its publication.", |
| "verbatim": "One option would involve an explicit endorsement of the FSR by the Systemic Risk Board, whereby the FSR is provided to the Systemic Risk Board prior to its publication.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "One option would involve an explicit endorsement of the FSR by the Systemic Risk Board, whereby the FSR is provided to the Systemic Risk Board prior to its publication.", |
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| "text": "There are additional operational advantages as this avoids potentially conflicting demands made by members of the Systemic Risk Board as regards the content of", |
| "verbatim": "There are additional operational advantages as this avoids potentially conflicting demands made by members of the Systemic Risk Board as regards the content of", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "There are additional operational advantages as this avoids potentially conflicting demands made by members of the Systemic Risk Board as regards the content of", |
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| "text": "This is useful to put pressure on the members of the Systemic Risk Board and ensures that each member can be held to account by the public as to the reasons for their individual decisions.", |
| "verbatim": "This is useful to put pressure on the members of the Systemic Risk Board and ensures that each member can be held to account by the public as to the reasons for their individual decisions.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| { |
| "evidence_id": "ev-f633d512b9c85a12", |
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| "quote": "This is useful to put pressure on the members of the Systemic Risk Board and ensures that each member can be held to account by the public as to the reasons for their individual decisions.", |
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| { |
| "text": "[14] In principle, a policy strategy could cover both the time dimension and the structural dimension of systemic risk.", |
| "verbatim": "[14] In principle, a policy strategy could cover both the time dimension and the structural dimension of systemic risk.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "[14] In principle, a policy strategy could cover both the time dimension and the structural dimension of systemic risk.", |
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| "text": "[16] An alternative is to for the Systemic Risk Board to use the “opinion” to communicate its strategy.", |
| "verbatim": "[16] An alternative is to for the Systemic Risk Board to use the “opinion” to communicate its strategy.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "[16] An alternative is to for the Systemic Risk Board to use the “opinion” to communicate its strategy.", |
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| { |
| "text": "An annual report that would be published and presented to the Sejm would achieve greater public awareness of the activities of the Systemic Risk Board.", |
| "verbatim": "An annual report that would be published and presented to the Sejm would achieve greater public awareness of the activities of the Systemic Risk Board.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
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| { |
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| "quote": "An annual report that would be published and presented to the Sejm would achieve greater public awareness of the activities of the Systemic Risk Board.", |
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| "text": "In Poland, in particular, a duty to consult the Systemic Risk Board would be consistent with the existing objectives of", |
| "verbatim": "In Poland, in particular, a duty to consult the Systemic Risk Board would be consistent with the existing objectives of", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
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| "quote": "In Poland, in particular, a duty to consult the Systemic Risk Board would be consistent with the existing objectives of", |
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| { |
| "text": "In either case, it would seem useful, with time, for the analysis of risk indicators presented in the FSR to link to the policy strategy developed by the Board.", |
| "verbatim": "In either case, it would seem useful, with time, for the analysis of risk indicators presented in the FSR to link to the policy strategy developed by the Board.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "In either case, it would seem useful, with time, for the analysis of risk indicators presented in the FSR to link to the policy strategy developed by the Board.", |
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| { |
| "text": "In principle, such “duties to consult” can ensure that the regulatory framework as whole is consistent and conducive to the mitigation of systemic risk (IMF WP 11/250).", |
| "verbatim": "In principle, such “duties to consult” can ensure that the regulatory framework as whole is consistent and conducive to the mitigation of systemic risk (IMF WP 11/250).", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "In principle, such “duties to consult” can ensure that the regulatory framework as whole is consistent and conducive to the mitigation of systemic risk (IMF WP 11/250).", |
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| "text": "The draft law contains clauses that oblige participating agencies to consult the Systemic Risk Board on planned changes in the regulatory framework.", |
| "verbatim": "The draft law contains clauses that oblige participating agencies to consult the Systemic Risk Board on planned changes in the regulatory framework.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "The draft law contains clauses that oblige participating agencies to consult the Systemic Risk Board on planned changes in the regulatory framework.", |
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| "text": "For example, the consultation could be carried out in written procedure and involve only the secretariat of the Systemic Risk Board in the first instance.", |
| "verbatim": "For example, the consultation could be carried out in written procedure and involve only the secretariat of the Systemic Risk Board in the first instance.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "For example, the consultation could be carried out in written procedure and involve only the secretariat of the Systemic Risk Board in the first instance.", |
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| "text": "The draft act also appropriately includes changes to the 2008 law on the FSC that clarify the boundary of responsibilities of the Systemic Risk Board and that of the FSC.", |
| "verbatim": "The draft act also appropriately includes changes to the 2008 law on the FSC that clarify the boundary of responsibilities of the Systemic Risk Board and that of the FSC.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "The draft act also appropriately includes changes to the 2008 law on the FSC that clarify the boundary of responsibilities of the Systemic Risk Board and that of the FSC.", |
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| "text": "The draft law also abolishes the role of the FSC role in producing assessments of risks, effectively transferring this role to the Systemic Risk Board.", |
| "verbatim": "The draft law also abolishes the role of the FSC role in producing assessments of risks, effectively transferring this role to the Systemic Risk Board.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "The draft law also abolishes the role of the FSC role in producing assessments of risks, effectively transferring this role to the Systemic Risk Board.", |
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| { |
| "text": "The secretariat could then, by alerting the NBP president, initiate a meeting of the Systemic Risk Board to discuss those proposals that are thought likely to have a material impact on financial stability.", |
| "verbatim": "The secretariat could then, by alerting the NBP president, initiate a meeting of the Systemic Risk Board to discuss those proposals that are thought likely to have a material impact on financial stability.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "The secretariat could then, by alerting the NBP president, initiate a meeting of the Systemic Risk Board to discuss those proposals that are thought likely to have a material impact on financial stability.", |
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| { |
| "text": "Liquid assets to total assets (liquid assets ratio) 20.1 17.1 17.0 20.3 20.8 19.5 19.2 Liquid assets to total short-term liabilities 28.1 24.2 25.3 29.8 31.2 28.8 28.7 Sensitivity to market risk", |
| "verbatim": "Liquid assets to total assets (liquid assets ratio) 20.1 17.1 17.0 20.3 20.8 19.5 19.2 Liquid assets to total short-term liabilities 28.1 24.2 25.3 29.8 31.2 28.8 28.7 Sensitivity to market risk", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-a185acb25196c846", |
| "page": 30, |
| "quote": "Liquid assets to total assets (liquid assets ratio) 20.1 17.1 17.0 20.3 20.8 19.5 19.2 Liquid assets to total short-term liabilities 28.1 24.2 25.3 29.8 31.2 28.8 28.7 Sensitivity to market risk", |
| "source": "document" |
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| ], |
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| "extraction_method": "diagnostic_signal_sentence", |
| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0140" |
| }, |
| { |
| "text": "Regulatory capital to risk-weighted assets 13.2 12.0 11.2 13.3 13.9 13.1 13.8 Regulatory Tier I capital to risk-weighted assets 12.9 11.8 10.1 12.0 12.5 11.8 12.4 NPLs net of provisions to capital 11.6 11.4 8.3 13.8 11.5 11.6 11.4 Bank capital to Assets 7.8 8.0 7.5 8.1 8.2 7.8 8.1 Asset composition and quality", |
| "verbatim": "Regulatory capital to risk-weighted assets 13.2 12.0 11.2 13.3 13.9 13.1 13.8 Regulatory Tier I capital to risk-weighted assets 12.9 11.8 10.1 12.0 12.5 11.8 12.4 NPLs net of provisions to capital 11.6 11.4 8.3 13.8 11.5 11.6 11.4 Bank capital to Assets 7.8 8.0 7.5 8.1 8.2 7.8 8.1 Asset composition and quality", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-52ef9a14f49117e3", |
| "page": 30, |
| "quote": "Regulatory capital to risk-weighted assets 13.2 12.0 11.2 13.3 13.9 13.1 13.8 Regulatory Tier I capital to risk-weighted assets 12.9 11.8 10.1 12.0 12.5 11.8 12.4 NPLs net of provisions to capital 11.6 11.4 8.3 13.8 11.5 11.6 11.4 Bank capital to Assets 7.8 8.0 7.5 8.1 8.2 7.8 8.1 Asset composition and quality", |
| "source": "document" |
| } |
| ], |
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| "extraction_method": "diagnostic_signal_sentence", |
| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0141" |
| }, |
| { |
| "text": "Dummy variables for factors such as the degree of economic development, the type of exchange regimes and the size of the financial sector are used to see if the instruments are effective across countries.", |
| "verbatim": "Dummy variables for factors such as the degree of economic development, the type of exchange regimes and the size of the financial sector are used to see if the instruments are effective across countries.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-28a7e97e3cd132d9", |
| "page": 33, |
| "quote": "Dummy variables for factors such as the degree of economic development, the type of exchange regimes and the size of the financial sector are used to see if the instruments are effective across countries.", |
| "source": "document" |
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| ], |
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| "extraction_method": "diagnostic_signal_sentence", |
| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0142" |
| }, |
| { |
| "text": "In addition, the effects of the other two instruments on common exposure are estimated, using proxies for risks related to liquidity and capital flows, although the scope is limited by data availability.", |
| "verbatim": "In addition, the effects of the other two instruments on common exposure are estimated, using proxies for risks related to liquidity and capital flows, although the scope is limited by data availability.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-d4a6ab56c158df53", |
| "page": 33, |
| "quote": "In addition, the effects of the other two instruments on common exposure are estimated, using proxies for risks related to liquidity and capital flows, although the scope is limited by data availability.", |
| "source": "document" |
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| ], |
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| "extraction_method": "diagnostic_signal_sentence", |
| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0143" |
| }, |
| { |
| "text": "[19] The application of the new prudential framework will in most cases fall under the responsibility of “competent authorities” (national supervisors), however some responsibilities could also be allocated to “designated authorities” (authorities responsible for setting the countercyclical buffer rate—i.e., macroprudential authorities).", |
| "verbatim": "[19] The application of the new prudential framework will in most cases fall under the responsibility of “competent authorities” (national supervisors), however some responsibilities could also be allocated to “designated authorities” (authorities responsible for setting the countercyclical buffer rate—i.e., macroprudential authorities).", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-ba7e547fadc17e4f", |
| "page": 34, |
| "quote": "[19] The application of the new prudential framework will in most cases fall under the responsibility of “competent authorities” (national supervisors), however some responsibilities could also be allocated to “designated authorities” (authorities responsible for setting the countercyclical buffer rate—i.e., macroprudential authorities).", |
| "source": "document" |
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| ], |
| "confidence": 0.62, |
| "extraction_method": "diagnostic_signal_sentence", |
| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0144" |
| }, |
| { |
| "text": "an option to introduce a Systemic Buffer (based on evidence of emerging systemic risks that are not covered by the EU regulation, that could be applied at system wide level or to a subset of credit institutions).", |
| "verbatim": "an option to introduce a Systemic Buffer (based on evidence of emerging systemic risks that are not covered by the EU regulation, that could be applied at system wide level or to a subset of credit institutions).", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-f47edae3976d58d2", |
| "page": 34, |
| "quote": "an option to introduce a Systemic Buffer (based on evidence of emerging systemic risks that are not covered by the EU regulation, that could be applied at system wide level or to a subset of credit institutions).", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.62, |
| "extraction_method": "diagnostic_signal_sentence", |
| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0145" |
| }, |
| { |
| "text": "(i) the authority/authorities empowered to introduce the requirements stated above (which could be either the KNF or the Systemic Risk Board); (ii) the levels and build up of the conservation buffer and countercyclical capital buffer; and (iii) the opportunity to introduce a systemic risk buffer (and its level).", |
| "verbatim": "(i) the authority/authorities empowered to introduce the requirements stated above (which could be either the KNF or the Systemic Risk Board); (ii) the levels and build up of the conservation buffer and countercyclical capital buffer; and (iii) the opportunity to introduce a systemic risk buffer (and its level).", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-bbd53d7a27b28e25", |
| "page": 35, |
| "quote": "(i) the authority/authorities empowered to introduce the requirements stated above (which could be either the KNF or the Systemic Risk Board); (ii) the levels and build up of the conservation buffer and countercyclical capital buffer; and (iii) the opportunity to introduce a systemic risk buffer (and its level).", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.62, |
| "extraction_method": "diagnostic_signal_sentence", |
| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0146" |
| }, |
| { |
| "text": "(i) the level of own funds; (ii) the requirements for large exposures; (iii) the public disclosure requirements; (iv) the level of the conservation buffer; (v) liquidity requirements; (vi) risk weights for targeting asset bubbles in the residential and commercial property; and (vii) intra financial sector exposures.", |
| "verbatim": "(i) the level of own funds; (ii) the requirements for large exposures; (iii) the public disclosure requirements; (iv) the level of the conservation buffer; (v) liquidity requirements; (vi) risk weights for targeting asset bubbles in the residential and commercial property; and (vii) intra financial sector exposures.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-b0a3036894a7b706", |
| "page": 36, |
| "quote": "(i) the level of own funds; (ii) the requirements for large exposures; (iii) the public disclosure requirements; (iv) the level of the conservation buffer; (v) liquidity requirements; (vi) risk weights for targeting asset bubbles in the residential and commercial property; and (vii) intra financial sector exposures.", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.62, |
| "extraction_method": "diagnostic_signal_sentence", |
| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0147" |
| }, |
| { |
| "text": "The setting these requirements, subject to appropriate control in order not to harm the function of the internal market, while also ensuring that the use of such tools are transparent and consistent, will also open the opportunity for considering a role for the Systemic Risk Board.", |
| "verbatim": "The setting these requirements, subject to appropriate control in order not to harm the function of the internal market, while also ensuring that the use of such tools are transparent and consistent, will also open the opportunity for considering a role for the Systemic Risk Board.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-db7cfc0606621d15", |
| "page": 36, |
| "quote": "The setting these requirements, subject to appropriate control in order not to harm the function of the internal market, while also ensuring that the use of such tools are transparent and consistent, will also open the opportunity for considering a role for the Systemic Risk Board.", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.62, |
| "extraction_method": "diagnostic_signal_sentence", |
| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0148" |
| }, |
| { |
| "text": "a set of policy tools that national authorities could apply to contain the systemic risks posed by D-SIBs.", |
| "verbatim": "a set of policy tools that national authorities could apply to contain the systemic risks posed by D-SIBs.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-1477397b9d59eb83", |
| "page": 36, |
| "quote": "a set of policy tools that national authorities could apply to contain the systemic risks posed by D-SIBs.", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.62, |
| "extraction_method": "diagnostic_signal_sentence", |
| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0149" |
| }, |
| { |
| "text": "More intensive and effective supervision of all SIFIs, including through stronger supervisory mandates, resources and powers, and higher supervisory expectations for risk management functions, data aggregation capabilities, risk governance and internal controls.", |
| "verbatim": "More intensive and effective supervision of all SIFIs, including through stronger supervisory mandates, resources and powers, and higher supervisory expectations for risk management functions, data aggregation capabilities, risk governance and internal controls.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-983133a7c23951f0", |
| "page": 37, |
| "quote": "More intensive and effective supervision of all SIFIs, including through stronger supervisory mandates, resources and powers, and higher supervisory expectations for risk management functions, data aggregation capabilities, risk governance and internal controls.", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.62, |
| "extraction_method": "diagnostic_signal_sentence", |
| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0150" |
| }, |
| { |
| "text": "Requirements for banks determined to be globally systemically important to have additional loss absorption capacity tailored to the impact of their default, rising from 1 percent to 2.5 percent of risk-weighted assets (with an empty bucket of 3.5 percent to discourage further systemicness), to be met with common equity;", |
| "verbatim": "Requirements for banks determined to be globally systemically important to have additional loss absorption capacity tailored to the impact of their default, rising from 1 percent to 2.5 percent of risk-weighted assets (with an empty bucket of 3.5 percent to discourage further systemicness), to be met with common equity;", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-972a5acc4e47425f", |
| "page": 37, |
| "quote": "Requirements for banks determined to be globally systemically important to have additional loss absorption capacity tailored to the impact of their default, rising from 1 percent to 2.5 percent of risk-weighted assets (with an empty bucket of 3.5 percent to discourage further systemicness), to be met with common equity;", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.62, |
| "extraction_method": "diagnostic_signal_sentence", |
| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0151" |
| }, |
| { |
| "text": "Therefore, the evolving framework on D-SIBs could open the opportunity for the Systemic Risk Board to:", |
| "verbatim": "Therefore, the evolving framework on D-SIBs could open the opportunity for the Systemic Risk Board to:", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-dbdef0789a8286ce", |
| "page": 37, |
| "quote": "Therefore, the evolving framework on D-SIBs could open the opportunity for the Systemic Risk Board to:", |
| "source": "document" |
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| "extraction_method": "diagnostic_signal_sentence", |
| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0152" |
| }, |
| { |
| "text": "While the overall approach would be established in the Systemic Risk Board, the latter could issue recommendations to the resolution authority (currently proposed to be the Deposit Guarantee Fund) or to the KNF regarding the implementation of the approach decided; and (iii) Possibly directly influence the level and composition of additional loss absorption instruments.", |
| "verbatim": "While the overall approach would be established in the Systemic Risk Board, the latter could issue recommendations to the resolution authority (currently proposed to be the Deposit Guarantee Fund) or to the KNF regarding the implementation of the approach decided; and (iii) Possibly directly influence the level and composition of additional loss absorption instruments.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-3b38db921f167ad6", |
| "page": 37, |
| "quote": "While the overall approach would be established in the Systemic Risk Board, the latter could issue recommendations to the resolution authority (currently proposed to be the Deposit Guarantee Fund) or to the KNF regarding the implementation of the approach decided; and (iii) Possibly directly influence the level and composition of additional loss absorption instruments.", |
| "source": "document" |
| } |
| ], |
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| "extraction_method": "diagnostic_signal_sentence", |
| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0153" |
| }, |
| { |
| "text": "Doing so limits the rule-making authority of the KNF and the rule-making potential of the Systemic Risk Board.", |
| "verbatim": "Doing so limits the rule-making authority of the KNF and the rule-making potential of the Systemic Risk Board.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-3f0da999a67ca0e5", |
| "page": 38, |
| "quote": "Doing so limits the rule-making authority of the KNF and the rule-making potential of the Systemic Risk Board.", |
| "source": "document" |
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| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0154" |
| }, |
| { |
| "text": "In addition, constitutional autonomy protection for the NBP and the EU ban on instructions to central banks could prohibit any influence by the Systemic Risk Board on task performed by the NBP (including establishing minimum reserve requirements and overseeing the payment systems) regardless of whether such influence would be important from a macroprudential policy perspective.", |
| "verbatim": "In addition, constitutional autonomy protection for the NBP and the EU ban on instructions to central banks could prohibit any influence by the Systemic Risk Board on task performed by the NBP (including establishing minimum reserve requirements and overseeing the payment systems) regardless of whether such influence would be important from a macroprudential policy perspective.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-ee337b988e1e591c", |
| "page": 38, |
| "quote": "In addition, constitutional autonomy protection for the NBP and the EU ban on instructions to central banks could prohibit any influence by the Systemic Risk Board on task performed by the NBP (including establishing minimum reserve requirements and overseeing the payment systems) regardless of whether such influence would be important from a macroprudential policy perspective.", |
| "source": "document" |
| } |
| ], |
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| "extraction_method": "diagnostic_signal_sentence", |
| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0155" |
| }, |
| { |
| "text": "However, the target audience for a resolution is narrower than a regulation.", |
| "verbatim": "However, the target audience for a resolution is narrower than a regulation.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
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| "page": 39, |
| "quote": "However, the target audience for a resolution is narrower than a regulation.", |
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| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0156" |
| }, |
| { |
| "text": "Such legislative power is primarily vested in the Parliament, but other constitutional bodies also have limited authority to establish universally binding law.", |
| "verbatim": "Such legislative power is primarily vested in the Parliament, but other constitutional bodies also have limited authority to establish universally binding law.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
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| "page": 39, |
| "quote": "Such legislative power is primarily vested in the Parliament, but other constitutional bodies also have limited authority to establish universally binding law.", |
| "source": "document" |
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| "observation_id": "cr-2012-276-obs-0157" |
| }, |
| { |
| "text": "379/2008); risk management, internal control, and internal capital estimation, review and maintenance (Resolution no.", |
| "verbatim": "379/2008); risk management, internal control, and internal capital estimation, review and maintenance (Resolution no.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-95c4b55ec48008f7", |
| "page": 40, |
| "quote": "379/2008); risk management, internal control, and internal capital estimation, review and maintenance (Resolution no.", |
| "source": "document" |
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| ], |
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| "review_status": "unreviewed", |
| "observation_id": "cr-2012-276-obs-0158" |
| }, |
| { |
| "text": "385/2008); concentration risk and large exposures (Resolution no.", |
| "verbatim": "385/2008); concentration risk and large exposures (Resolution no.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-540d12efbaa4d900", |
| "page": 40, |
| "quote": "385/2008); concentration risk and large exposures (Resolution no.", |
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| "observation_id": "cr-2012-276-obs-0159" |
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| { |
| "text": "386/2008); and documents to be submitted by managers and founders of banks (Resolution no.", |
| "verbatim": "386/2008); and documents to be submitted by managers and founders of banks (Resolution no.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
| { |
| "evidence_id": "ev-1e1ccb38c4f423bc", |
| "page": 40, |
| "quote": "386/2008); and documents to be submitted by managers and founders of banks (Resolution no.", |
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| "observation_id": "cr-2012-276-obs-0160" |
| }, |
| { |
| "text": "[29] The Banking Act prescribes the types of binding resolutions that can be issued by the KNF, which include: (i) detailed capital requirements for banks (Articles 127–128); (ii) the scope of information to be submitted with the notifications of the management Board changes and the list of information and documents to be submitted to obtain approval of members of the management Board (Article 137.1); (iii) the list of documents that the bank’s founders are required to founders during the licensing process (Article 137.2); (iv) mandatory standards for liquidity and other standards regulating permissible risks in the conduct of banking activities (Article 137.3.); (v) detailed principles for managing risk related to outsourced activities (Article 137.5.); and (vi) rules governing the permissible risks in banks’ activities (Article 128.8).", |
| "verbatim": "[29] The Banking Act prescribes the types of binding resolutions that can be issued by the KNF, which include: (i) detailed capital requirements for banks (Articles 127–128); (ii) the scope of information to be submitted with the notifications of the management Board changes and the list of information and documents to be submitted to obtain approval of members of the management Board (Article 137.1); (iii) the list of documents that the bank’s founders are required to founders during the licensing process (Article 137.2); (iv) mandatory standards for liquidity and other standards regulating permissible risks in the conduct of banking activities (Article 137.3.); (v) detailed principles for managing risk related to outsourced activities (Article 137.5.); and (vi) rules governing the permissible risks in banks’ activities (Article 128.8).", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "severity": null, |
| "evidence": [ |
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| "quote": "[29] The Banking Act prescribes the types of binding resolutions that can be issued by the KNF, which include: (i) detailed capital requirements for banks (Articles 127–128); (ii) the scope of information to be submitted with the notifications of the management Board changes and the list of information and documents to be submitted to obtain approval of members of the management Board (Article 137.1); (iii) the list of documents that the bank’s founders are required to founders during the licensing process (Article 137.2); (iv) mandatory standards for liquidity and other standards regulating permissible risks in the conduct of banking activities (Article 137.3.); (v) detailed principles for managing risk related to outsourced activities (Article 137.5.); and (vi) rules governing the permissible risks in banks’ activities (Article 128.8).", |
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| "text": "[31] Such recommendations either take the form of general guidelines for best practice (e.g., on the banks’ internal control and audit in banks (Recommendation H) or concerning the role of statutory auditors in the process of bank supervision (Recommendation L)) or of more prescriptive limitations on the risks incurred by banks (e.g., on foreign currency risk management (Recommendation I), on good practices in the management of exposures to credit financing secured by real estate and", |
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| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "[31] Such recommendations either take the form of general guidelines for best practice (e.g., on the banks’ internal control and audit in banks (Recommendation H) or concerning the role of statutory auditors in the process of bank supervision (Recommendation L)) or of more prescriptive limitations on the risks incurred by banks (e.g., on foreign currency risk management (Recommendation I), on good practices in the management of exposures to credit financing secured by real estate and", |
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| "text": "32 Based on the findings of the BCP ROSC of January 2012.", |
| "verbatim": "32 Based on the findings of the BCP ROSC of January 2012.", |
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| "text": "33 Nonetheless, the mission was informed that some question whether the KNF’s powers to issue resolutions are legally binding given the constitutional constraints on rule-making.", |
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| "quote": "33 Nonetheless, the mission was informed that some question whether the KNF’s powers to issue resolutions are legally binding given the constitutional constraints on rule-making.", |
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| "text": "In a recent BCP assessment, the assessors noted that the number of enforcement actions pursued by the KNF is relatively low, which implies that the legal basis for microprudential supervision has not fully been tested.", |
| "verbatim": "In a recent BCP assessment, the assessors noted that the number of enforcement actions pursued by the KNF is relatively low, which implies that the legal basis for microprudential supervision has not fully been tested.", |
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| "quote": "In a recent BCP assessment, the assessors noted that the number of enforcement actions pursued by the KNF is relatively low, which implies that the legal basis for microprudential supervision has not fully been tested.", |
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| "text": "Under the administrative laws in Poland, challenged administrative decisions become executable if they are confirmed in the first instance and become legally binding on appeal.", |
| "verbatim": "Under the administrative laws in Poland, challenged administrative decisions become executable if they are confirmed in the first instance and become legally binding on appeal.", |
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| "text": "[32] This finding seems to result from a perception of strong enforcement powers on the part of the KNF.", |
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| "text": "[33] Importantly, the enumeration of the sources of law in the Constitution does not preclude public bodies from issuing administrative orders to individual entities.", |
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| "text": "mortgages (Recommendation S), or on good practices in risk management of retail credit exposures (Recommendation T)).", |
| "verbatim": "mortgages (Recommendation S), or on good practices in risk management of retail credit exposures (Recommendation T)).", |
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| "quote": "mortgages (Recommendation S), or on good practices in risk management of retail credit exposures (Recommendation T)).", |
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| "text": "A stable financial system is a prerequisite for effective monetary policy transmission.", |
| "verbatim": "A stable financial system is a prerequisite for effective monetary policy transmission.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "A stable financial system is a prerequisite for effective monetary policy transmission.", |
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| { |
| "text": "For example, the law on macroprudential supervision could require the MoF to consult with the Systemic Risk Board prior to issuing regulations or resolutions (and even legislation) pertaining to macroprudential supervision.", |
| "verbatim": "For example, the law on macroprudential supervision could require the MoF to consult with the Systemic Risk Board prior to issuing regulations or resolutions (and even legislation) pertaining to macroprudential supervision.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "For example, the law on macroprudential supervision could require the MoF to consult with the Systemic Risk Board prior to issuing regulations or resolutions (and even legislation) pertaining to macroprudential supervision.", |
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| "text": "Importantly, the enumeration of the sources of law in the Constitution does not appear to preclude public bodies from taking the decisions in the form of resolutions", |
| "verbatim": "Importantly, the enumeration of the sources of law in the Constitution does not appear to preclude public bodies from taking the decisions in the form of resolutions", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "Importantly, the enumeration of the sources of law in the Constitution does not appear to preclude public bodies from taking the decisions in the form of resolutions", |
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| "text": "In practice, or by law, this could entail the Systemic Risk Board preparing draft normative acts and then issuing a recommendation to the MoF that the normative act be adopted.", |
| "verbatim": "In practice, or by law, this could entail the Systemic Risk Board preparing draft normative acts and then issuing a recommendation to the MoF that the normative act be adopted.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "In practice, or by law, this could entail the Systemic Risk Board preparing draft normative acts and then issuing a recommendation to the MoF that the normative act be adopted.", |
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| "text": "While such a structure would provide clarity on the rule-making process for macroprudential policy and reduce the risk to political interference, this structure raises many legal questions.", |
| "verbatim": "While such a structure would provide clarity on the rule-making process for macroprudential policy and reduce the risk to political interference, this structure raises many legal questions.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "While such a structure would provide clarity on the rule-making process for macroprudential policy and reduce the risk to political interference, this structure raises many legal questions.", |
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| "text": "The NBP legal department has offered a preliminary opinion that calibration powers would be consistent with constitutional constraints on rule-making, subject to certain conditions.", |
| "verbatim": "The NBP legal department has offered a preliminary opinion that calibration powers would be consistent with constitutional constraints on rule-making, subject to certain conditions.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "The NBP legal department has offered a preliminary opinion that calibration powers would be consistent with constitutional constraints on rule-making, subject to certain conditions.", |
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| "text": "The NBP’s autonomy could prohibit interactions between the NBP and the Systemic Risk Board with respect to the exercise of specific tasks of the NBP.", |
| "verbatim": "The NBP’s autonomy could prohibit interactions between the NBP and the Systemic Risk Board with respect to the exercise of specific tasks of the NBP.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "The NBP’s autonomy could prohibit interactions between the NBP and the Systemic Risk Board with respect to the exercise of specific tasks of the NBP.", |
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| "text": "Actions taken by authorities that infringe on property rights would likely be required to be founded in law, serve a public interest, and fairly balance the public interest against individual rights.", |
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| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "text": "Authorities are likely to also be required to adhere to principles of due process that will ensure that property owners have sufficient notice and opportunities to challenge government actions that could impair their property rights.", |
| "verbatim": "Authorities are likely to also be required to adhere to principles of due process that will ensure that property owners have sufficient notice and opportunities to challenge government actions that could impair their property rights.", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "text": "Effective Macroprudential Policy Frameworks: An Assessment of Stylized Institutional Models,” IMF Working Paper 11/250 (Washington: International Monetary Fund).", |
| "verbatim": "Effective Macroprudential Policy Frameworks: An Assessment of Stylized Institutional Models,” IMF Working Paper 11/250 (Washington: International Monetary Fund).", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "text": "Effectiveness of Macroprudential Oversight in Europe,” in Euro Area Policies, Selected Issues (Washington: International Monetary Fund).", |
| "verbatim": "Effectiveness of Macroprudential Oversight in Europe,” in Euro Area Policies, Selected Issues (Washington: International Monetary Fund).", |
| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "topic": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "verbatim": "Settlement, 2011, “Macroprudential Policy Tools and Frameworks,” Progress report to G20, October (Washington: International Monetary Fund).", |
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| "text": "All agreed that the Board should be chaired by the President of the NBP and that the NBP should provide the secretariat for the Board.", |
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| "text": "Such safeguards would need to be developed in the context of a precise description of tasks and policy tools assigned to the new body, as further discussed below.", |
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| "recommendation_id": "cr-2012-276-rec-0003" |
| }, |
| { |
| "text": "The team recommended that the Systemic Risk Board should become the “designated authority” in the sense of the EU Capital Requirements Directive (CRD IV).", |
| "verbatim": "The team recommended that the Systemic Risk Board should become the “designated authority” in the sense of the EU Capital Requirements Directive (CRD IV).", |
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| "timeframe": null, |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| { |
| "evidence_id": "ev-a25ddd54c137218b", |
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| "quote": "The team recommended that the Systemic Risk Board should become the “designated authority” in the sense of the EU Capital Requirements Directive (CRD IV).", |
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| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0004" |
| }, |
| { |
| "text": "There was consensus among all authorities that a Systemic Risk Board should be set up.", |
| "verbatim": "There was consensus among all authorities that a Systemic Risk Board should be set up.", |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| { |
| "evidence_id": "ev-6b316dae71cfd410", |
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| "quote": "There was consensus among all authorities that a Systemic Risk Board should be set up.", |
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| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0005" |
| }, |
| { |
| "text": "Comply or explain would be appropriate for recommendations to the MoF, the KNF and other bodies represented on the Board, but may not be appropriate for any recommendations to the NBP in view of the need to respect its constitutional independence and the EU ban on instructions.", |
| "verbatim": "Comply or explain would be appropriate for recommendations to the MoF, the KNF and other bodies represented on the Board, but may not be appropriate for any recommendations to the NBP in view of the need to respect its constitutional independence and the EU ban on instructions.", |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| { |
| "evidence_id": "ev-65d630db1ef16623", |
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| "quote": "Comply or explain would be appropriate for recommendations to the MoF, the KNF and other bodies represented on the Board, but may not be appropriate for any recommendations to the NBP in view of the need to respect its constitutional independence and the EU ban on instructions.", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0006" |
| }, |
| { |
| "text": "However, the KNF cautioned, and the team agreed, that recommendations should not refer to individual firms or be overly specific.", |
| "verbatim": "However, the KNF cautioned, and the team agreed, that recommendations should not refer to individual firms or be overly specific.", |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| { |
| "evidence_id": "ev-39ef876ed2468c80", |
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| "quote": "However, the KNF cautioned, and the team agreed, that recommendations should not refer to individual firms or be overly specific.", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0007" |
| }, |
| { |
| "text": "These provisions need to strike a better balance between the information needs of the Systemic Risk Board on the one hand and the need for statistical secrecy and the objectives of the CSO on", |
| "verbatim": "These provisions need to strike a better balance between the information needs of the Systemic Risk Board on the one hand and the need for statistical secrecy and the objectives of the CSO on", |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| { |
| "evidence_id": "ev-aeaef487a5fa6d81", |
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| "quote": "These provisions need to strike a better balance between the information needs of the Systemic Risk Board on the one hand and the need for statistical secrecy and the objectives of the CSO on", |
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| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0008" |
| }, |
| { |
| "text": "They should more generally tie in with the existing framework for supervision and enforcement.", |
| "verbatim": "They should more generally tie in with the existing framework for supervision and enforcement.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| { |
| "evidence_id": "ev-2f88fade39a56339", |
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| "quote": "They should more generally tie in with the existing framework for supervision and enforcement.", |
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| } |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0009" |
| }, |
| { |
| "text": "Accountability mechanisms should be strengthened.", |
| "verbatim": "Accountability mechanisms should be strengthened.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-7d56dcbe56ae55b9", |
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| "quote": "Accountability mechanisms should be strengthened.", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0010" |
| }, |
| { |
| "text": "Accountability should also leverage the existing Financial Stability Report (FSR) as prepared by the NBP’s Financial System Department.", |
| "verbatim": "Accountability should also leverage the existing Financial Stability Report (FSR) as prepared by the NBP’s Financial System Department.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-02aa0cc1bbfbf2e6", |
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| "quote": "Accountability should also leverage the existing Financial Stability Report (FSR) as prepared by the NBP’s Financial System Department.", |
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| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0011" |
| }, |
| { |
| "text": "Such voting arrangements would ensure that decisions have strong support, while not undermining unduly the need to avoid delay in decision making.", |
| "verbatim": "Such voting arrangements would ensure that decisions have strong support, while not undermining unduly the need to avoid delay in decision making.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-a713e7309c57dd50", |
| "page": 9, |
| "quote": "Such voting arrangements would ensure that decisions have strong support, while not undermining unduly the need to avoid delay in decision making.", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0012" |
| }, |
| { |
| "text": "Sufficient resources would need to be made available to the secretariat and the Financial System Department at the NBP to ensure that the functions and reporting duties of the Systemic Risk Board can be adequately supported.", |
| "verbatim": "Sufficient resources would need to be made available to the secretariat and the Financial System Department at the NBP to ensure that the functions and reporting duties of the Systemic Risk Board can be adequately supported.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-129e8f1231c2260a", |
| "page": 9, |
| "quote": "Sufficient resources would need to be made available to the secretariat and the Financial System Department at the NBP to ensure that the functions and reporting duties of the Systemic Risk Board can be adequately supported.", |
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| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0013" |
| }, |
| { |
| "text": "The FSR should continue to be endorsed by the NBP Board, rather than the Systemic Risk Board, so as to preserve a separate source of candid and credible analysis.", |
| "verbatim": "The FSR should continue to be endorsed by the NBP Board, rather than the Systemic Risk Board, so as to preserve a separate source of candid and credible analysis.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-61be2ff294511762", |
| "page": 9, |
| "quote": "The FSR should continue to be endorsed by the NBP Board, rather than the Systemic Risk Board, so as to preserve a separate source of candid and credible analysis.", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0014" |
| }, |
| { |
| "text": "The team underlined the need to preserve a leading role for the NBP in the arrangements and cautioned against proposals to move the vice chairmanship towards the MoF.", |
| "verbatim": "The team underlined the need to preserve a leading role for the NBP in the arrangements and cautioned against proposals to move the vice chairmanship towards the MoF.", |
| "actor": null, |
| "priority": null, |
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| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| { |
| "evidence_id": "ev-aa5516dbeac62132", |
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| "quote": "The team underlined the need to preserve a leading role for the NBP in the arrangements and cautioned against proposals to move the vice chairmanship towards the MoF.", |
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| } |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0015" |
| }, |
| { |
| "text": "1. Assign direct calibration powers to the Systemic Risk Board, to the extent possible, when CRD IV is transposed into Polish legislation.", |
| "verbatim": "1. Assign direct calibration powers to the Systemic Risk Board, to the extent possible, when CRD IV is transposed into Polish legislation.", |
| "actor": null, |
| "priority": null, |
| "timeframe": "Short to medium term", |
| "report_paragraph": null, |
| "section": "recommendation table 1", |
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| { |
| "evidence_id": "ev-f328d5712a65de1d", |
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| "quote": "1. Assign direct calibration powers to the Systemic Risk Board, to the extent possible, when CRD IV is transposed into Polish legislation.", |
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| "confidence_tier": "high", |
| "in_conservative_set": true, |
| "recommendation_id": "cr-2012-276-rec-0016" |
| }, |
| { |
| "text": "1. Elaborate the concept of systemic risk, by including operational objectives for the Systemic Risk Board in both the time (cyclical) and structural dimensions.", |
| "verbatim": "1. Elaborate the concept of systemic risk, by including operational objectives for the Systemic Risk Board in both the time (cyclical) and structural dimensions.", |
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| "priority": null, |
| "timeframe": "Short term", |
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| { |
| "evidence_id": "ev-b5c69708be1de838", |
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| "quote": "1. Elaborate the concept of systemic risk, by including operational objectives for the Systemic Risk Board in both the time (cyclical) and structural dimensions.", |
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| "in_conservative_set": true, |
| "recommendation_id": "cr-2012-276-rec-0017" |
| }, |
| { |
| "text": "2. Empower the Systemic Risk Board to make recommendations to other public bodies on the use of prudential measures to contain systemic risk.", |
| "verbatim": "2. Empower the Systemic Risk Board to make recommendations to other public bodies on the use of prudential measures to contain systemic risk.", |
| "actor": null, |
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| "timeframe": "Short term", |
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| { |
| "evidence_id": "ev-782f3ec468d8f209", |
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| "quote": "2. Empower the Systemic Risk Board to make recommendations to other public bodies on the use of prudential measures to contain systemic risk.", |
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| "recommendation_id": "cr-2012-276-rec-0018" |
| }, |
| { |
| "text": "2. Ensure that the Systemic Risk Board becomes the “designated authority” in the sense of the forthcoming EU capital requirements directive (CRD IV)", |
| "verbatim": "2. Ensure that the Systemic Risk Board becomes the “designated authority” in the sense of the forthcoming EU capital requirements directive (CRD IV)", |
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| "priority": null, |
| "timeframe": "Short to medium term", |
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| { |
| "evidence_id": "ev-49fa0bc46e9ea8a7", |
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| "quote": "2. Ensure that the Systemic Risk Board becomes the “designated authority” in the sense of the forthcoming EU capital requirements directive (CRD IV)", |
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| "in_conservative_set": true, |
| "recommendation_id": "cr-2012-276-rec-0019" |
| }, |
| { |
| "text": "3. Ensure that recommendations can be made to constituent authorities of the Systemic Risk Board (including the MoF, the KNF and the BGF) on actions within the scope of their legal powers.", |
| "verbatim": "3. Ensure that recommendations can be made to constituent authorities of the Systemic Risk Board (including the MoF, the KNF and the BGF) on actions within the scope of their legal powers.", |
| "actor": null, |
| "priority": null, |
| "timeframe": "Short term", |
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| { |
| "evidence_id": "ev-fda3802b9214cbc0", |
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| "quote": "3. Ensure that recommendations can be made to constituent authorities of the Systemic Risk Board (including the MoF, the KNF and the BGF) on actions within the scope of their legal powers.", |
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| "confidence_tier": "high", |
| "in_conservative_set": true, |
| "recommendation_id": "cr-2012-276-rec-0020" |
| }, |
| { |
| "text": "3. Ensure that the tasks of the Systemic Risk Board include developing the approach to address risks from systemically important institutions.", |
| "verbatim": "3. Ensure that the tasks of the Systemic Risk Board include developing the approach to address risks from systemically important institutions.", |
| "actor": null, |
| "priority": null, |
| "timeframe": "Short term", |
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| { |
| "evidence_id": "ev-9d7bdddee4dc7734", |
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| "quote": "3. Ensure that the tasks of the Systemic Risk Board include developing the approach to address risks from systemically important institutions.", |
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| "in_conservative_set": true, |
| "recommendation_id": "cr-2012-276-rec-0021" |
| }, |
| { |
| "text": "4. Ensure close cooperation and coordination with the European Systemic Risk Board.", |
| "verbatim": "4. Ensure close cooperation and coordination with the European Systemic Risk Board.", |
| "actor": null, |
| "priority": null, |
| "timeframe": "Short term", |
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| "section": "recommendation table 1", |
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| { |
| "evidence_id": "ev-7b8b33a98cd69791", |
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| "quote": "4. Ensure close cooperation and coordination with the European Systemic Risk Board.", |
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| "in_conservative_set": true, |
| "recommendation_id": "cr-2012-276-rec-0022" |
| }, |
| { |
| "text": "4. Ensure that recommendations are public and coupled with a “comply or explain” mechanism.", |
| "verbatim": "4. Ensure that recommendations are public and coupled with a “comply or explain” mechanism.", |
| "actor": null, |
| "priority": null, |
| "timeframe": "Short term", |
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| "section": "recommendation table 1", |
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| { |
| "evidence_id": "ev-2e15ae66bcf035e5", |
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| "quote": "4. Ensure that recommendations are public and coupled with a “comply or explain” mechanism.", |
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| "in_conservative_set": true, |
| "recommendation_id": "cr-2012-276-rec-0023" |
| }, |
| { |
| "text": "5. Ensure that the constitutional independence of NBP is respected and that recommendations do not relate to individual institutions that are supervised by the KNF.", |
| "verbatim": "5. Ensure that the constitutional independence of NBP is respected and that recommendations do not relate to individual institutions that are supervised by the KNF.", |
| "actor": null, |
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| { |
| "evidence_id": "ev-505a9fb443ba9763", |
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| "quote": "5. Ensure that the constitutional independence of NBP is respected and that recommendations do not relate to individual institutions that are supervised by the KNF.", |
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| { |
| "text": "6. Empower the Systemic Risk Board to issue non-binding opinions, containing advice to other public bodies, including the Council of Ministers and Parliament.", |
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| { |
| "text": "7. Empower the Systemic Risk Board to make both public and confidential warnings, while avoiding an obligation to issue warnings.", |
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| }, |
| { |
| "text": "8. Ensure that the Systemic Risk Board can initiate changes in legislation, as necessary for it to acquire new tools or change the regulatory perimeter, through recommendations made to the MoF.", |
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| }, |
| { |
| "text": "1. Ensure the Systemic Risk Board has broad power to acquire information directly from private entities, including unregulated financial firms and corporations.", |
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| "recommendation_id": "cr-2012-276-rec-0028" |
| }, |
| { |
| "text": "1. Explore practical solutions to ensure that the duty to consult does not unduly constrain the operational autonomy of the KNF.", |
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| "recommendation_id": "cr-2012-276-rec-0029" |
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| { |
| "text": "1. Maintain a leading role of the NBP, by assigning the NBP the chairmanship and vice-chairmanship of the Systemic Risk Board and entrust it with the secretariat.", |
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| "recommendation_id": "cr-2012-276-rec-0030" |
| }, |
| { |
| "text": "1. Require publication of a record of meetings that provides clarity on issues discussed and transparency on votes cast by individual members on the policy decisions by the Systemic Risk Board", |
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| "recommendation_id": "cr-2012-276-rec-0031" |
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| { |
| "text": "2. Enable the Systemic Risk Board to explain its evolving policy strategy by establishing an instrument of communication appropriate for this purpose.", |
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| "recommendation_id": "cr-2012-276-rec-0032" |
| }, |
| { |
| "text": "2. Ensure access to statistical data needed for the monitoring of systemic risk and gathered by the CSO in a manner that protects statistical secrecy standards enshrined in Polish and EU law.", |
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| "recommendation_id": "cr-2012-276-rec-0033" |
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| { |
| "text": "2. Limit the role of the CSO on the Systemic Risk Board to that of an observer.", |
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| { |
| "text": "3. Avoid a requirement for unanimity and consider qualified (2/3) majority voting for major policy decisions.", |
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| "recommendation_id": "cr-2012-276-rec-0035" |
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| { |
| "text": "3. Maintain the FSR as an independent publication that is endorsed by the NBP’s Board, rather than the Systemic Risk Board.", |
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| "recommendation_id": "cr-2012-276-rec-0036" |
| }, |
| { |
| "text": "4. Require a (written) annual report to the Sejm so as to ensure that ultimate accountability is to parliament.", |
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| "recommendation_id": "cr-2012-276-rec-0037" |
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| { |
| "text": "5. Ensure that adequate resources are made available to the secretariat and Financial System Department to support accountability and the work of the Systemic Risk Board more broadly.", |
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| "recommendation_id": "cr-2012-276-rec-0038" |
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| { |
| "text": "Delineation of responsibilities and coordination", |
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| "recommendation_id": "cr-2012-276-rec-0039" |
| }, |
| { |
| "text": "All agreed that a Systemic Risk Board should be set up.", |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "recommendation_id": "cr-2012-276-rec-0040" |
| }, |
| { |
| "text": "To function well the ESRB needs to be complemented by dedicated macroprudential frameworks at the national level.", |
| "verbatim": "To function well the ESRB needs to be complemented by dedicated macroprudential frameworks at the national level.", |
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| "recommendation_id": "cr-2012-276-rec-0041" |
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| { |
| "text": "A Systemic Risk Board should bring together the agencies involved in financial sector policy and enable a structured dialogue on emerging risks, based on rigorous and forward looking analysis.", |
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| "recommendation_id": "cr-2012-276-rec-0042" |
| }, |
| { |
| "text": "All agencies agreed that the Systemic Risk Board should be chaired by the President of the NBP and that the NBP should provide the secretariat of the new body.", |
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| "recommendation_id": "cr-2012-276-rec-0043" |
| }, |
| { |
| "text": "However, they cautioned that recommendations should not be too specific and not concern individual institutions.", |
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| { |
| "text": "It should also allow a discussion of policy options to contain these risks that brings together the perspectives and insights of the participating agencies.", |
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| { |
| "text": "There was consensus that the NBP should play a leading role.", |
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| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0046" |
| }, |
| { |
| "text": "This is likely to encompass the methodology for assessing the systemic importance of individual institutions, and the set of policy measures that should be considered to contain the risk posed by these institutions.", |
| "verbatim": "This is likely to encompass the methodology for assessing the systemic importance of individual institutions, and the set of policy measures that should be considered to contain the risk posed by these institutions.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-e0423dcd89fe5f7c", |
| "page": 15, |
| "quote": "This is likely to encompass the methodology for assessing the systemic importance of individual institutions, and the set of policy measures that should be considered to contain the risk posed by these institutions.", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.65, |
| "extraction_method": "explicit_recommendation_modal", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0047" |
| }, |
| { |
| "text": "The mission recommended, and the authorities agreed, that the Systemic Risk Board should become the designated authority under the capital requirements directive once the directive is enacted and can be transposed into Polish law.", |
| "verbatim": "The mission recommended, and the authorities agreed, that the Systemic Risk Board should become the designated authority under the capital requirements directive once the directive is enacted and can be transposed into Polish law.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-fd8d565d1416c760", |
| "page": 17, |
| "quote": "The mission recommended, and the authorities agreed, that the Systemic Risk Board should become the designated authority under the capital requirements directive once the directive is enacted and can be transposed into Polish law.", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.92, |
| "extraction_method": "explicit_recommendation_modal", |
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| "recommendation_type": "explicit_attributed_statement", |
| "explicitness": "explicit", |
| "confidence_tier": "high", |
| "in_conservative_set": true, |
| "recommendation_id": "cr-2012-276-rec-0048" |
| }, |
| { |
| "text": "[4] In this case, and if the authorities wanted to avoid the need for changes to the draft law once adopted, the mission recommends that the task of the Systemic Risk Board include “performing tasks assigned to it under other laws.”", |
| "verbatim": "[4] In this case, and if the authorities wanted to avoid the need for changes to the draft law once adopted, the mission recommends that the task of the Systemic Risk Board include “performing tasks assigned to it under other laws.”", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-628581c735eca848", |
| "page": 17, |
| "quote": "[4] In this case, and if the authorities wanted to avoid the need for changes to the draft law once adopted, the mission recommends that the task of the Systemic Risk Board include “performing tasks assigned to it under other laws.”", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.92, |
| "extraction_method": "explicit_recommendation_modal", |
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| "recommendation_type": "explicit_attributed_statement", |
| "explicitness": "explicit", |
| "confidence_tier": "high", |
| "in_conservative_set": true, |
| "recommendation_id": "cr-2012-276-rec-0049" |
| }, |
| { |
| "text": "4 Timelines agreed by the BCBS imply that CRDIV should be in force by 1 January 2013.", |
| "verbatim": "4 Timelines agreed by the BCBS imply that CRDIV should be in force by 1 January 2013.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-301b833bd15bb201", |
| "page": 17, |
| "quote": "4 Timelines agreed by the BCBS imply that CRDIV should be in force by 1 January 2013.", |
| "source": "document" |
| } |
| ], |
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| "extraction_method": "explicit_recommendation_modal", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0050" |
| }, |
| { |
| "text": "In addition the law should refer to the need to notify", |
| "verbatim": "In addition the law should refer to the need to notify", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-5cee9a7519a79ccb", |
| "page": 17, |
| "quote": "In addition the law should refer to the need to notify", |
| "source": "document" |
| } |
| ], |
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| "extraction_method": "explicit_recommendation_modal", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0051" |
| }, |
| { |
| "text": "In particular the Systemic Risk Board could be tasked with discussion of the ways in which warnings and recommendations received by the ESRB should be dealt with in Poland.", |
| "verbatim": "In particular the Systemic Risk Board could be tasked with discussion of the ways in which warnings and recommendations received by the ESRB should be dealt with in Poland.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-0526d43ce8e52cf8", |
| "page": 17, |
| "quote": "In particular the Systemic Risk Board could be tasked with discussion of the ways in which warnings and recommendations received by the ESRB should be dealt with in Poland.", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.65, |
| "extraction_method": "explicit_recommendation_modal", |
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| "recommendation_type": "normative_modal_candidate", |
| "explicitness": "implicit_candidate", |
| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0052" |
| }, |
| { |
| "text": "Measures to prevent the failure of systemically important individual institutions should be an integral part of macroprudential policy.", |
| "verbatim": "Measures to prevent the failure of systemically important individual institutions should be an integral part of macroprudential policy.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-d9dd60d57bb01cba", |
| "page": 17, |
| "quote": "Measures to prevent the failure of systemically important individual institutions should be an integral part of macroprudential policy.", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.65, |
| "extraction_method": "explicit_recommendation_modal", |
| "review_status": "unreviewed", |
| "recommendation_type": "normative_modal_candidate", |
| "explicitness": "implicit_candidate", |
| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0053" |
| }, |
| { |
| "text": "The formulation of tasks should be updated to take account of recent European developments.", |
| "verbatim": "The formulation of tasks should be updated to take account of recent European developments.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-0b5756f866166d95", |
| "page": 17, |
| "quote": "The formulation of tasks should be updated to take account of recent European developments.", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.65, |
| "extraction_method": "explicit_recommendation_modal", |
| "review_status": "unreviewed", |
| "recommendation_type": "normative_modal_candidate", |
| "explicitness": "implicit_candidate", |
| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0054" |
| }, |
| { |
| "text": "However, the NBP’s Legal Department has offered a preliminary opinion that calibration powers would be consistent with constitutional constraints on normative acts provided that the relevant law: (i) describes the instrument and determine rights and obligations that arise from it; (ii) indicates its recipients; (iii) provides circumstances when the instrument will apply; (iv) sets a scope of operation; and (v) vests the competence or obligation of calibration of the instrument in the Systemic Risk Board and provides a manner according to which it should be done.", |
| "verbatim": "However, the NBP’s Legal Department has offered a preliminary opinion that calibration powers would be consistent with constitutional constraints on normative acts provided that the relevant law: (i) describes the instrument and determine rights and obligations that arise from it; (ii) indicates its recipients; (iii) provides circumstances when the instrument will apply; (iv) sets a scope of operation; and (v) vests the competence or obligation of calibration of the instrument in the Systemic Risk Board and provides a manner according to which it should be done.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-bde6bd279a2e5b94", |
| "page": 18, |
| "quote": "However, the NBP’s Legal Department has offered a preliminary opinion that calibration powers would be consistent with constitutional constraints on normative acts provided that the relevant law: (i) describes the instrument and determine rights and obligations that arise from it; (ii) indicates its recipients; (iii) provides circumstances when the instrument will apply; (iv) sets a scope of operation; and (v) vests the competence or obligation of calibration of the instrument in the Systemic Risk Board and provides a manner according to which it should be done.", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.65, |
| "extraction_method": "explicit_recommendation_modal", |
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| "recommendation_type": "normative_modal_candidate", |
| "explicitness": "implicit_candidate", |
| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0055" |
| }, |
| { |
| "text": "Policy tools need to ensure that macroprudential policy can be pursued effectively.", |
| "verbatim": "Policy tools need to ensure that macroprudential policy can be pursued effectively.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-948040fee5ed97aa", |
| "page": 18, |
| "quote": "Policy tools need to ensure that macroprudential policy can be pursued effectively.", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.65, |
| "extraction_method": "explicit_recommendation_modal", |
| "review_status": "unreviewed", |
| "recommendation_type": "normative_modal_candidate", |
| "explicitness": "implicit_candidate", |
| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0056" |
| }, |
| { |
| "text": "The description of policy tools needs also be mindful of the need to protect the integrity of the supervisory framework in Poland.", |
| "verbatim": "The description of policy tools needs also be mindful of the need to protect the integrity of the supervisory framework in Poland.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-507953e1842c8aaf", |
| "page": 18, |
| "quote": "The description of policy tools needs also be mindful of the need to protect the integrity of the supervisory framework in Poland.", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.65, |
| "extraction_method": "explicit_recommendation_modal", |
| "review_status": "unreviewed", |
| "recommendation_type": "normative_modal_candidate", |
| "explicitness": "implicit_candidate", |
| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0057" |
| }, |
| { |
| "text": "They need to enable the Board to achieve policy coordination among the bodies represented on the Board, while respecting the autonomy of constitutional bodies, such as the NBP and the Council of Ministers.", |
| "verbatim": "They need to enable the Board to achieve policy coordination among the bodies represented on the Board, while respecting the autonomy of constitutional bodies, such as the NBP and the Council of Ministers.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-7b958f401329fc2b", |
| "page": 18, |
| "quote": "They need to enable the Board to achieve policy coordination among the bodies represented on the Board, while respecting the autonomy of constitutional bodies, such as the NBP and the Council of Ministers.", |
| "source": "document" |
| } |
| ], |
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| "extraction_method": "explicit_recommendation_modal", |
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| "recommendation_type": "normative_modal_candidate", |
| "explicitness": "implicit_candidate", |
| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0058" |
| }, |
| { |
| "text": "Such a mechanism can help strike a balance between the need to ensure that strong action is taken and the need to preserve the operational autonomy of the recipient agency (IMF, 2011, and IMF WP 11/250).", |
| "verbatim": "Such a mechanism can help strike a balance between the need to ensure that strong action is taken and the need to preserve the operational autonomy of the recipient agency (IMF, 2011, and IMF WP 11/250).", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-725463b89eba2227", |
| "page": 19, |
| "quote": "Such a mechanism can help strike a balance between the need to ensure that strong action is taken and the need to preserve the operational autonomy of the recipient agency (IMF, 2011, and IMF WP 11/250).", |
| "source": "document" |
| } |
| ], |
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| "extraction_method": "explicit_recommendation_modal", |
| "review_status": "unreviewed", |
| "recommendation_type": "normative_modal_candidate", |
| "explicitness": "implicit_candidate", |
| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0059" |
| }, |
| { |
| "text": "To protect the integrity of the supervisory framework, the law should specify, as does the framework in the United Kingdom, that recommendations should not be made with respect to individual institutions.", |
| "verbatim": "To protect the integrity of the supervisory framework, the law should specify, as does the framework in the United Kingdom, that recommendations should not be made with respect to individual institutions.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-3db8d9f4d79d3929", |
| "page": 19, |
| "quote": "To protect the integrity of the supervisory framework, the law should specify, as does the framework in the United Kingdom, that recommendations should not be made with respect to individual institutions.", |
| "source": "document" |
| } |
| ], |
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| "extraction_method": "explicit_recommendation_modal", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0060" |
| }, |
| { |
| "text": "[6] More generally, the Systemic Risk Board should take care that its recommendations to the KNF are of a general, rather than overly specific nature and do not conflict with supervisory objectives.", |
| "verbatim": "[6] More generally, the Systemic Risk Board should take care that its recommendations to the KNF are of a general, rather than overly specific nature and do not conflict with supervisory objectives.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-1dffd510e9ae4b4c", |
| "page": 19, |
| "quote": "[6] More generally, the Systemic Risk Board should take care that its recommendations to the KNF are of a general, rather than overly specific nature and do not conflict with supervisory objectives.", |
| "source": "document" |
| } |
| ], |
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| "extraction_method": "explicit_recommendation_modal", |
| "review_status": "unreviewed", |
| "recommendation_type": "normative_modal_candidate", |
| "explicitness": "implicit_candidate", |
| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0061" |
| }, |
| { |
| "text": "Recommendations should be made to the constituent bodies in the first instance.", |
| "verbatim": "Recommendations should be made to the constituent bodies in the first instance.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-717b4aa70788ffd7", |
| "page": 20, |
| "quote": "Recommendations should be made to the constituent bodies in the first instance.", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0062" |
| }, |
| { |
| "text": "Since the tools for macroprudential supervision will evolve with time, in light of changes in the types of risks that need to be addressed, it will be important to establish dedicated procedures that enable the Systemic Risk Board to effectively acquire new tools in future, preferably under some form of “fast track” procedure.", |
| "verbatim": "Since the tools for macroprudential supervision will evolve with time, in light of changes in the types of risks that need to be addressed, it will be important to establish dedicated procedures that enable the Systemic Risk Board to effectively acquire new tools in future, preferably under some form of “fast track” procedure.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-dd237eb3da952bbd", |
| "page": 20, |
| "quote": "Since the tools for macroprudential supervision will evolve with time, in light of changes in the types of risks that need to be addressed, it will be important to establish dedicated procedures that enable the Systemic Risk Board to effectively acquire new tools in future, preferably under some form of “fast track” procedure.", |
| "source": "document" |
| } |
| ], |
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| "explicitness": "implicit_candidate", |
| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0063" |
| }, |
| { |
| "text": "9 In order to clarify that recommendations should not be addressed to the NBP, the law could contain a clause referring to the need to protect the independence of the NBP.", |
| "verbatim": "9 In order to clarify that recommendations should not be addressed to the NBP, the law could contain a clause referring to the need to protect the independence of the NBP.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-915b70c730c388f8", |
| "page": 21, |
| "quote": "9 In order to clarify that recommendations should not be addressed to the NBP, the law could contain a clause referring to the need to protect the independence of the NBP.", |
| "source": "document" |
| } |
| ], |
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| "extraction_method": "explicit_recommendation_modal", |
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| "recommendation_type": "normative_modal_candidate", |
| "explicitness": "implicit_candidate", |
| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0064" |
| }, |
| { |
| "text": "As set out above, warnings should be primarily addressed to the market rather than public bodies.", |
| "verbatim": "As set out above, warnings should be primarily addressed to the market rather than public bodies.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-b77cd37a5cfb37e0", |
| "page": 21, |
| "quote": "As set out above, warnings should be primarily addressed to the market rather than public bodies.", |
| "source": "document" |
| } |
| ], |
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| "extraction_method": "explicit_recommendation_modal", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0065" |
| }, |
| { |
| "text": "Instead, recommendations to the market should be seen as a tool of moral suasion.", |
| "verbatim": "Instead, recommendations to the market should be seen as a tool of moral suasion.", |
| "actor": null, |
| "priority": null, |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-94f0188d8fc9c10e", |
| "page": 21, |
| "quote": "Instead, recommendations to the market should be seen as a tool of moral suasion.", |
| "source": "document" |
| } |
| ], |
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| "extraction_method": "explicit_recommendation_modal", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0066" |
| }, |
| { |
| "text": "The desire to give such advice may arise from the need to achieve policy coordination beyond prudential policy, perhaps including on specific aspects of the tax regime.", |
| "verbatim": "The desire to give such advice may arise from the need to achieve policy coordination beyond prudential policy, perhaps including on specific aspects of the tax regime.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-27cec8b8723e599a", |
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| "quote": "The desire to give such advice may arise from the need to achieve policy coordination beyond prudential policy, perhaps including on specific aspects of the tax regime.", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0067" |
| }, |
| { |
| "text": "The law should be clear as to the potential addressees of risk warnings and avoid an obligation to issue warnings.", |
| "verbatim": "The law should be clear as to the potential addressees of risk warnings and avoid an obligation to issue warnings.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-0476e29a87116a5e", |
| "page": 21, |
| "quote": "The law should be clear as to the potential addressees of risk warnings and avoid an obligation to issue warnings.", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0068" |
| }, |
| { |
| "text": "They should be used sparingly, since non-compliance can reduce the credibility of the Systemic Risk Board.", |
| "verbatim": "They should be used sparingly, since non-compliance can reduce the credibility of the Systemic Risk Board.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-38f780160d7c5832", |
| "page": 21, |
| "quote": "They should be used sparingly, since non-compliance can reduce the credibility of the Systemic Risk Board.", |
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| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0069" |
| }, |
| { |
| "text": "In addition, an opinion addressed to the NBP would need to respect its constitutional autonomy and the “ban on instructions” contained in Article 130 of the Treaty on the Functioning of the European Union (“EU Treaty”) and Article 7 of the Statute of the European System of Central Banks (“ESCB Statute”), as further discussed in Appendix II.", |
| "verbatim": "In addition, an opinion addressed to the NBP would need to respect its constitutional autonomy and the “ban on instructions” contained in Article 130 of the Treaty on the Functioning of the European Union (“EU Treaty”) and Article 7 of the Statute of the European System of Central Banks (“ESCB Statute”), as further discussed in Appendix II.", |
| "actor": null, |
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| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-4316b2cd192fbb19", |
| "page": 22, |
| "quote": "In addition, an opinion addressed to the NBP would need to respect its constitutional autonomy and the “ban on instructions” contained in Article 130 of the Treaty on the Functioning of the European Union (“EU Treaty”) and Article 7 of the Statute of the European System of Central Banks (“ESCB Statute”), as further discussed in Appendix II.", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0070" |
| }, |
| { |
| "text": "In this regard, it may be useful for the draft law to clarify that this is irrespective of whether the “private entities” are subject to formal supervision and regulation under the Banking Act, since the Systemic Risk Board may need to be able to collect information also from entities outside the regulatory perimeter (IMF, 2011).", |
| "verbatim": "In this regard, it may be useful for the draft law to clarify that this is irrespective of whether the “private entities” are subject to formal supervision and regulation under the Banking Act, since the Systemic Risk Board may need to be able to collect information also from entities outside the regulatory perimeter (IMF, 2011).", |
| "actor": null, |
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| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-b44e37ef059cfd7f", |
| "page": 22, |
| "quote": "In this regard, it may be useful for the draft law to clarify that this is irrespective of whether the “private entities” are subject to formal supervision and regulation under the Banking Act, since the Systemic Risk Board may need to be able to collect information also from entities outside the regulatory perimeter (IMF, 2011).", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0071" |
| }, |
| { |
| "text": "Opinions would need to be used with care.", |
| "verbatim": "Opinions would need to be used with care.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-7ec22efa14bfacad", |
| "page": 22, |
| "quote": "Opinions would need to be used with care.", |
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| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0072" |
| }, |
| { |
| "text": "Use of this tool needs to be mindful of the existing obligation on the part of the Monetary Policy Council (MPC) to issue opinions on the fiscal budget (Article 12 of the Act on the NBP).", |
| "verbatim": "Use of this tool needs to be mindful of the existing obligation on the part of the Monetary Policy Council (MPC) to issue opinions on the fiscal budget (Article 12 of the Act on the NBP).", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-bca18072f2ff4951", |
| "page": 22, |
| "quote": "Use of this tool needs to be mindful of the existing obligation on the part of the Monetary Policy Council (MPC) to issue opinions on the fiscal budget (Article 12 of the Act on the NBP).", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0073" |
| }, |
| { |
| "text": "The mission recommends that the draft law not contain a general provision that overrides data protections in other laws, but instead contains the specific changes to other laws that are necessary to ensure appropriate access to data.", |
| "verbatim": "The mission recommends that the draft law not contain a general provision that overrides data protections in other laws, but instead contains the specific changes to other laws that are necessary to ensure appropriate access to data.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-223c66dc1c093762", |
| "page": 23, |
| "quote": "The mission recommends that the draft law not contain a general provision that overrides data protections in other laws, but instead contains the specific changes to other laws that are necessary to ensure appropriate access to data.", |
| "source": "document" |
| } |
| ], |
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| "explicitness": "explicit", |
| "confidence_tier": "high", |
| "in_conservative_set": true, |
| "recommendation_id": "cr-2012-276-rec-0074" |
| }, |
| { |
| "text": "Beyond the legal arrangements, data collection by the CSO and NBP should be mindful of the costs arising for both the public and private sector.", |
| "verbatim": "Beyond the legal arrangements, data collection by the CSO and NBP should be mindful of the costs arising for both the public and private sector.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-26a7e74fdd9a0233", |
| "page": 23, |
| "quote": "Beyond the legal arrangements, data collection by the CSO and NBP should be mindful of the costs arising for both the public and private sector.", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0075" |
| }, |
| { |
| "text": "More generally, the language governing access to data should be reviewed.", |
| "verbatim": "More generally, the language governing access to data should be reviewed.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-584813c50ad4fb19", |
| "page": 23, |
| "quote": "More generally, the language governing access to data should be reviewed.", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0076" |
| }, |
| { |
| "text": "The CSO relies on the trust of those who respond to its data requests, who need to be assured that information will not be shared with other parties.", |
| "verbatim": "The CSO relies on the trust of those who respond to its data requests, who need to be assured that information will not be shared with other parties.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-ae951fa36a621642", |
| "page": 23, |
| "quote": "The CSO relies on the trust of those who respond to its data requests, who need to be assured that information will not be shared with other parties.", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0077" |
| }, |
| { |
| "text": "The draft act should be amended to more strongly reflect the public policy objective associated with statistical data protection.", |
| "verbatim": "The draft act should be amended to more strongly reflect the public policy objective associated with statistical data protection.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-2a76f91205c27fe9", |
| "page": 23, |
| "quote": "The draft act should be amended to more strongly reflect the public policy objective associated with statistical data protection.", |
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| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0078" |
| }, |
| { |
| "text": "However, the appropriate access and use of information needs to be firmly described in law, rather than ensured through informal mechanisms.", |
| "verbatim": "However, the appropriate access and use of information needs to be firmly described in law, rather than ensured through informal mechanisms.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-1da4c3b855bb3620", |
| "page": 24, |
| "quote": "However, the appropriate access and use of information needs to be firmly described in law, rather than ensured through informal mechanisms.", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0079" |
| }, |
| { |
| "text": "In addition, the appointment should be for a fixed term, so that experts cannot be replaced at will.", |
| "verbatim": "In addition, the appointment should be for a fixed term, so that experts cannot be replaced at will.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-7a08fe5b0bc61eca", |
| "page": 24, |
| "quote": "In addition, the appointment should be for a fixed term, so that experts cannot be replaced at will.", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0080" |
| }, |
| { |
| "text": "The policy tools assigned to the Systemic Risk Board should be complemented by an appropriate range of accountability mechanisms.", |
| "verbatim": "The policy tools assigned to the Systemic Risk Board should be complemented by an appropriate range of accountability mechanisms.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-4b4fe9df5e462e44", |
| "page": 26, |
| "quote": "The policy tools assigned to the Systemic Risk Board should be complemented by an appropriate range of accountability mechanisms.", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0081" |
| }, |
| { |
| "text": "Consideration should be given to a communication instrument that would allow the Board to explain its emerging policy strategy.", |
| "verbatim": "Consideration should be given to a communication instrument that would allow the Board to explain its emerging policy strategy.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-fad49f68fa233167", |
| "page": 27, |
| "quote": "Consideration should be given to a communication instrument that would allow the Board to explain its emerging policy strategy.", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0082" |
| }, |
| { |
| "text": "The accountability arrangements should leverage the NBP’s existing FSR.", |
| "verbatim": "The accountability arrangements should leverage the NBP’s existing FSR.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-6a73f4f599c11740", |
| "page": 27, |
| "quote": "The accountability arrangements should leverage the NBP’s existing FSR.", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0083" |
| }, |
| { |
| "text": "The law should require transparency as to the vote cast by each member on major policy decisions.", |
| "verbatim": "The law should require transparency as to the vote cast by each member on major policy decisions.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-3ccc39fea6019477", |
| "page": 27, |
| "quote": "The law should require transparency as to the vote cast by each member on major policy decisions.", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0084" |
| }, |
| { |
| "text": "Whenever there is a motion to vote, the record of meetings should identify votes cast by each member.", |
| "verbatim": "Whenever there is a motion to vote, the record of meetings should identify votes cast by each member.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-23f0b8ca057683b7", |
| "page": 27, |
| "quote": "Whenever there is a motion to vote, the record of meetings should identify votes cast by each member.", |
| "source": "document" |
| } |
| ], |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0085" |
| }, |
| { |
| "text": "While the detailed form of its policy strategy would need to be worked out by the Systemic Risk Board itself and development of such a strategy will take time, consideration could be given for the law to establish an instrument that could be used to communicate such a strategy.", |
| "verbatim": "While the detailed form of its policy strategy would need to be worked out by the Systemic Risk Board itself and development of such a strategy will take time, consideration could be given for the law to establish an instrument that could be used to communicate such a strategy.", |
| "actor": null, |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| { |
| "evidence_id": "ev-fee79cc8ee4b93bd", |
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| "quote": "While the detailed form of its policy strategy would need to be worked out by the Systemic Risk Board itself and development of such a strategy will take time, consideration could be given for the law to establish an instrument that could be used to communicate such a strategy.", |
| "source": "document" |
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| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0086" |
| }, |
| { |
| "text": "In particular, where more than one public body is assigned responsibilities in financial sector policy, including in prudential regulation, supervision, and resolution, the legal frameworks needs to ensure that there are no inconsistencies in the overall legal framework that would hinder the effectiveness of one or more public bodies.", |
| "verbatim": "In particular, where more than one public body is assigned responsibilities in financial sector policy, including in prudential regulation, supervision, and resolution, the legal frameworks needs to ensure that there are no inconsistencies in the overall legal framework that would hinder the effectiveness of one or more public bodies.", |
| "actor": null, |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-18fa333f4412596a", |
| "page": 28, |
| "quote": "In particular, where more than one public body is assigned responsibilities in financial sector policy, including in prudential regulation, supervision, and resolution, the legal frameworks needs to ensure that there are no inconsistencies in the overall legal framework that would hinder the effectiveness of one or more public bodies.", |
| "source": "document" |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0087" |
| }, |
| { |
| "text": "It also needs to provide a legal basis for coordination and mutual consultation.", |
| "verbatim": "It also needs to provide a legal basis for coordination and mutual consultation.", |
| "actor": null, |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-3d6e5795ae7c70b4", |
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| "quote": "It also needs to provide a legal basis for coordination and mutual consultation.", |
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| "confidence_tier": "medium", |
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| "recommendation_id": "cr-2012-276-rec-0088" |
| }, |
| { |
| "text": "The NBP will need to ensure that sufficient resources are allocated to support the new macroprudential policy framework.", |
| "verbatim": "The NBP will need to ensure that sufficient resources are allocated to support the new macroprudential policy framework.", |
| "actor": null, |
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| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| { |
| "evidence_id": "ev-862659f4a891c1e4", |
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| "quote": "The NBP will need to ensure that sufficient resources are allocated to support the new macroprudential policy framework.", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0089" |
| }, |
| { |
| "text": "This report would be a report of the Systemic Risk Board and would therefore need to be endorsed by a decision taken by the Board.", |
| "verbatim": "This report would be a report of the Systemic Risk Board and would therefore need to be endorsed by a decision taken by the Board.", |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| { |
| "evidence_id": "ev-af5dfddd6b0d491f", |
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| "quote": "This report would be a report of the Systemic Risk Board and would therefore need to be endorsed by a decision taken by the Board.", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0090" |
| }, |
| { |
| "text": "At the same time, strong overlap in the composition of the two bodies should facilitate coordination between the two bodies should the need for coordination arise.", |
| "verbatim": "At the same time, strong overlap in the composition of the two bodies should facilitate coordination between the two bodies should the need for coordination arise.", |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| { |
| "evidence_id": "ev-f3a58c9ccc608a71", |
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| "quote": "At the same time, strong overlap in the composition of the two bodies should facilitate coordination between the two bodies should the need for coordination arise.", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0091" |
| }, |
| { |
| "text": "In particular, since the Systemic Risk Board is only required to meet every six months, while many resolutions of the KNF will not have a strong bearing on financial stability, a pragmatic solution will need to be found that can strike the right balance.", |
| "verbatim": "In particular, since the Systemic Risk Board is only required to meet every six months, while many resolutions of the KNF will not have a strong bearing on financial stability, a pragmatic solution will need to be found that can strike the right balance.", |
| "actor": null, |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-1cb4e713f545148b", |
| "page": 29, |
| "quote": "In particular, since the Systemic Risk Board is only required to meet every six months, while many resolutions of the KNF will not have a strong bearing on financial stability, a pragmatic solution will need to be found that can strike the right balance.", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0092" |
| }, |
| { |
| "text": "On the other hand, care needs to be taken not to constrain unduly the operational autonomy of the separate agencies through such provisions.", |
| "verbatim": "On the other hand, care needs to be taken not to constrain unduly the operational autonomy of the separate agencies through such provisions.", |
| "actor": null, |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| { |
| "evidence_id": "ev-3369bac0e2c629f8", |
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| "quote": "On the other hand, care needs to be taken not to constrain unduly the operational autonomy of the separate agencies through such provisions.", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0093" |
| }, |
| { |
| "text": "While these arrangements appear reasonable, the delineation of the responsibilities of the Systemic Risk Board and the FSC may need to be evaluated more closely as the powers of the Systemic Risk Board, particularly with respect to systemically important financial institutions, are more clearly defined.", |
| "verbatim": "While these arrangements appear reasonable, the delineation of the responsibilities of the Systemic Risk Board and the FSC may need to be evaluated more closely as the powers of the Systemic Risk Board, particularly with respect to systemically important financial institutions, are more clearly defined.", |
| "actor": null, |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-03e1c5b9a41282e4", |
| "page": 29, |
| "quote": "While these arrangements appear reasonable, the delineation of the responsibilities of the Systemic Risk Board and the FSC may need to be evaluated more closely as the powers of the Systemic Risk Board, particularly with respect to systemically important financial institutions, are more clearly defined.", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0094" |
| }, |
| { |
| "text": "19 To avoid divergence in the application of the prudential framework, the new requirements will be consolidated into a Regulation of the European Parliament and Council which will be directly applicable to credit and other financial institutions (i.e., without the need to transpose them into national legislation).", |
| "verbatim": "19 To avoid divergence in the application of the prudential framework, the new requirements will be consolidated into a Regulation of the European Parliament and Council which will be directly applicable to credit and other financial institutions (i.e., without the need to transpose them into national legislation).", |
| "actor": null, |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-442496cebc3cf38d", |
| "page": 34, |
| "quote": "19 To avoid divergence in the application of the prudential framework, the new requirements will be consolidated into a Regulation of the European Parliament and Council which will be directly applicable to credit and other financial institutions (i.e., without the need to transpose them into national legislation).", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0095" |
| }, |
| { |
| "text": "While noting that the international framework on the use of macroprudential instruments is still evolving, the Polish authorities should be mindful of ongoing European and international developments that could create opportunities for enriching the macroprudential policy toolkit.", |
| "verbatim": "While noting that the international framework on the use of macroprudential instruments is still evolving, the Polish authorities should be mindful of ongoing European and international developments that could create opportunities for enriching the macroprudential policy toolkit.", |
| "actor": null, |
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| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-2b5fae3d3576dc28", |
| "page": 34, |
| "quote": "While noting that the international framework on the use of macroprudential instruments is still evolving, the Polish authorities should be mindful of ongoing European and international developments that could create opportunities for enriching the macroprudential policy toolkit.", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0096" |
| }, |
| { |
| "text": "Furthermore, agreement has been reached on the need to allow for some flexibility on the part of member states to use a number of tools to prevent and mitigate systemic risks, justified by country specific circumstances.", |
| "verbatim": "Furthermore, agreement has been reached on the need to allow for some flexibility on the part of member states to use a number of tools to prevent and mitigate systemic risks, justified by country specific circumstances.", |
| "actor": null, |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-e6c1a6685cf0214a", |
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| "quote": "Furthermore, agreement has been reached on the need to allow for some flexibility on the part of member states to use a number of tools to prevent and mitigate systemic risks, justified by country specific circumstances.", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0097" |
| }, |
| { |
| "text": "a methodology for assessing the systemic importance of domestic institutions which should take into consideration the impact of a D-SIB’s failure on the domestic economy (for example having regard to bank-specific factors such as size, interconnectedness, substitutability/financial institution infrastructure, complexity— including the additional complexities from cross-border activity); and", |
| "verbatim": "a methodology for assessing the systemic importance of domestic institutions which should take into consideration the impact of a D-SIB’s failure on the domestic economy (for example having regard to bank-specific factors such as size, interconnectedness, substitutability/financial institution infrastructure, complexity— including the additional complexities from cross-border activity); and", |
| "actor": null, |
| "priority": null, |
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| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-beb206b4910b15bb", |
| "page": 36, |
| "quote": "a methodology for assessing the systemic importance of domestic institutions which should take into consideration the impact of a D-SIB’s failure on the domestic economy (for example having regard to bank-specific factors such as size, interconnectedness, substitutability/financial institution infrastructure, complexity— including the additional complexities from cross-border activity); and", |
| "source": "document" |
| } |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0098" |
| }, |
| { |
| "text": "For example, there are views that macroprudential policy should be considered part of monetary policy.", |
| "verbatim": "For example, there are views that macroprudential policy should be considered part of monetary policy.", |
| "actor": null, |
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| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-16dddec4f45645d8", |
| "page": 41, |
| "quote": "For example, there are views that macroprudential policy should be considered part of monetary policy.", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0099" |
| }, |
| { |
| "text": "Macroprudential supervision should be built upon a sound legal basis.", |
| "verbatim": "Macroprudential supervision should be built upon a sound legal basis.", |
| "actor": null, |
| "priority": null, |
| "timeframe": null, |
| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-182df8d52615cced", |
| "page": 41, |
| "quote": "Macroprudential supervision should be built upon a sound legal basis.", |
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| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0100" |
| }, |
| { |
| "text": "Furthermore, it is also not clear what role could be served by the other public bodies that should be represented on the Systemic Risk Board (e.g., the KNF) in light the autonomy of the MPC with respect to the conduct of monetary policy.", |
| "verbatim": "Furthermore, it is also not clear what role could be served by the other public bodies that should be represented on the Systemic Risk Board (e.g., the KNF) in light the autonomy of the MPC with respect to the conduct of monetary policy.", |
| "actor": null, |
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| "report_paragraph": null, |
| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-8299d98c349f6917", |
| "page": 42, |
| "quote": "Furthermore, it is also not clear what role could be served by the other public bodies that should be represented on the Systemic Risk Board (e.g., the KNF) in light the autonomy of the MPC with respect to the conduct of monetary policy.", |
| "source": "document" |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0101" |
| }, |
| { |
| "text": "However, given that the scope of the MPC’s powers would need to be explicitly broadened in order to fully conduct macroprudential policy, it is not clear that this approach would reduce legal risks in the conduct of macroprudential policy.", |
| "verbatim": "However, given that the scope of the MPC’s powers would need to be explicitly broadened in order to fully conduct macroprudential policy, it is not clear that this approach would reduce legal risks in the conduct of macroprudential policy.", |
| "actor": null, |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-391b85d8135847c2", |
| "page": 42, |
| "quote": "However, given that the scope of the MPC’s powers would need to be explicitly broadened in order to fully conduct macroprudential policy, it is not clear that this approach would reduce legal risks in the conduct of macroprudential policy.", |
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| "recommendation_id": "cr-2012-276-rec-0102" |
| }, |
| { |
| "text": "Since the Constitution would prohibit the law on macroprudential supervision from providing a blanket authorization for the MoF to issue regulations or resolution to implement the law, the law would need to authorize the MoF to do so with respect to each specific provision in the law that needs to be further defined.", |
| "verbatim": "Since the Constitution would prohibit the law on macroprudential supervision from providing a blanket authorization for the MoF to issue regulations or resolution to implement the law, the law would need to authorize the MoF to do so with respect to each specific provision in the law that needs to be further defined.", |
| "actor": null, |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-eb00c29e30dc2647", |
| "page": 42, |
| "quote": "Since the Constitution would prohibit the law on macroprudential supervision from providing a blanket authorization for the MoF to issue regulations or resolution to implement the law, the law would need to authorize the MoF to do so with respect to each specific provision in the law that needs to be further defined.", |
| "source": "document" |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0103" |
| }, |
| { |
| "text": "The ability of the Systemic Risk Board to influence the design and calibration of normative acts issued by the MoF should, to the extent possible, be secured by law in order to protect the regulatory process from political and industry interference.", |
| "verbatim": "The ability of the Systemic Risk Board to influence the design and calibration of normative acts issued by the MoF should, to the extent possible, be secured by law in order to protect the regulatory process from political and industry interference.", |
| "actor": null, |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
| "evidence": [ |
| { |
| "evidence_id": "ev-14083ca95fcb5624", |
| "page": 42, |
| "quote": "The ability of the Systemic Risk Board to influence the design and calibration of normative acts issued by the MoF should, to the extent possible, be secured by law in order to protect the regulatory process from political and industry interference.", |
| "source": "document" |
| } |
| ], |
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| "explicitness": "implicit_candidate", |
| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0104" |
| }, |
| { |
| "text": "With this background, the mission has suggested that the Systemic Risk Board should rely heavily on the rule-making powers of the MoF as the best option for ensuring a sound legal basis for macroprudential supervision.", |
| "verbatim": "With this background, the mission has suggested that the Systemic Risk Board should rely heavily on the rule-making powers of the MoF as the best option for ensuring a sound legal basis for macroprudential supervision.", |
| "actor": null, |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "quote": "With this background, the mission has suggested that the Systemic Risk Board should rely heavily on the rule-making powers of the MoF as the best option for ensuring a sound legal basis for macroprudential supervision.", |
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| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0105" |
| }, |
| { |
| "text": "funds granted to borrowers of banks should the implementation of monetary policy be jeopardized.", |
| "verbatim": "funds granted to borrowers of banks should the implementation of monetary policy be jeopardized.", |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| "evidence_id": "ev-e7760ed7f593c501", |
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| "quote": "funds granted to borrowers of banks should the implementation of monetary policy be jeopardized.", |
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| "recommendation_id": "cr-2012-276-rec-0106" |
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| { |
| "text": "Namely, the act of the Parliament should: (i) describe the instrument and determine its legal nature (rights and obligations); (ii) indicate its recipients; (iii) provide circumstances when the instrument will apply; (iv) set a scope of operation; and (v) vest the competence or obligation of calibration of the instrument in the Systemic Risk Board and provide a manner according to which it should be done.", |
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| { |
| "evidence_id": "ev-e38342be7a7c89b4", |
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| "quote": "Namely, the act of the Parliament should: (i) describe the instrument and determine its legal nature (rights and obligations); (ii) indicate its recipients; (iii) provide circumstances when the instrument will apply; (iv) set a scope of operation; and (v) vest the competence or obligation of calibration of the instrument in the Systemic Risk Board and provide a manner according to which it should be done.", |
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| "confidence_tier": "medium", |
| "in_conservative_set": false, |
| "recommendation_id": "cr-2012-276-rec-0107" |
| }, |
| { |
| "text": "The NBP should further explore the extent to which interactions between the Systemic Risk Board and the NBP on tasks assigned to the NBP would be appropriate in light of the NBP’s autonomy.", |
| "verbatim": "The NBP should further explore the extent to which interactions between the Systemic Risk Board and the NBP on tasks assigned to the NBP would be appropriate in light of the NBP’s autonomy.", |
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| "section": "Erlend Nier (Mission Chief) and Oana Nedelescu (both MCM), Dinah Knight (LEG), and Carl-Johan Lindgren (MCM Consultant) July 2012", |
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| { |
| "evidence_id": "ev-5f443d69c6e35b5c", |
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| "quote": "The NBP should further explore the extent to which interactions between the Systemic Risk Board and the NBP on tasks assigned to the NBP would be appropriate in light of the NBP’s autonomy.", |
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| "evidence_id": "ev-364b7caead41ecc9", |
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| "quote": "All agreed that the Board should be chaired by the President of the NBP and that the NBP should provide the secretariat for the Board.", |
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| "evidence_id": "ev-78b3f4ccf6e19c3a", |
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| "quote": "Such safeguards would need to be developed in the context of a precise description of tasks and policy tools assigned to the new body, as further discussed below.", |
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| "quote": "Such safeguards would need to be developed in the context of a precise description of tasks and policy tools assigned to the new body, as further discussed below.", |
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| { |
| "evidence_id": "ev-78b3f4ccf6e19c3a", |
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| "quote": "Such safeguards would need to be developed in the context of a precise description of tasks and policy tools assigned to the new body, as further discussed below.", |
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| "observation_id": "cr-2012-276-obs-0007", |
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| "evidence_id": "ev-50031ea555800426", |
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| "quote": "The authorities also agreed that the NBP should play a leading role.", |
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| "quote": "The team recommended that the Systemic Risk Board should become the “designated authority” in the sense of the EU Capital Requirements Directive (CRD IV).", |
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| "observation_id": "cr-2012-276-obs-0007", |
| "recommendation_id": "cr-2012-276-rec-0005", |
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| { |
| "evidence_id": "ev-6b316dae71cfd410", |
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| "quote": "There was consensus among all authorities that a Systemic Risk Board should be set up.", |
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| "observation_id": "cr-2012-276-obs-0008", |
| "recommendation_id": "cr-2012-276-rec-0008", |
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| "link_basis": "same_or_adjacent_page_lexical_similarity", |
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| { |
| "evidence_id": "ev-aeaef487a5fa6d81", |
| "page": 8, |
| "quote": "These provisions need to strike a better balance between the information needs of the Systemic Risk Board on the one hand and the need for statistical secrecy and the objectives of the CSO on", |
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| "observation_id": "cr-2012-276-obs-0015", |
| "recommendation_id": "cr-2012-276-rec-0010", |
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| { |
| "evidence_id": "ev-7d56dcbe56ae55b9", |
| "page": 9, |
| "quote": "Accountability mechanisms should be strengthened.", |
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| } |
| ], |
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| }, |
| { |
| "observation_id": "cr-2012-276-obs-0016", |
| "recommendation_id": "cr-2012-276-rec-0012", |
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| { |
| "evidence_id": "ev-a713e7309c57dd50", |
| "page": 9, |
| "quote": "Such voting arrangements would ensure that decisions have strong support, while not undermining unduly the need to avoid delay in decision making.", |
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| } |
| ], |
| "confidence": 0.78, |
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| "observation_id": "cr-2012-276-obs-0018", |
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| { |
| "evidence_id": "ev-129e8f1231c2260a", |
| "page": 9, |
| "quote": "Sufficient resources would need to be made available to the secretariat and the Financial System Department at the NBP to ensure that the functions and reporting duties of the Systemic Risk Board can be adequately supported.", |
| "source": "document" |
| } |
| ], |
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| "observation_id": "cr-2012-276-obs-0018", |
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| "link_basis": "same_or_adjacent_page_lexical_similarity", |
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| { |
| "evidence_id": "ev-61be2ff294511762", |
| "page": 9, |
| "quote": "The FSR should continue to be endorsed by the NBP Board, rather than the Systemic Risk Board, so as to preserve a separate source of candid and credible analysis.", |
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| "observation_id": "cr-2012-276-obs-0017", |
| "recommendation_id": "cr-2012-276-rec-0015", |
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| { |
| "evidence_id": "ev-aa5516dbeac62132", |
| "page": 9, |
| "quote": "The team underlined the need to preserve a leading role for the NBP in the arrangements and cautioned against proposals to move the vice chairmanship towards the MoF.", |
| "source": "document" |
| } |
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| "confidence": 0.78, |
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| "observation_id": "cr-2012-276-obs-0018", |
| "recommendation_id": "cr-2012-276-rec-0015", |
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| { |
| "evidence_id": "ev-aa5516dbeac62132", |
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| "quote": "The team underlined the need to preserve a leading role for the NBP in the arrangements and cautioned against proposals to move the vice chairmanship towards the MoF.", |
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| } |
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| { |
| "observation_id": "cr-2012-276-obs-0018", |
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| { |
| "evidence_id": "ev-f328d5712a65de1d", |
| "page": 10, |
| "quote": "1. Assign direct calibration powers to the Systemic Risk Board, to the extent possible, when CRD IV is transposed into Polish legislation.", |
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| } |
| ], |
| "confidence": 0.543, |
| "review_status": "unreviewed", |
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| "observation_id": "cr-2012-276-obs-0015", |
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| { |
| "evidence_id": "ev-b5c69708be1de838", |
| "page": 10, |
| "quote": "1. Elaborate the concept of systemic risk, by including operational objectives for the Systemic Risk Board in both the time (cyclical) and structural dimensions.", |
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| } |
| ], |
| "confidence": 0.582, |
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| "recommendation_confidence_tier": "high", |
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| }, |
| { |
| "observation_id": "cr-2012-276-obs-0018", |
| "recommendation_id": "cr-2012-276-rec-0018", |
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| "evidence": [ |
| { |
| "evidence_id": "ev-782f3ec468d8f209", |
| "page": 10, |
| "quote": "2. Empower the Systemic Risk Board to make recommendations to other public bodies on the use of prudential measures to contain systemic risk.", |
| "source": "document" |
| } |
| ], |
| "confidence": 0.55, |
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| "observation_id": "cr-2012-276-obs-0018", |
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| { |
| "evidence_id": "ev-49fa0bc46e9ea8a7", |
| "page": 10, |
| "quote": "2. Ensure that the Systemic Risk Board becomes the “designated authority” in the sense of the forthcoming EU capital requirements directive (CRD IV)", |
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| } |
| ], |
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| "observation_id": "cr-2012-276-obs-0018", |
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| { |
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| "quote": "3. Ensure that recommendations can be made to constituent authorities of the Systemic Risk Board (including the MoF, the KNF and the BGF) on actions within the scope of their legal powers.", |
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| { |
| "observation_id": "cr-2012-276-obs-0018", |
| "recommendation_id": "cr-2012-276-rec-0021", |
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| { |
| "evidence_id": "ev-9d7bdddee4dc7734", |
| "page": 10, |
| "quote": "3. Ensure that the tasks of the Systemic Risk Board include developing the approach to address risks from systemically important institutions.", |
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| } |
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| "confidence": 0.55, |
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| { |
| "observation_id": "cr-2012-276-obs-0018", |
| "recommendation_id": "cr-2012-276-rec-0022", |
| "relation": "contextually_associated_with", |
| "link_basis": "same_or_adjacent_page_lexical_similarity", |
| "evidence": [ |
| { |
| "evidence_id": "ev-7b8b33a98cd69791", |
| "page": 10, |
| "quote": "4. Ensure close cooperation and coordination with the European Systemic Risk Board.", |
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| ], |
| "confidence": 0.6, |
| "review_status": "unreviewed", |
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| "recommendation_confidence_tier": "high", |
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| }, |
| { |
| "observation_id": "cr-2012-276-obs-0018", |
| "recommendation_id": "cr-2012-276-rec-0025", |
| "relation": "contextually_associated_with", |
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| "evidence": [ |
| { |
| "evidence_id": "ev-261cfa3997922f1d", |
| "page": 10, |
| "quote": "6. Empower the Systemic Risk Board to issue non-binding opinions, containing advice to other public bodies, including the Council of Ministers and Parliament.", |
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| ], |
| "confidence": 0.525, |
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| "recommendation_type": "explicit_table", |
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| }, |
| { |
| "observation_id": "cr-2012-276-obs-0018", |
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| "evidence": [ |
| { |
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| "page": 10, |
| "quote": "7. Empower the Systemic Risk Board to make both public and confidential warnings, while avoiding an obligation to issue warnings.", |
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| "confidence": 0.55, |
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| { |
| "observation_id": "cr-2012-276-obs-0018", |
| "recommendation_id": "cr-2012-276-rec-0027", |
| "relation": "contextually_associated_with", |
| "link_basis": "same_or_adjacent_page_lexical_similarity", |
| "evidence": [ |
| { |
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| "page": 10, |
| "quote": "8. Ensure that the Systemic Risk Board can initiate changes in legislation, as necessary for it to acquire new tools or change the regulatory perimeter, through recommendations made to the MoF.", |
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| "confidence": 0.56, |
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| "conservative_recommendation": true |
| }, |
| { |
| "observation_id": "cr-2012-276-obs-0020", |
| "recommendation_id": "cr-2012-276-rec-0030", |
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| { |
| "evidence_id": "ev-057263b5414dee3f", |
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| "quote": "1. Maintain a leading role of the NBP, by assigning the NBP the chairmanship and vice-chairmanship of the Systemic Risk Board and entrust it with the secretariat.", |
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| "observation_id": "cr-2012-276-obs-0020", |
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| "evidence_id": "ev-f681c3aaac77768b", |
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| "quote": "2. Enable the Systemic Risk Board to explain its evolving policy strategy by establishing an instrument of communication appropriate for this purpose.", |
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| { |
| "observation_id": "cr-2012-276-obs-0020", |
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| "quote": "2. Limit the role of the CSO on the Systemic Risk Board to that of an observer.", |
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| { |
| "observation_id": "cr-2012-276-obs-0020", |
| "recommendation_id": "cr-2012-276-rec-0036", |
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| { |
| "evidence_id": "ev-edc870b1fec9f991", |
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| "quote": "3. Maintain the FSR as an independent publication that is endorsed by the NBP’s Board, rather than the Systemic Risk Board.", |
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| "conservative_recommendation": true |
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| "observation_id": "cr-2012-276-obs-0029", |
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| { |
| "evidence_id": "ev-bd88ab724209a9f6", |
| "page": 13, |
| "quote": "All agreed that a Systemic Risk Board should be set up.", |
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| "observation_id": "cr-2012-276-obs-0027", |
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| { |
| "evidence_id": "ev-616a23c9d21b2c4b", |
| "page": 13, |
| "quote": "To function well the ESRB needs to be complemented by dedicated macroprudential frameworks at the national level.", |
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| "observation_id": "cr-2012-276-obs-0028", |
| "recommendation_id": "cr-2012-276-rec-0041", |
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| { |
| "evidence_id": "ev-616a23c9d21b2c4b", |
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| "quote": "To function well the ESRB needs to be complemented by dedicated macroprudential frameworks at the national level.", |
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| "observation_id": "cr-2012-276-obs-0039", |
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| { |
| "evidence_id": "ev-52df4a2b2cf297af", |
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| "quote": "A Systemic Risk Board should bring together the agencies involved in financial sector policy and enable a structured dialogue on emerging risks, based on rigorous and forward looking analysis.", |
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| "observation_id": "cr-2012-276-obs-0030", |
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| "evidence_id": "ev-f99e6394cefc95fc", |
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| "quote": "All agencies agreed that the Systemic Risk Board should be chaired by the President of the NBP and that the NBP should provide the secretariat of the new body.", |
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| { |
| "observation_id": "cr-2012-276-obs-0033", |
| "recommendation_id": "cr-2012-276-rec-0043", |
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| { |
| "evidence_id": "ev-f99e6394cefc95fc", |
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| "quote": "All agencies agreed that the Systemic Risk Board should be chaired by the President of the NBP and that the NBP should provide the secretariat of the new body.", |
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| "observation_id": "cr-2012-276-obs-0032", |
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| { |
| "evidence_id": "ev-19f7d538024c18ab", |
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| "quote": "However, they cautioned that recommendations should not be too specific and not concern individual institutions.", |
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| "observation_id": "cr-2012-276-obs-0034", |
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| "observation_id": "cr-2012-276-obs-0035", |
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| "quote": "However, they cautioned that recommendations should not be too specific and not concern individual institutions.", |
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| "quote": "It should also allow a discussion of policy options to contain these risks that brings together the perspectives and insights of the participating agencies.", |
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| "observation_id": "cr-2012-276-obs-0030", |
| "recommendation_id": "cr-2012-276-rec-0046", |
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| "evidence_id": "ev-ce70f732e614104e", |
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| "quote": "There was consensus that the NBP should play a leading role.", |
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| "observation_id": "cr-2012-276-obs-0033", |
| "recommendation_id": "cr-2012-276-rec-0046", |
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| "evidence_id": "ev-ce70f732e614104e", |
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| { |
| "observation_id": "cr-2012-276-obs-0041", |
| "recommendation_id": "cr-2012-276-rec-0047", |
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| { |
| "evidence_id": "ev-e0423dcd89fe5f7c", |
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| "quote": "This is likely to encompass the methodology for assessing the systemic importance of individual institutions, and the set of policy measures that should be considered to contain the risk posed by these institutions.", |
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| { |
| "observation_id": "cr-2012-276-obs-0060", |
| "recommendation_id": "cr-2012-276-rec-0048", |
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| { |
| "evidence_id": "ev-fd8d565d1416c760", |
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| "quote": "The mission recommended, and the authorities agreed, that the Systemic Risk Board should become the designated authority under the capital requirements directive once the directive is enacted and can be transposed into Polish law.", |
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| "observation_id": "cr-2012-276-obs-0060", |
| "recommendation_id": "cr-2012-276-rec-0049", |
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| { |
| "evidence_id": "ev-628581c735eca848", |
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| "quote": "[4] In this case, and if the authorities wanted to avoid the need for changes to the draft law once adopted, the mission recommends that the task of the Systemic Risk Board include “performing tasks assigned to it under other laws.”", |
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| "observation_id": "cr-2012-276-obs-0050", |
| "recommendation_id": "cr-2012-276-rec-0052", |
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| { |
| "evidence_id": "ev-0526d43ce8e52cf8", |
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| "quote": "In particular the Systemic Risk Board could be tasked with discussion of the ways in which warnings and recommendations received by the ESRB should be dealt with in Poland.", |
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| "observation_id": "cr-2012-276-obs-0054", |
| "recommendation_id": "cr-2012-276-rec-0053", |
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| { |
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| "quote": "Measures to prevent the failure of systemically important individual institutions should be an integral part of macroprudential policy.", |
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| "observation_id": "cr-2012-276-obs-0056", |
| "recommendation_id": "cr-2012-276-rec-0053", |
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| { |
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| "quote": "Measures to prevent the failure of systemically important individual institutions should be an integral part of macroprudential policy.", |
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| "observation_id": "cr-2012-276-obs-0057", |
| "recommendation_id": "cr-2012-276-rec-0053", |
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| { |
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| "quote": "Measures to prevent the failure of systemically important individual institutions should be an integral part of macroprudential policy.", |
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| { |
| "observation_id": "cr-2012-276-obs-0058", |
| "recommendation_id": "cr-2012-276-rec-0053", |
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| { |
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| "quote": "Measures to prevent the failure of systemically important individual institutions should be an integral part of macroprudential policy.", |
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| { |
| "observation_id": "cr-2012-276-obs-0060", |
| "recommendation_id": "cr-2012-276-rec-0054", |
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| { |
| "evidence_id": "ev-0b5756f866166d95", |
| "page": 17, |
| "quote": "The formulation of tasks should be updated to take account of recent European developments.", |
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| { |
| "observation_id": "cr-2012-276-obs-0064", |
| "recommendation_id": "cr-2012-276-rec-0055", |
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| { |
| "evidence_id": "ev-bde6bd279a2e5b94", |
| "page": 18, |
| "quote": "However, the NBP’s Legal Department has offered a preliminary opinion that calibration powers would be consistent with constitutional constraints on normative acts provided that the relevant law: (i) describes the instrument and determine rights and obligations that arise from it; (ii) indicates its recipients; (iii) provides circumstances when the instrument will apply; (iv) sets a scope of operation; and (v) vests the competence or obligation of calibration of the instrument in the Systemic Risk Board and provides a manner according to which it should be done.", |
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| { |
| "observation_id": "cr-2012-276-obs-0067", |
| "recommendation_id": "cr-2012-276-rec-0055", |
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| "evidence": [ |
| { |
| "evidence_id": "ev-bde6bd279a2e5b94", |
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| "quote": "However, the NBP’s Legal Department has offered a preliminary opinion that calibration powers would be consistent with constitutional constraints on normative acts provided that the relevant law: (i) describes the instrument and determine rights and obligations that arise from it; (ii) indicates its recipients; (iii) provides circumstances when the instrument will apply; (iv) sets a scope of operation; and (v) vests the competence or obligation of calibration of the instrument in the Systemic Risk Board and provides a manner according to which it should be done.", |
| "source": "document" |
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| { |
| "observation_id": "cr-2012-276-obs-0068", |
| "recommendation_id": "cr-2012-276-rec-0055", |
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| { |
| "evidence_id": "ev-bde6bd279a2e5b94", |
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| "quote": "However, the NBP’s Legal Department has offered a preliminary opinion that calibration powers would be consistent with constitutional constraints on normative acts provided that the relevant law: (i) describes the instrument and determine rights and obligations that arise from it; (ii) indicates its recipients; (iii) provides circumstances when the instrument will apply; (iv) sets a scope of operation; and (v) vests the competence or obligation of calibration of the instrument in the Systemic Risk Board and provides a manner according to which it should be done.", |
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| { |
| "observation_id": "cr-2012-276-obs-0065", |
| "recommendation_id": "cr-2012-276-rec-0056", |
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| { |
| "evidence_id": "ev-948040fee5ed97aa", |
| "page": 18, |
| "quote": "Policy tools need to ensure that macroprudential policy can be pursued effectively.", |
| "source": "document" |
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| "observation_id": "cr-2012-276-obs-0065", |
| "recommendation_id": "cr-2012-276-rec-0057", |
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| "quote": "The description of policy tools needs also be mindful of the need to protect the integrity of the supervisory framework in Poland.", |
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| "observation_id": "cr-2012-276-obs-0065", |
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| { |
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| "quote": "They need to enable the Board to achieve policy coordination among the bodies represented on the Board, while respecting the autonomy of constitutional bodies, such as the NBP and the Council of Ministers.", |
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| "quote": "[6] More generally, the Systemic Risk Board should take care that its recommendations to the KNF are of a general, rather than overly specific nature and do not conflict with supervisory objectives.", |
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| "quote": "Since the tools for macroprudential supervision will evolve with time, in light of changes in the types of risks that need to be addressed, it will be important to establish dedicated procedures that enable the Systemic Risk Board to effectively acquire new tools in future, preferably under some form of “fast track” procedure.", |
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| { |
| "evidence_id": "ev-94f0188d8fc9c10e", |
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| "quote": "Instead, recommendations to the market should be seen as a tool of moral suasion.", |
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| { |
| "evidence_id": "ev-0476e29a87116a5e", |
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| "quote": "The law should be clear as to the potential addressees of risk warnings and avoid an obligation to issue warnings.", |
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| { |
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| "quote": "The law should be clear as to the potential addressees of risk warnings and avoid an obligation to issue warnings.", |
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| { |
| "evidence_id": "ev-0476e29a87116a5e", |
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| "quote": "The law should be clear as to the potential addressees of risk warnings and avoid an obligation to issue warnings.", |
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| { |
| "evidence_id": "ev-0476e29a87116a5e", |
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| "quote": "The law should be clear as to the potential addressees of risk warnings and avoid an obligation to issue warnings.", |
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| { |
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| { |
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| "quote": "They should be used sparingly, since non-compliance can reduce the credibility of the Systemic Risk Board.", |
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| { |
| "evidence_id": "ev-b44e37ef059cfd7f", |
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| "quote": "In this regard, it may be useful for the draft law to clarify that this is irrespective of whether the “private entities” are subject to formal supervision and regulation under the Banking Act, since the Systemic Risk Board may need to be able to collect information also from entities outside the regulatory perimeter (IMF, 2011).", |
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| "observation_id": "cr-2012-276-obs-0093", |
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| { |
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| "quote": "In this regard, it may be useful for the draft law to clarify that this is irrespective of whether the “private entities” are subject to formal supervision and regulation under the Banking Act, since the Systemic Risk Board may need to be able to collect information also from entities outside the regulatory perimeter (IMF, 2011).", |
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| { |
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| { |
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| "quote": "The mission recommends that the draft law not contain a general provision that overrides data protections in other laws, but instead contains the specific changes to other laws that are necessary to ensure appropriate access to data.", |
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| { |
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| { |
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| { |
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| "quote": "More generally, the language governing access to data should be reviewed.", |
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| { |
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| { |
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| "quote": "The draft act should be amended to more strongly reflect the public policy objective associated with statistical data protection.", |
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| { |
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| "quote": "The policy tools assigned to the Systemic Risk Board should be complemented by an appropriate range of accountability mechanisms.", |
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| { |
| "observation_id": "cr-2012-276-obs-0124", |
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| "quote": "Consideration should be given to a communication instrument that would allow the Board to explain its emerging policy strategy.", |
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| "observation_id": "cr-2012-276-obs-0129", |
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| "quote": "Consideration should be given to a communication instrument that would allow the Board to explain its emerging policy strategy.", |
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| "quote": "funds granted to borrowers of banks should the implementation of monetary policy be jeopardized.", |
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| "classification": "visual", |
| "color_mode": "RGB", |
| "dhash_64": "96231f372b170f8e", |
| "extraction_method": "pymupdf4llm+pymupdf-layout", |
| "figure_id": "cr-2012-276-fig-p0002-001", |
| "height": 261, |
| "near_duplicate_cluster_id": "visual-cluster-1779e7e19807", |
| "page": 2, |
| "phash_256": "b9396c1ae442c5e4d03db0cb229c672fcf4238f0931bc3c3cf25c76d8c377338", |
| "render_dpi": 120, |
| "report_id": "cr-2012-276", |
| "sha256_normalized_png": "3975e518a3cf065c0654d7b613cad4d7ce2301690809085573c802d1acb617be", |
| "width": 257 |
| } |
| ], |
| "extraction": { |
| "method": "deterministic_evidence_baseline", |
| "extractor_version": "1.1.0", |
| "generated_at": "2026-07-22T00:26:01+00:00", |
| "review_status": "unreviewed", |
| "evidence_requirement": "page-grounded verbatim source span", |
| "limitations": [ |
| "Automated deterministic baseline; not a human-annotated gold record.", |
| "The recommendations array is recall-oriented and includes classified candidates; use in_conservative_set=true for the higher-precision subset.", |
| "Contextual links are proximity/lexical associations unless link_basis is explicit_table_row.", |
| "Priority, timeframe, and actor are null when not explicit in a recommendation table or sentence." |
| ] |
| } |
| } |
|
|
