An IMF team is visiting Athens and is expected to hold a series of meetings within the framework of the Financial Sector Assessment Program (FSAP).
According to information from “N”, the IMF team will be in the country for the next two weeks. On Tuesday, it is expected to have meetings with the Governor of the Bank of Greece, Yannis Stournaras, as well as the Hellenic Bank Association.
Based on information, the agenda includes a rich program of meetings, with the majority concerning the Bank of Greece, while meetings are also planned with the 6 largest banks – the four systemic ones in addition to CrediaBank and Optima Bank, the TEC (Deposit and Investment Guarantee Fund), as well as the Growthfund. At the same time, according to the same sources, they will also see 1 servicer, 1 or 2 insurance companies and an investment firm.
The visits of the IMF team are expected to be more frequent in the coming period, but certainly not for the same reasons that they used to be in the previous decade. The financial stability of the Greek banking system appears to be a case study for international institutions within the framework of the Financial Sector Assessment Program (FSAP). According to “N” sources, there will be a second mission in January, while the relevant report is expected to be published after Easter.
As banking sources emphasized, the FSAP assessment is a thorough assessment of the financial system in each country, with emphasis on the functioning of institutions such as the Central Bank, the Ministry of Finance and the Deposit Guarantee Fund. In essence, the source explained, it is an assessment of the framework and ability of the authorities to ensure financial stability in a country. Overall, it is a business as usual assessment that is usually carried out every 5 to 10 years.
The questionnaire
The Greek authorities, the Bank of Greece and the Ministry of Finance were questioned 1.5 years ago by the IMF within the framework of the FSAP. In the questionnaire, they had responded positively, emphasizing the normality to which the country’s financial system has returned.
