Transcript Diapozitivul 1

The SPI Romania Experience
Public-Private Financial Modernization
ALBANIAN ASSOCIATION OF BANKS
Tirana, 28 January 2008
Ramona Bratu
Director for Bank Products and Services
SPI Romania
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2007 Financial Sector Modernization Program
European Central Bank CRITERIA
Italian Banking
Association
CRITERIA
Business
development
Asymmetric
information
Completeness of the
market
Positive credit
information sharing
1.Rural lending
2. Credit Rating
Agencies
Stress testing
MiFID implementation
Increased
opportunities to
engage in financial
transactions
Reduced
transaction
costs
Law on bank guarantees
Loss-GivenDefault Database
Mortgage Loan
Database
1. AML Law
2. Law on Goods
Safety
3. Debit
Instruments
4. Roland Berger
Study
5. Banknotes for
ATMs
Industry
competitiveness
1. Ombudsman
2. Consumer education
Industry
reputation
Total
Increased
competition
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3
3
6
1
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SPI Romania has adopted the EU Better Regulation Approach
Steps
Purpose
Scoping of problem
1. Problem identification
To understand if a market/regulatory failure creates the case for regulatory
intervention.
2. Definition of policy objectives
To identify the effects of the market /regulatory failure to the regulatory
objectives.
3. Development of “do nothing option”
To identify and state the status quo.
4. Alternative policy options
To identify and state alternative policies (among them the “market
solution”).
Analysis of impact
5. Costs to users
To identify and state the costs borne by consumers
6. Benefits to users
To identify and state the benefits yielded by consumers
7. Costs to regulated firms and regulator
To identify and state the costs borne by regulator and regulated firms
8. Benefits to regulated firms and regulator
To identify and state the benefits yielded by regulator and regulated firms
Consultations
9. Data Questionnaire
To collect market structure data to feed into cost and benefit analysis
10. Policy Document
To learn market participant opinions on various policy options
Conclusion
11. Final Recommendations
Final report based on Cost Benefit Analysis and market feedback
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What is SPI Romania?
Catalyzed by the Convergence Program, Romanian financial authorities
and market participants established a partnership in March 2006 to
provide focus and coordination to accelerate modernization of the
Romanian financial sector. Website: www.spi-romania.eu.
Set-Up
• 5-person SPI Committee
High-level direction and endorsement
• Many Public-Private Working Groups
Recommendations to SPI Committee based on RIA
analyses and consultations (about 120 experts in 2007)
• SPI Secretariat
Two persons for overall management and coordination
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Why do we need this structure?
SPI Committee: ex-ante agreement on public-private
priorities and push for prompt enactment of proposals
•Ministry of Finance, Central Bank, Banking Association,
Consumer Protection Agency
Working Groups: to prepare solutions based
on their collective expertise and facilitate publicprivate technical consensus
SPI Secretariat: the “engine” of the structure
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SPI Secretariat’s two roles
1. “Executive Project Manager”
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Focus Projects
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Convener, international benchmarking, analytical consensusbuilding, conclusions
2. Facilitator/Support
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Projects run by either authorities or banking association
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International Benchmarking needed
–
•
SPI Secretariat prepares background study for project working
group consideration
Solution largely identified and understood
–
SPI Secretariat convenes public-private working groups and
supports their meetings
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SOLUTION ENDORSEMENT AND ENACTMENT
SPI Secretariat
SPI Committee
Project Owner 1
Project Owner 2
…
Project Owner N
Project Manager 1
Project Manager 2
…
Project Manager N
SPI Working Group 1
(Experts from public and
private institutions)
SPI Working Group 2
(Experts from public and
private institutions)
…
SPI Working Group N
(Experts from public and
private institutions)
SOLUTION FINDING (Based on public-private consultations through RIA)
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1. Issue identification and selection
MEF
NACP
Banks
RBA
NBR
SPI
Secretariat
EU priorities, other
countries, interviews,
research
SPI pipeline
projects of public-private
interest
SPI Committee
– project approval
SPI Projects
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2. Solution searching
NBR
RBA
MEF
NACP
Other stakeholders
SPI Secretariat
-Experts for PWG
-Support for data collection and consultations
-RIA findings validation
-Identifies the needed expertise
-Searches for solutions in international experience
/EU legislation
- Identifies the needs for international/local consultants
- Arranges for the consultants’ support
- Prepares documents for discussions
- Drafts RIA questionnaire (as part of the RIA)
- Collects data and performs RIA calculations
-Organizes seminars and other supporting events
- Collects feedback from SPI stakeholders
- Collects and aggregates individual contributions
- Prepares documents presenting the solutions
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3. Consensus building
RBA
NBR
- Banks review solutions
- Provide input on disputed issues
-RBA Board endorsement for
final recommendation
- Revises proposed solutions
- Provides input on disputed issues
- NBR Board endorsement for
final recommendation
SPI Secretariat
- Looks for international benchmarking in disputed solutions
- Asks for independent opinions on disputed issues
- Provides ideas for reaching solutions acceptable to all parties
-Performs RIA for disputed issues in order to facilitate the best
choice
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4. Solution
enactment
NBR, RBA and SPI Secretariat coordinate
actions in respect of full range of SPI
projects
SPI Secretariat
-Prepares the law / regulations enactment packages
-Prepares SPI Committee letters to the legislative initiator
or to the NBR Board for NBR regulations
- Provides detailed description of RIA to the legislative
initiator or to the NBR Board
- Follows up with the legislative initiator
- Notifies NBR on the initiation of the public consultation
process
- Sends SPI Secretariat submission under the public
consultation process
- Arranges and/or attends the meetings with institutions
involved in the enactment process
- Prepares other documents as required by the legislative
initiator
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5. Monitoring Results
Financial Impact of Finalized SPI
Projects (Mln, EUR) – First Full
Year
Volume Impact (% of 2007 target)
76%
90
80
Databases
IFRS
73
99%
82%
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Cost Savings
Cost Savings Impact (% of 2007 target)
Bank Ombudsman
60
Rural Lending
AML
Debit Instruments
50
40
30
Positive Information
20
10
Law on Safety
0
0
134
170
182
Additional Lending Volume
220
236 240
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SPI Romania 2007 – costs/benefits analysis
Costs
Benefits for banks
Cost savings -
EUR 73 Mln.
Additional loans – EUR 236 Mln.
Improved reputation
EUR 390k
Public benefits
Additional income to state budget
Increased access of public to bank
products and services
Enhanced financial stability
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The 2008 Program Tackles A Large Modernization Front
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SPI Romania – RBA partnership
SPI has strengthened banking sector influence on
accelerating modernization
•Tight project management and analytics
•Public-private convening power
Interface with real sector (consumers, rural, etc)
Enactment monitoring with MEF-NBR
RBA has supported SPI
•Access to banking sector expertise
•Image, institutional and advocacy activities
2008 Program challenges
More projects (from 10 to > 20)
Stronger banking sector mobilization
More results
Stronger RBA support in enactment monitoring
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Banks contribution to SPI PWGs in 2007
SPI ROMANIA 2007 PROJECTS
BANKS
RZB
RZB Loc.
OTP
Bancpost
BCR
Alphabank
BRD-GSG
CEC
Crediteurope
Unicredit
RIB
ATE Bank
ING
Citibank
ABN AMRO
HVB LOC.
Positive
credit
informa
tion
sharing
Debit
instru
ments
XXX
X
X
X
AM
L
law
Rural
lendin
g
Bank
LGs
XX
X
IFRS
provisioning
Stress
testing
Ombuds
man
Consumer
education
Law on
safety
MiFID
Implementtation
X
X
XX
XX
X
X
X
X
X
Mortgage
Loans
database
LGD
database
Roland
Berger
study
X
X
X
X
XX
XX
X
XX
X
CRA
X
X
X
X
XX
XX
XX
X
X
X
X
X
X
X
X
XX
X
XX
X
X
X
X
X
XX
X
X
X
XX
X
XX
XX
X
X
X
XX
X
X
XX
X
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SPI Romania Partners
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National Bank of Romania
Romanian Banking Association
National Authority for Consumers Protection
Ministry of Economy and Finance
Ministry of Agriculture and Rural Development
Ministry of Interior and Administration Reform
Anti-Money Laundering Office
TransFonD
Credit Bureau
National Authority for the Supervision of Personal
Data Processing
Rural Credit Guarantee Fund
Grading Commission for Comestible Seeds
Romanian Commodities Exchange
Romanian Stock Exchange
National Securities Comission
The National Association for Consumers’ Protection
and Promotion of Programs and Strategies from
Romania
Italian Banking Association
OECD
International Finance Corporation
World Bank
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Raiffeisen Bank
Raiffeisen Banca pentru Locuinţe
OTP Bank
Banc Post
CEC
BCR
Alpha Bank
BRD-GSG
UniCredit Ţiriac Bank
RIB Romanian International Bank
Credit Europe Bank
ING Romania
Citibank
ABN AMRO
ATE Bank Romania
Coface Romania
Cargill
KPMG
Deloitte
Clifford Chance
Algoritmics
Bearing Point
Financial Ombudsman Service, UK
Goodwood Financial Consulting
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Final Message
SPI structure well designed to meet current SEE modernization needs
•Wider range of bank products and services would spread finance more
evenly – and support more balanced economic growth, but…
• Financial authorities focus on priority prudential issues
• Banking associations ineffective in coordinating modernization
initiatives
SPI Committee promotes win-win modernization solutions
•Banks-authorities-consumers
SPI Secretariat carries out several modernization projects in parallel
•Predominant use of domestic public & private expertise
•Foreign consultants only when strictly necessary
•Focus: to achieve results quickly & avoid unintended consequences!
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The SPI Adriatic Vision
Adriatic
Romania
Albania
Montenegro
Kosovo?
Macedonia?
Serbia?
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To Build The SPI Adriatic Network!
Kosovo
Macedonia
SPI Albania
SPI
SPI Montenegro
SPI Adriatic
SPI Romania
SPI Serbia?
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For more information see
www.spi-romania.eu
Thank you!
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