IMF introduces the compulsory verification system of financial stability of 25 countries including Russia

Informational financial agencies inform that International Monetary Fund (IMF) has announces that it introduces the compulsory verification system of financial stability of 25 countries with the biggest financial systems including Russia. The verification will be held once in 5 years and will concern the countries whose financial sector has a great influence on the financial stability in the world. By present day such verifications were not compulsory, but voluntary. The IMF’s decision is a part of measures taken by the international society for preventing new devastating international crisis. The 25 countries include: Australia, Austria, Belgium, Brazil, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Luxemburg, Mexico, the Netherlands, Russia, Singapore, Southern Korea, Spain, Sweden, Switzerland, Turkey, Great Britain, the USA.

Now all 187 members of the IMF have to participate in preparation of annual review of the state of their economies. Most of the countries members have passed the verification of Financial stability (Financial Sector Assessment Program, FSAP), but on voluntary basis. Thus according the IMF’s information Russia participated the program in year 2002 and 2007- this verification includes examination of bank system and financial sector stability, implementation of stress-tests, estimation of banks’ quality, insurance companies, level of supervising in comparison with international standards, readiness of the government to take up necessary measures in case of systematic stresses.