Manual IEO Report on the Evaluation of the Financial Sector Assessment Program

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Jun Kim. Jun Kim Advisor. Prior to joining the IMF, he worked at the Korea Development Institute as a senior research fellow and chief of the Macroeconomics division, served as Senior Counsellor to the Minister of Finance of Korea, and taught at the University of California, Santa Cruz, as an assistant professor. Kim holds a Ph. Cyrus Rustomjee. Cyrus Rustomjee Advisor. Rustomjee joined the IEO in January Reginald Darius. Reginald Darius Lead Evaluator.

Darius joined the IEO in December He holds a Ph. Louellen Stedman. Louellen Stedman Lead Evaluator. Stedman joined the IEO in November She previously worked for over seventeen years at the U. Nicoletta Batini. Nicoletta Batini Senior Economist. Nicoletta Batini is an Italian economist, notable as a scholar of innovative monetary and fiscal policy practices. She pioneered work on the dangers of fiscal austerity and on how to curb debt successfully during financial deleveraging. She has handled extensive consultancy roles internationally. She holds a Ph. Anna and a Ph. Miguel de Las Casas.

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Miguel de Las Casas Senior Economist. Jung Kim. Jung Kim Senior Economist. She also worked as an economist in the Bank of Korea and as a consultant at the World Bank. She received her Ph. While this may appear foolhardy, at first, it is important to remember the power held by the company organizing the entire venture. To be frank, Facebook has the financial capability and influence to make this happen on their own.

As stated, since announcing their project, Facebook and their subsidiary, Calibra, have experienced a tumultuous few months. As a result of on-going scrutiny towards the project by government officials around the world, we have now seen at least 6 of the major backers behind the project withdraw. The following are a few of the statements issued to news outlets such as CoinDesk, Financial Times, and more, by some of those withdrawing from the project.

Despite the loss of these big players, Calibra remains well backed by a slew of others, such as Coinbase , Uber, Spotify, and more. Will these companies, and others, follow suit and abandon ship? Further complicating the situation surrounding Calibra and its two tokens, is the recently announced lawsuit against the company. Current, a New York based financial service provider, has filed a trademark infringement suit.

More specifically, the company believes that Facebook copied their branding, and used it for their own purposes.

The following images show the icons used by each company, with obvious similarities being evident. While this situation is still in its early days, it will do nothing but complicate an already complicated situation. Time will tell what effect this potential trademark infringement has on the viability of Calibra, overall. A subsidiary of Facebook, Calibra, was launched in This project was built to act as a digital wallet for supporting the Libra stablecoin as an eventual global currency.

For a more thorough look at the project, and the two tokens it is built upon, make sure to read the following article. Over the past few months, we have covered multiple developments pertaining to Calibra and their respective tokens.

IEO Report on the Evaluation of the Financial Sector Assessment Program

We will continue to do so as the situation unravels. For now, here is a brief look at the progression of acceptance experienced by the project. Authorities Weigh in on Facebook and their Stablecoin, Libra. This week a closed congressional session was held to update members on recent developments in the crypto sector. To that end, congressional members pressed the SEC for an answer to whether or not Libra would fall under current securities regulations. Jackson Jr.

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After a brief discussion regarding the shift from public offerings to private crowdfunding campaigns, the board began discussing cryptocurrencies. Committee members pointed to the April guidance which the SEC released to help investors determine if a token falls under securities regulations. There will be two types of Libra tokens.

The first is the Libra Investment Token which is offered to association members only. Notably, all association transactions are backed by actual bank deposits and government securities. These securities are to be held in the Libra Reserve.

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The second token is for Facebook users. These tokens are what users can send and receive in exchange for goods, services, or as a means to transfer value. Importantly, Facebook plans to create new tokens only when authorized resellers purchase tokens from the association directly. The Association consists of Facebook alongside 27 additional members. Swiss officials have long been supporters of major blockchain products.

Consequently, the country has one of the most robust legal frameworks available to blockchain investors.

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In the past, Facebook cited this pro-crypto stance to explain the decision to base operations in the country. The panel considered the Libra Investment Token a security for a couple of key reasons. Firstly, the token is to be sold to investors to fund startup costs. Also, this token provides dividends to investors.

Risk vs Reward – Stablecoins – IOSCO

On the utility token variant, the SEC was vague. The IEO report finds that the approach is successfully delivering on its principal objective and recommends a number of ways that the stress tests could be improved further. IEO has set out ten recommendations around three main themes. The evaluation was primarily conducted between June and January The recommendations of the IEO fall under three themes.

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The first paves the way for more value to be extracted from this resource-intensive exercise, through suggestions to advance macro- and micro-prudential objectives. The second theme provides insights to guide BoE in enhancing delivery further by building efficiency and effectiveness. The final theme reflects on the challenges associated with communicating the stress test outcomes. It makes recommendations for ensuring that internal, public, and bilateral firm communications all support stress testing objectives to the fullest extent possible.

The report shows that concurrent stress testing is delivering value to policymakers, participating firms, and the industry more broadly. It serves both Financial Policy Committee FPC and Prudential Regulatory Committee PRC needs by providing insights into risks affecting the system and a common and comprehensive scenario to compare firms against one another.

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This allows policy making to be well- integrated and well-evidenced, which in turn supports significant credibility and accountability benefits. The openness of the exercise has proven to be particularly useful recently, as the tests have allowed BoE to communicate its view of the resilience of the banking system under various Brexit scenarios. However, the stress-testing framework is still maturing and, in this context, the IEO has seen some opportunities for refinement. BoE is committed to implementing all of the recommendations by IEO. The BoE response to these recommendations details how BoE will respond to most of these recommendations.

A small number of recommendations will require further work and BoE will report on these later in the year, as part of an update to its "approach to stress testing" document. The Court considered that an IEO evaluation at this juncture was appropriate, particularly as BoE was planning to review and update its approach to stress testing in Related Links.