Financial Stability Benchmarks 2024 – model banks analysis
Further breakdowns of the data highlight patterns in governance, regulatory reform and cyber risk
Financial stability is critical to central banking, even if some powers reside with other regulators. A stable financial system is a necessary precondition for monetary policy to be effective and trust in money to be secure.
That said, the average central bank operates with a relatively lean financial stability team, and the size of the team declines sharply at lower levels of national income. This could also reflect the country’s financial development and therefore the scale of the banking
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More on Financial Stability
Financial Stability Benchmarks 2024 report – seeking sounder banks
Banking regulation remains a work in progress for many central banks, but staffing is a problem
Cyber crime is central banks’ top financial instability risk
Upper-middle income countries more likely to be wary of foreign exchange crisis
Supra-national stress tests less common in middle income countries
Most central banks conduct stress tests of banks more than once a year
Majority of central banks carry out cyber defence exercises
Respondents suggest ways to improve exercises’ effectiveness in building up resilience
Cyber attacks increased in most countries over past two years
Central banks want cyber experts, awareness campaigns and collaborations to mitigate risks
Central banks say co-operation on AML/CFT effective
But some still want improved data sharing, surveillance and relationships
Rising AML/CFT risks reported in 40% of jurisdictions
But majority of central banks empowered and well equipped to mitigate risks
Non-banks generally seen as lesser threat than banks
Central banks much more likely to want new tools to tackle risks in the banking sector