State-owned financial institutions fall into three main groups: commercial banks, hybrid banks, and development institutions. The larger state-owned commercial banks/ groups include Sberbank, the VTB Bank group, and Gazprombank. Like private commercial banks, these institutions do not have a...

The State plays an important role in the provision of financial services in Colombia through state-owned financial institutions (SOFIs), interest rate controls, mandatory investment requirements and credit subsidies. State-owned financial institutions (SOFIs) hold about 12 percent of banking...

The Credit Union (CU) sector is concentrated and has a significant number (129) of institutions. CU sector's loan portfolio is concentrated mainly in consumer loans. The prudential and market conduct situation of the CU sector present weaknesses. The legal framework for CUs is outdated (from...

State-owned financial institutions (SOFIs) and broader interventions by the state need to play a more prominent role in supporting financial inclusion, green activities and fostering competition among private financial providers. While SOFIs have been generally perceived as complementary to the...

This paper analyzes the performance and development of the Mexican pension annuity market in Mexico that stemmed from the 1997 pension reform. The Mexican experience displays interesting characteristics that provide lessons for other countries that still need to design the decumulation phase of...

Financial System Assessment Program (FSAP) update mission to Mexico from February 22 to March 8, 2006, an update of the observance of the CPSS Core Principles for Systemically Important Payment Systems (CPSIPS) was carried out. The Mexican authorities provided the FSAP team with a note in which...

A joint IMF and World Bank team conducted virtual missions to Georgia during January-February 2021 and May-June 2021, to update the findings of the Financial Sector Assessment Program (FSAP) conducted in 2014. This report summarizes the main findings of the mission, identifies key financial...

During the period June 2019 to October 2020 the World Bank (WB) and International Monetary Fund (IMF) teams updated the findings of the FinancialSector Assessment Program (FSAP) conducted in 2010. While the WB and IMF teams were able to visit the Philippines in 2019 in person, the 2020 missions...

The Philippine payment, clearing, and settlement infrastructure consists of systemically important financial market infrastructures and retail payment systems. The Philippine payment and settlement system (PhilPaSS) was implemented in 2002 and is operated by the payments and settlements office...