World Bank2012-06-142012-06-142008-11https://hdl.handle.net/10986/8053This Financial Sector Assessment (FSA) provides a summary of the main findings and recommendations of the joint International Monetary Fund (IMF)-World Bank Financial Sector Assessment Program (FSAP) update team that visited Macedonia from March 26 to April 8, 2008. The principal objective of the FSAP update was to assist the authorities in evaluating development progress and future challenges and assessing the potential vulnerabilities of the financial system in Macedonia. In addition to the aide memoire summarizing the key findings, six technical notes (TN) were prepared, including an update of compliance with the Basel core principles for banking supervision and TNs on stress testing, the financial safety net, securities markets, the insurance sector, and the pension sector.CC BY 3.0 IGOACCOUNTINGACCOUNTING STANDARDSAUCTIONAUCTIONSBANK CREDITBANK DEPOSITSBANK REGULATIONBANK SUPERVISIONBANKING ASSETSBANKING LAWBANKING REGULATIONSBANKING SECTORBANKING SECTOR ASSETSBANKING SYSTEMBOND MARKETBOND MARKET DEVELOPMENTBONDSBROKERAGEBROKERAGE HOUSESCAPACITY BUILDINGCAPITAL ADEQUACYCAPITAL MARKETCAPITAL MARKET INFRASTRUCTURECAPITAL MARKETSCASH BALANCESCENTRAL BANKCENTRAL BANKSCENTRAL SECURITIES DEPOSITORYCLEARING HOUSECLEARING HOUSESCOLLATERALCOLLECTIVE INVESTMENTCOMMERCIAL BANKCOMMERCIAL BANKSCONSUMER PROTECTIONCONTINGENCY PLANNINGCORPORATE BONDCORPORATE GOVERNANCECORPORATE INVESTORSCREDIBILITYCREDIT BUREAUCREDIT CARDSCREDIT GROWTHCREDIT INFORMATIONCREDIT MARKETSCREDIT RISKCREDIT SCORINGCURRENCYCURRENCY RISKSCURRENT ACCOUNT DEFICITCUSTODYDEBTDEBT MANAGEMENTDEBT MANAGEMENT POLICYDEBT SERVICEDEPOSITDEPOSIT INSURANCEDEPOSITORSDEPOSITSDISPUTE RESOLUTIONDOMESTIC CURRENCYELECTRONIC BANKINGEQUITIESEQUITY FUNDSEQUITY MARKETEQUITY MARKET DEVELOPMENTEQUITY MARKETSEXCHANGE COMMISSIONEXCHANGE RATEEXPORT GROWTHFINANCIAL INFRASTRUCTUREFINANCIAL INSTITUTIONSFINANCIAL RISKFINANCIAL STABILITYFINANCIAL STATEMENTSFINANCIAL SYSTEMFOREIGN BANKSFOREIGN CURRENCIESFOREIGN CURRENCYFOREIGN EQUITIESFOREIGN EXCHANGEFOREIGN EXCHANGE RISKFOREIGN INFLOWSFOREIGN INSTRUMENTSFOREIGN INVESTORSFORM OF COLLATERALFRAMEWORK FOR SECURITIESGOVERNMENT BONDGOVERNMENT BOND MARKETGOVERNMENT BOND MARKETSGOVERNMENT BONDSGOVERNMENT SECURITIESGOVERNMENT SECURITIES MARKETGROSS SETTLEMENT SYSTEMHUMAN RESOURCESINDEBTEDNESSINFLATIONINFLATIONARY PRESSURESINFORMATION SYSTEMINITIAL PUBLIC OFFERINGINSTITUTIONAL CAPACITYINSTITUTIONAL INVESTORINSURANCEINSURANCE COMPANIESINSURANCE INDUSTRYINSURANCE MARKETINTEREST RATEINTEREST RATE RISKINTEREST RATE SPREADSINTERNATIONAL STANDARDSINVESTMENT FUNDSINVESTMENT INSTITUTIONSINVESTOR BASEINVESTOR PROTECTIONIPOISSUANCEJOINT STOCK COMPANIESJOINT STOCK COMPANYLACK OF COMPETITIONLEGAL AUTHORITYLEGAL FRAMEWORKLEGAL PROTECTIONLENDERLENDER OF LAST RESORTLENDER-OF-LAST-RESORTLIABILITYLIFE INSURANCELIQUID ASSETSLIQUID SECONDARY MARKETLIQUIDITYLIQUIDITY MANAGEMENTLIQUIDITY RISKLIQUIDITY RISKSLOCAL CURRENCYLOCAL MARKETSMACROECONOMIC CONDITIONSMARKET CAPITALIZATIONMARKET CONCENTRATIONMARKET INDEXMARKET LIQUIDITYMARKET RISKMARKET SHAREMARKET VALUEMATURITYMINIMUM CAPITAL REQUIREMENTSMONETARY POLICYMONEY MARKETMONEY MARKET RATEMORTGAGEMORTGAGE BONDSNATIONAL BANKNON PERFORMING LOANNONPERFORMING LOANSOUTSTANDING STOCKOVERDRAFT FACILITIESOWNERSHIP STRUCTUREPAYMENT SYSTEMPAYMENT SYSTEMSPENSIONPENSION FUNDPENSION FUNDSPENSION SYSTEMPENSIONSPLEDGE COLLATERALPORTFOLIOPORTFOLIOSPRICE DISCOVERYPRICE STABILITYPRIMARY DEALERSPRIVATE CREDITPRIVATE CREDIT BUREAUPRIVATE EQUITYPRUDENTIAL REGULATIONREGISTRATION SYSTEMREGULATORY FRAMEWORKREMITTANCESREPOREPO AUCTIONSRESERVESRETURNSRISK EXPOSURESRISK MANAGEMENTRISK MANAGEMENT TOOLSSAFETY NETSAFETY NETSSECONDARY MARKETSECONDARY MARKET DEVELOPMENTSECURITIESSECURITIES DEALERSSECURITIES EXCHANGESECURITIES MARKETSECURITIES MARKETSSECURITIES REGULATIONSETTLEMENTSETTLEMENT FACILITIESSETTLEMENT SERVICESETTLEMENT SYSTEMSSHARE OF CREDITSHAREHOLDERSSTOCK EXCHANGESTRATEGIC INVESTORSSUPERVISORY AGENCIESSUPERVISORY AGENCYSUPERVISORY AUTHORITYSUPERVISORY POWERST-BILLSTAXTERRORISMTRADINGTRADING SYSTEMTRANSITION ECONOMIESTRANSPARENCYTREASURYTREASURY SECURITIESTURNOVERVALUE PAYMENT SYSTEMYIELD CURVEWorld Bank10.1596/8053