Review Of The Flexible Credit Line The Precautionary And Liquidity Line And The Rapid Financing Instrument Specific Proposals
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Review of the Flexible Credit Line, the Precautionary and Liquidity Line, and the Rapid Financing Instrument - Specific Proposals
Author: International Monetary Fund
language: en
Publisher: International Monetary Fund
Release Date: 2014-01-05
This paper responds to Directors’ request at the time of the February discussions of the Review of the Flexible Credit Line (FCL), the Precautionary and Liquidity Line (PLL) and the Rapid Financing Instrument (RFI) for further analysis focusing on three key issues: - The alignment of the FCL and PLL qualification criteria. The paper proposes a qualification framework for PLL arrangements based on the nine FCL criteria aiming to improve the transparency and predictability of PLL decisions, while maintaining the current qualification standards. The paper also proposes a refinement of the bank solvency criterion. - The operationalization of an external stress index. The paper proposes a methodology to calculate a new index to strengthen discussions of a country’s external risks. Such an index would be presented to the Board at the time of requests for, or reviews under, FCL and PLL arrangements. - The use of indicators of institutional strength. The paper argues that a limited set of new institutional indicators could be used to help broaden the indicators of institutional strength already identified in the FCL and PLL Operational Guidance Notes
Review of the Flexible Credit Line, the Precautionary and Liquidity Line, and the Rapid Financing Instrument - Specific Proposals - Revised Annex I
Author: International Monetary Fund
language: en
Publisher: International Monetary Fund
Release Date: 2014-01-05
This annex provides the key considerations for establishing the qualification framework to access financing under the FCL and PLL, with a view to promoting a predictable and evenhanded qualification process.
Review of the Flexible Credit Line, the Precautionary and Liquidity Line, and the Rapid Financing Instrument
Author: International Monetary Fund
language: en
Publisher: International Monetary Fund
Release Date: 2014-01-28
This review of the Flexible Credit Line (FCL), the Precautionary and Liquidity Line (PLL), and the Rapid Financing Instrument (RFI) focuses on four key issues: (i) the demand for the FCL and PLL in the context of the broader role of the Fund’s lending (including precautionary) instruments in the global financial safety net (GFSN); (ii) the qualification/conditionality framework for the FCL and the PLL; (iii) concerns about repeated usage of FCL arrangements by the same members and consideration of ways to further improve the transparency in the discussion of access/exit in the underlying staff documents; and (iv) the lack of demand for the RFI.