世界银行- 金融部门咨询中心 2025 年回顾 Financial Sector Advisory Center 2025 Review

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2025REVIEW

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Contents

1.Introduction

4

2.FinSACTechnicalAssistance

12

3.KnowledgeActivities

58

4.ClientCountryFeedback

66

5.Lookahead

70

6.Annexes

74

Abbreviations

BRRD

BankRecoveryandResolutionDirective

ESG

Environmental,Social,andGovernance

EU

EuropeanUnion

FinSAC

WorldBankFinancialSectorAdvisoryCenter

ICAAP

InternalCapitalAdequacyAssessmentProcess

IFRS

InternationalFinancialReportingStandard

MIS

ManagementInformationSystem

MREL

MinimumRequirementforOwnFundsandEligibleLiabilities

NPL

NonperformingLoan

SREP

SupervisoryReviewandEvaluationProcess

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1.Introduction

TheFinancialSectorAdvisoryCenter(FinSAC)isaspecializedWorldBanktechnicalunitthatprovidesbespokereformguidanceandhands-onimplementationsupportonfinancialstabilitytoclientauthoritiesacrossEuropeandCentralAsia.Bystrengtheningthefinan-cialsystemsthatunderpinprivate-sectorgrowth,FinSAC’sworkindirectlysupportsboththecreationofnewjobsandthepreservationofexistingones,asmoreresilientbanksandstablecreditchannelsenablefirmstoinvest,expand,andmaintainemploymentevenduringperiodsofstress.

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FinSAC’sworkisfinancedbytheAustrianFederalMinistryofFinancethroughaglobal“FinanceForDevelopment”trustfundadmin- isteredbytheWorldBank.Austria’sbackingallowsFinSACtomaintainadedicatedteam inVienna,ensuringproximitytokeyEuropeanfinancialinstitutionsandfacilitatingdeep,continuousengagementwithclientcoun-tries.Bysupportingdiagnosticassessments, implementationofmodernsupervisorytools,capacitybuilding,andthedevelopmentofcrediblecrisismanagementaswellasbankrecoveryandresolutionregimes,Austriadirectlycontributestostronger,moreresilientfinancialsectorsacrossthebroaderregion inwhichitisdeeplyinterconnected.This

PurposeofFinSAC

FinSACwasestablishedin2011asafollow-uptotheViennaInitiative,tohelpcountriesinEuropeandCentralAsiaaddressthelegacychallengesoftheGlobalFinancialCrisis.Ithascontinuedtosupportclientcountriestofurtherenhancetheirfinancialstabilityandsafetynet,incorporatinggoodinternationalpracticeandincreasingalignmentwithEuropeanUnion(EU)requirements.

FinSAChasafull-timeteamofeightWorldBankspecialistsbasedinVienna,Austria,anddrawsonadditionalexpertisefromwithinandoutsidetheWorldBanktodelivertargetedtechnicalassistanceasneeded.

commitmentbolstersfinancialstabilityandsupportsbroadereconomicresilience,helpingsafeguardjobs,investment,andconfidenceduringperiodsofstress.ItalsofacilitatessmootherintegrationwithEurope’sfinancialarchitectureandreducessystemicrisktrans-missionchannelsacrossEurope.

This2025AnnualReviewpresentsanoverviewofFinSAC’sprogramoverthepastyearfocusedonitsobjectives,scopeofengagements,andtheresultsachieved.ItaimstoillustratehowFinSACisusingitsadvisoryservicesandprovidingcapacity-buildingassistancetohelpclientcountriesenhancefinancialstabilityandsystemicresilience.

In2025,FinSACdeliveredsupportacrossallofitscorepillars—macroprudentialframeworksandcrisispreparedness,depositinsurance,microprudentialregulationandsupervision,non-performingloan(NPL)resolution,bankrecoveryandresolution,andthemacro-andmicroprudentialaspectsofclimate-relatedfinancialrisks.Throughouttheyear,FinSACprovidedadvisoryservices,diagnosticassess-ments,implementationassistance,andcapacitybuildingtostrengthenframeworksandsupervisorypractices.Itcontinuedtailoredengagementswith10activeclientcountriesandassessedemergingdemandfromothersintheregion.

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GovernanceofFinSAC

FinSAC’sactivitiesareoverseenbyaTechnicalCoordinationCommitteecomposedofseniorrepresentativesoftheAustrianFederalMinistryofFinance’sDepartmentofInternationalFinancialInstitutionsandtheWorldBank’sFinance,Competitiveness,andInvestmentGlobalPractice,withtheFinSACCoordinator

servinginanex-officiocapacity.Asanadvi-sorybody,theCommitteemonitorsprogressagainsttheannualworkprogramandhelpssetprioritiestoensurethedeliveryofhigh-quality,relevanttechnicalassistanceandknowledgeproducts.

EconomicBackdropforFinSACClientCountriesin2025

Theglobaleconomyremainedresilientin2025amidelevatedpolicyuncertaintyandfragmentedtrade.PreliminaryWorldBankassessmentspointtobroadlysteadyworldgrowthrelativeto2024,withinflationeasingfurtherinmostregionsandfinancialconditionslooseningmodestlyastheyearprogressed.InEurope,activityfirmedthroughtheyear,andtheEUreturnedtomoderategrowth,supportedbyrecoveringrealincomesandsofterinflation,providingasomewhatstrongerexternalback-dropforFinSACclientcountries.

FinSACclientcountriesgenerallysustainedgrowthin2025.TheWesternBalkansexpandedalittleabove3percent,ledbyresil-ientconsumptionandagradualpickupininvestment,withKosovo,Serbia,andAlbaniaoutperformingandBosniaandHerzegovina,

NorthMacedonia,andMontenegroclosertotheregionalaverage.Ukrainegrewbyabout2percentunderongoinghostilities,reflectingresilienceamidafragileoutlook.IntheSouthCaucasus,growthmoderatedtothemid3percentrangeaspostpandemicandreexporttailwindsfaded,withsofterdomesticdemandinArmeniaandGeorgia.Moldovapostedamodestexpansionofaround1percent,whileUzbekistangrewroughly6percent,supportedbystrongdomesticdemandandongoingstructuralreforms.EUintegrationprovidedasupportivetailwind:accessionprocessesaccelerated,withAlbania,Montenegro,andMoldovaadvancingonfasttrackstatus.However,evenwithdeclininginflationandreducednear-termrecessionrisksinEurope,theoutlookremainsvulnerabletoshocks.

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ThisunderscoresthecontinuedimportanceforFinSACclientauthoritiesofeffectivecrisismanagementframeworks,highqualitybankingsupervision,androbustfinancialsafetynetstosafeguardfinancialstabilityinastilluncer-tainenvironment.Thesereformsarenotonly

essentialformacrofinancialstability—theyalsohelpsafeguardemploymentbyreducingthelikelihoodofcrisis-drivenfirmclosuresandbycreatingtheconditionsfornewjob-creatinginvestmentasconfidenceandcreditgrowthstrengthens.

AreasofFocus

FinSACofferstechnicalassistanceasrequestedbyclientcountrieswithinthreemainareasoffocus,addressingfinancialstabilityatamacroprudentiallevel,atamicroprudentiallevel,andhandlingfailingbanks,withacrosscuttingthemeofclimate-relatedfinancialrisks.

Areasoffocusareorganizedwithinthreepillarsoffinancialstability

FinancialStability,Macroprudential

Frameworks,and

CrisisPreparedness

Microprudential

Regulatoryand

SupervisoryFrameworksandNPLResolution

BankRecoveryandResolution

Cross-cuttingtheme:Climate-RelatedFinancialRisks

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ClientCountrieswithActiveTechnicalAssistancein2025

Slovakia

Hungary

Croatia

Romania

Serbia

3

Azerbaijan

8

10

①Albania

②Armenia

③BosniaandHerzegovina

④Georgia

⑤Kosovo

⑥Moldova

⑦Montenegro

⑧NorthMacedonia

⑨Ukraine

⑩Uzbekistan

BelarusPoland

Bulgaria

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FinSAC’sContributionto

EnhancingFinancialStabilityinClientCountriesin2025

In2025,FinSACcontributedtoenhancingfinan-cialstabilityacrossitsclientcountriesthroughtargetedtechnicalassistancedeliveredunderitsthree-pillarframework.Supportfocusedonstrengtheningsupervisoryeffectiveness,improvingcrisispreparednessanddepositorprotection,operationalizingrecoveryandreso-lutionregimes,andintegratingclimate-relatedfinancialrisksintofinancialsectoroversight.Acrosspillars,FinSAC’sworkhelpedauthor-itiestranslateregulatoryframeworksintopracticaltools,strengtheningtheircapacitytoprevent,absorb,andmanagefinancialstress.

UnderPillar1,FinSACsupportedauthoritiesinstrengtheningcrisispreparednessandmacroprudentialoversight,withaparticularemphasisondepositinsuranceframeworksandclimate-relatedfinancialrisks.SignificantworkondepositguaranteeschemeswasundertakeninAlbania,BosniaandHerzegovina,Kosovo,Moldova,andUkraine,whereFinSACsupportincludedstresstesting,fundingcali-bration,legalalignmentwithEUstandards,andoperationalreadiness,includingpayoutsystemsandinter-agencycoordination.Thesereformsenhancedepositorconfidenceandreduceuncertaintyinstressscenarios,rein-forcingthecredibilityofnationalfinancialsafetynets.

Macroprudentialanalysisofclimate-relatedfinancialrisksadvancedinAlbania,Armenia,andUzbekistan,whereFinSACsupportincludedclimatestress-testingmethodologies,exposureanalysis,andanalyticaltoolstailoredtolocaldataconstraints.Theseengagementsstrengthenedauthorities’abilitytoassessforward-lookingsystemicrisksandtoincorpo-rateclimateconsiderationsintopolicydialogueandmacroprudentialdecision-making.

UnderPillar2,FinSACfocusedonstrength-eningsupervisoryeffectiveness,risk-basedoversight,andbalance-sheetresilience.FinSACsupportedmodernizationofsuper-visoryframeworksinmanyclientcountriesincludingAlbania,Armenia,BosniaandHerzegovina,NorthMacedonia,Montenegro,andUzbekistan.Activitiesincludedassistancetoenhancesupervisoryreviewandevaluationprocesses(SREP),internalcapitaladequacyassessmentprocesses,InternationalFinancialReportingStandard9(IFRS9)implementation,commonreporting,consolidatedsupervi-sion,andsupervisorymethodologies.Thesereformsimprovethequality,consistency,andforward-lookingnatureofsupervisoryassess-ments,supportingearlieridentificationofvulnerabilitiesandmoreeffectivesupervisoryintervention.

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FinSACworkedonNPLsandcorporatefinancialviabilitytopicsinAlbania,Georgia,Kosovo,NorthMacedonia,andUkraine,supportingdiagnostics,valuationreforms,andsupervisoryguidance.BystrengtheningriskrecognitionandNPLmanagementstrat-egies,theseengagementshelpaddresslegacybalance-sheetweaknesses,supportinghealthierbanksandmoreefficientcreditallo-cationtoviablefirms.

Climateandenvironmental,socialandgover-nance(ESG)-relatedriskintegrationunderPillar2wasadvancedinAlbania,BosniaandHerzegovina,Kosovo,NorthMacedonia,Ukraine,andUzbekistan,whereFinSACsupportincludedsupervisorymethodologies,self-assessments,dashboards,andguidancetoembedclimateandESGrisksintoday-to-daysupervisorypractice.

UnderPillar3,FinSACsupportedtheoperation-alizationofrecoveryandresolutionframeworkstoimproveauthorities’abilitytomanagebankdistressinanorderlymanner.Mostclientcountriesreceivedsometechnicalassistanceinthisarea,includinglegalalignmentwithEUrecoveryandresolutionstandards,develop-mentofresolutionplanningtools,minimumrequirementforownfundsandeligibleliabili-ties(MREL)frameworks,valuationandbail-ininstruments,andpreparationforresolutionsimulations.Theseactivitiesstrengthencrisismanagementcapacity,reducefiscalandsystemicrisks,andenhanceconfidenceinauthorities’abilitytomaintaincontinuityofcriticalfinancialservices.

FINSACCOMMITTED€2,439,217TOITS

ACTIVITIESIN2025

Extensivecapacitybuildingandknowledgedisseminationamplifiedtheseimpacts:across2025,clientauthoritieswereengagedthroughdozensofcountry-specificworkshopsandtrainings,andtheAnnualInternationalSupervisoryConferenceconvenedmorethan170participantsfromovertwenty-fivejurisdic-tionsincludingallclientcountries.Together,theseoutcomesstrengthenedinstitutionalcapabilities,improvedmarketfunctioning,andfosteredamorepredictable,competitive,andclimate-resilientfinancialenvironmentthatcansupportsustainedinvestment,produc-tivity,andjobcreation.

FinSACcommitted€2,439,217toitsactivitiesin2025,slightlyhigherthanin2024,howevernotablylowerthanthebudgeted€3,028,480.Theunderutilizationoftheyearlybudgetwasexplainedprimarilybythelowerstaffcosts,duetothreestaffchangesduringtheyearandtimerequiredtohirereplacements.Itisexpectedthatbyearly2026,FinSACwillbefullystaffedtocontinuethefull-fledgedengagementin2026andbeyond.

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2.FinSACTechnicalAssistancein2025

TheimplementationoftechnicalassistanceunderFinSAC4madegoodprogressin2025.FinSAC4encompassesthree-yearengage-mentprogramsforeachactiveclientcountrywithintheoveralltimeframeofJanuary2024throughDecember2026.Theactivitiesunder-takenin2025aredetailedbelow.

Acomprehensiveresultsframeworkensuresthatactivitiesremaintargetedanddeliverablesaremeasurable.Table1presentstheareasofFinSACengagementwitheachclientcountryduring2025,whileTable2showsthenumberoflaws,regulations,andpolicydocumentssupportedbyFinSAC.

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Table1:FinSACareasofengagementinclientcountriesin2025

Albania

Armenia

Bosniaand

Herzegovina

Georgia

Kosovo

Moldova

Montenegro

North

Macedonia

Ukraine

Uzbekistan

Depositinsurancesystems,liquidityassistancefacilities,financialstabilityunitssupported

Financialcrisismanagement

frameworksupported

Climateandenvironmentalrisks-relatedmethodologies/toolsdeveloped

Risk-basedsupervisionsupported

EffectiveNPLmanagementsupportedBankrecoveryandresolution

frameworksupported

●

●

●

●●

●

●

●

●

●●

●

●

●

●

●

●

●

●

●●

●

●

●

●●

●

●

●

●●

●

●

●

●●

●●

●●

●

●

●

●

Table2:Laws,regulations,andotherstrategicmaterialssupportedbyFinSACin2025

Albania

Armenia

Bosniaand

Herzegovina

Georgia

Kosovo

Moldova

Montenegro

North

Macedonia

Ukraine

Uzbekistan

Numberofdraftlaws

③

③

①

①

①

②

①

Numberofregulations/manuals/guidelines/methodologies

⑩

⑩

⑩

②

⑤

③

⑦

⑦

⑩

⑤

Numberofstrategies/analysis/policynotes

⑩

⑦

③

⑧

⑦

①

③

②

⑨

⑤

Numberofcoordinationmechanisms(memorandaofunderstanding)

①

②

①

ThefollowingsectionssummarizeFinSACengagementsineachclientcountryduring2025bypillar,notingtheactionstaken,theiroutcome,andthecontributiontooverallprogramobjec-tivesforeach.

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PILLAR

FinancialStability, Macroprudential Frameworks,andCrisisPreparedness

Technicalassistanceinthisareaaimsto:

•Strengthenlegislativeframeworksandenhancetheinstitutional

andoperationalcapacityofstateauthoritiesresponsiblefordepositinsurancesystems.

•Enhancecrisispreparedness

frameworksbysupportingthe

operationalizationofcrisis

managementarrangementsand

interagencycoordination,including

improvementstoemergencyliquidityassistanceandlenderoflastresort

frameworks,aswellastheconductofcrisissimulationexercises.

•Strengthenmacroprudentialpoliciesandtheinstitutionalandanalyticalcapacityofauthoritiestoassessandmitigatesystemicfinancialrisks,

includingthosearisingfromclimatechange.

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ALBANIA

SUPPORTONMACROPRUDENTIALASPECTSOFCLIMATE-RELATEDFINANCIALRISKS

Actiontakenin2025

FinSACdeliveredtargetedcapacity-buildingtotheBankofAlbaniaandrefinedclimatetransitionriskscenariostailoredtoAlbania’seconomy.Buildingon2024work,whichestab-lishedthefirstmacroclimatestresstestanddeliveredthetoolsetandreport,the2025engagementshiftedfrominitialexecutiontoinstitutionalization.FinSACupdatedthestresstestingmanualandimprovedtheanalyticaltool,ensuringitiscalibratedtolocaldataavailabilityandsupervisoryneeds.Supportwasprovidedtotheauthoritiesthroughiter-ativeconsultationstovalidateassumptions,methods,andreportingtemplates.Scenariodesignandcalibrationpracticeswererefined,documentationstandardswerestrengthened,andrepeatableexecutionroutines—supportedbytemplatesandtraining—wereembeddedintosupervisoryworkflowstoenableroutinestresstesting.Thedeliverableswereaccom-paniedbyhands-ontrainingmaterialsandtemplates.FinSACalsosupportedtheBankofAlbaniatodesignitsGreenStrategyfor2026-2028providingtargetedfeedbackontheproposedstrategyandoutliningimplementa-tionstepsconsistentwithinternationalgoodpractice.

Outcomes

ThetechnicalassistanceproducedanESGriskassessmentmethodologyforbanks,afinaltransitionclimatestresstestingreport,anupdatedpractitionermanual,andafunc-tioninganalyticaltoolcustomizedtoAlbaniandataconstraints.Supervisorsnowhaveaframeworkforscenariodesign,parametercalibration,andresultsinterpretation,enablingrepeatableexercisesratherthanone-offanal-yses.Thisworkstrengthensstrategicdirectionandpracticalintegrationofclimateandenvi-ronmentalriskintosupervisoryandpolicyprocesses.Itestablishesadurablemacropru-dentialcapabilitytoassessclimatetransitionrisksandtheirpotentialimpactonbanks’balancesheets.Byinstitutionalizingprocessesandtools,theBankofAlbaniacanconsistentlymonitorexposures,informsupervisorypriori-ties,andsupportpolicydialogueonthegreentransitionwithoutrelyingonadhocexternalanalyses.Overtime,thisstrengthensfinancialstabilityandalignssupervisorypracticeswithevolvingEUandinternationalexpectations.

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ALBANIA

SUPPORTTOTHEDEPOSITINSURANCESYSTEM

Actiontakenin2025

FinSACactivelysupportedlegalreformofdepositinsuranceinAlbaniaduringtheyear,withmajorachievementscenteredonthedevel-opmentofthenewDepositInsuranceLawandthedeliveryofacomprehensiveWhitePapertosupportthepolicydiscussions.FinSACworkedcloselywiththeDepositInsuranceAgencyandBankofAlbaniatofinalizethelegalamendmentsensuringalignmentwiththeEU.TheWhitePaperdetailedfourcrucialimpactanalyses:scopeandlevelofdepositprotection,targetfundsize,risk-basedcontri-bution,andfiscalbackstop.Together,theseinitiativesmarkedasubstantialstepforwardinenhancingdepositinsurancepolicyandregulatoryframeworks.

Outcomes

Technicalassistancedeliveredevidenceonhowdifferentcoverageandscopeconfig-urationsaffectfundadequacy,providingadefensiblebasisforpolicychoices.Draftlegaltextsandawhitepaperwereadvancedinparallel,ensuringthatanalyticalinsightstrans-latedintoactionablereforms.Stakeholdersnowhaveacoherentreformpackagereadyforconsultationandsubsequentlegislativeprocessing.TheengagementacceleratesAlbania’salignmentwithEUdepositguaranteestandardswhileimprovingtherobustnessandcredibilityofdepositorprotection.Thishelpsreducepayoutuncertainty,enhancepublicconfidence,andstrengthentheoverallfinan-cialsafetynet.

“Thetechnicalassistancegaveusclearerperspectivesontheharmo-nizationprocesswithEUstandards,supportedbyanexpertanalyticalapproachthatresultedintailoredoutcomesforourspecificneeds.”

MartinBlushi

DeputyGeneralDirector

AlbanianDepositInsuranceAgency

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ARMENIA

SUPPORTONMACROPRUDENTIALASPECTSOFCLIMATE-RELATEDFINANCIALRISKS

Actiontakenin2025

FinSACsupportedtheCentralBankofArmeniainestablishinganewframeworkfortransitionriskclimatestresstestingandinlaunchingthedevelopmentofagreendashboardasacomplementarymonitoringtool.Buildingon2024workthatdevelopedtheframework,tool,manual,andinitiatedthedashboardconcept,FinSAC’sworkin2025focusedondesigningandoperationalizingthestress-testingframe-workbyrefiningthemethodology,specifyingdatarequirements,andpilotingtheexercisetoensurefeasibilityandvalidateimplementationsteps.Thisprocessresultedinareportconsol-idatinganalyticalfindingsandoutliningkeysupervisoryimplications.Inparallel,discus-sionsfocusedonthedesignofthegreendashboardincludingtopicssuchastheidenti-ficationofcoreclimate-relatedindicatorsandclarificationofmetadata.

Outcomes

Initialtransitionriskclimatestresstestingisafirststepinsettinguptheframeworkforquan-tificationofclimaterisksfortheArmenianbankingsector.Inparallel,thegreendash-boardhasprogressedtoaprototypestagewiththegoalofprovidingastructuredplatformtovisualizeandtrackclimate-relatedexpo-sures.Together,thesetwotoolsestablishthefoundationforsystematicclimateriskmoni-toringandaredesignedtobeintegratedintotheCentralBank’sbroadersupervisoryandanalyticaltoolkitforclimateriskmonitoring.Bycombiningforward-lookingstresstestingwithongoingindicator-basedmonitoring,theauthoritiesarebetterequippedtolinkhigh-levelclimateriskassessmentswithgranularsupervisorydata,informingrisk-basedsupervi-soryplanningandstrengtheningtransparencyandresilienceinaddressingclimaterisks.

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BOSNIAANDHERZEGOVINA

SUPPORTTOTHEDEPOSITGUARANTEESCHEME

Actiontake