Banking Resolution and Insolvency—Emerging World Bank and International Monetary Fund Guidelines

G.1 Bank Insolvency Framework: Objectives and Scope

G.1.1 Objectives

In early 2002, the World Bank and the International Monetary Fund (IMF) in coordina­tion with the Bank for International Settlements (BIS), Basel Committee on Banking Supervision (BCBS), Financial Stability Institute (FSI), Financial Stability Forum (FSF), and some regional financial institutions, launched the Global Bank Insolvency Initiative (GBII). Its main objectives are as follows:

• To identify the appropriate legal, institutional, and regulatory framework to address banks in distress (Bank Insolvency Framework)

• To progressively create an international consensus regarding the framework, including best practices and alternatives

• To design a methodology for the assessment of the countries’ framework and to undertake voluntary country assessments as appropriate

• To facilitate the provision of technical assistance to countries for the improvement of their framework for addressing bank insolvency

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