lorixnt2
Hari Seldon's fan
Ad occhio comunque la prima deadline sembrerebbe essere intorno a marzo 2011 salvo complicazioni perché, in realtà, la scadenza prevista sarebbe ad agosto. Vi trascrivo un comunicato della banca centrale che potete comunque trovare in .pdf a questo indirizzo:
http://sedlabanki.is/lisalib/getfile.aspx?itemid=8210
Molte grazie a snoram sull'altro forum per l'indicazione
(Bold is mine)
3 November 2010
Statement on capital controls
This statement is given in order to explain the policy framework and
current intentions regarding the removal of capital controls. The only
new specific information is in Point 8.
1. Comprehensive capital controls were introduced in November 2008
as a part of the Government economic programme, which is supported
by the IMF, in order to prevent serious difficulties as regards Iceland’s
balance of payments, and with the aim of stabilising the exchange rate
without overreliance on the interest rate tool. The controls are a
deviation from Iceland’s obligations under the EEA Agreement to
uphold free capital movements. Under the EEA Agreement, such
controls are permitted only as a short-term emergency measure. The
measures have been notified to EEA institutions, as is provided for in
the Agreement, without any objections. However, it would be a breach
of the EEA Agreement if best efforts are not made to lift the capital
controls once the conditions that created the emergency have been
overcome.
2. It has therefore been one of the aims of the Government programme
to create the conditions for lifting the capital controls. In addition,
capital controls have economic and social costs that tend to accumulate
over time.
3. In August 2009, the Central Bank published a strategy for lifting the
capital controls. The strategy was developed in consultation with the
Ministry of Business Affairs and the IMF and was approved by the
Government. As is stipulated in the original strategy, the first step of
lifting controls on capital inflows and all subsequent associated
outflows was taken on 1 November 2009. It is important to bear in mind
that, although the strategy provides a broad blueprint for lifting controls
on capital outflows, it does not specify any dates. Instead, it was stated
that sequential steps in lifting the controls would depend on conditions.
The pace of lifting the controls would thus depend on whether specific
conditions were fulfilled and how well, or badly, preceding steps went.
4. The strategy lists several key conditions for lifting the capital
controls. The most important ones were: 1) macroeconomic
stabilisation, including the implementation of a credible plan for fiscal
sustainability and declining inflation; 2) a sound financial system; 3) an
adequate level of foreign exchange reserves. These conditions have
formed the basis for the Central Bank and MPC statements on capital
controls. Two of these conditions are being met, but the required
financial soundness is not fulfilled, partially due to uncertainty
regarding the capital position of the banking system following two
Supreme Court rulings. In the last Letter of Intent written to the IMF,
the Icelandic authorities committed to recapitalising the banking system
before year-end should it be needed. This is a necessary condition for
financial sector soundness, but it might not be a sufficient condition.
5. The MPC does not develop or take decisions on the strategy for
lifting capital controls, although the Central Bank seeks its views and
advice on the issue. Monetary policy does, however, take the existing
strategy into account and the prospects for its implementation. In doing
so, the MPC has taken note of the conditions mentioned above. The
evolution of MPC statements should be seen in that light.
6. Although the strategy from August 2009 has not been formally
revised, Central Bank officials have stated, and this was echoed in the
August MPC statement, that the strategy may need to be revised in view
of the change in conditions and the experience so far. The revised
strategy will be designed by the Central Bank in consultation with the
Ministry of Economic Affairs and finally endorsed by the Government.
This is in line with the process used to prepare the original strategy. A
revision of the strategy does not imply a departure from the goal of
lifting capital controls in the coming period, but rather it recognises the
need to reconsider the manner in which the controls will be lifted in
light of recent experience and changed conditions.
7. Provided legal or other impediments are not uncovered prior to the
announcement of a revised strategy, some action might be taken in order
to prepare for the comprehensive removal of controls on capital
outflows. This might include measures to allow legally acquired
offshore krónur to be swapped through controlled auctions against legal
holdings of foreign assets by domestic residents, and to allow legally
acquired offshore krónur to be invested in targeted long-term business
ventures or other specific projects in Iceland.
8. Given that the issue of a potential short-fall in the capital position of
the banking system might not be fully addressed until year-end, it is not
realistic that any other steps than those described in Point 7 will be
taken to lift the controls on outflows this year. Furthermore, no such
steps will be taken until a revised strategy has been made public. In
addition, even if such a strategy were ready earlier, no fundamental
changes will be made to current rules before March 2011, except those
that might be needed in order to execute the planned action mentioned
in Point 7. This commitment is supported by the Minister of Economic
Affairs. It should be borne in mind that the enabling legislation for the
capital controls will at present expire at the end of August 2011.
However, a proposal to extend the legislation might become part of the
revised strategy that will be announced before March 2011.
Már Guðmundsson
Governor
http://sedlabanki.is/lisalib/getfile.aspx?itemid=8210
Molte grazie a snoram sull'altro forum per l'indicazione
(Bold is mine)
3 November 2010
Statement on capital controls
This statement is given in order to explain the policy framework and
current intentions regarding the removal of capital controls. The only
new specific information is in Point 8.
1. Comprehensive capital controls were introduced in November 2008
as a part of the Government economic programme, which is supported
by the IMF, in order to prevent serious difficulties as regards Iceland’s
balance of payments, and with the aim of stabilising the exchange rate
without overreliance on the interest rate tool. The controls are a
deviation from Iceland’s obligations under the EEA Agreement to
uphold free capital movements. Under the EEA Agreement, such
controls are permitted only as a short-term emergency measure. The
measures have been notified to EEA institutions, as is provided for in
the Agreement, without any objections. However, it would be a breach
of the EEA Agreement if best efforts are not made to lift the capital
controls once the conditions that created the emergency have been
overcome.
2. It has therefore been one of the aims of the Government programme
to create the conditions for lifting the capital controls. In addition,
capital controls have economic and social costs that tend to accumulate
over time.
3. In August 2009, the Central Bank published a strategy for lifting the
capital controls. The strategy was developed in consultation with the
Ministry of Business Affairs and the IMF and was approved by the
Government. As is stipulated in the original strategy, the first step of
lifting controls on capital inflows and all subsequent associated
outflows was taken on 1 November 2009. It is important to bear in mind
that, although the strategy provides a broad blueprint for lifting controls
on capital outflows, it does not specify any dates. Instead, it was stated
that sequential steps in lifting the controls would depend on conditions.
The pace of lifting the controls would thus depend on whether specific
conditions were fulfilled and how well, or badly, preceding steps went.
4. The strategy lists several key conditions for lifting the capital
controls. The most important ones were: 1) macroeconomic
stabilisation, including the implementation of a credible plan for fiscal
sustainability and declining inflation; 2) a sound financial system; 3) an
adequate level of foreign exchange reserves. These conditions have
formed the basis for the Central Bank and MPC statements on capital
controls. Two of these conditions are being met, but the required
financial soundness is not fulfilled, partially due to uncertainty
regarding the capital position of the banking system following two
Supreme Court rulings. In the last Letter of Intent written to the IMF,
the Icelandic authorities committed to recapitalising the banking system
before year-end should it be needed. This is a necessary condition for
financial sector soundness, but it might not be a sufficient condition.
5. The MPC does not develop or take decisions on the strategy for
lifting capital controls, although the Central Bank seeks its views and
advice on the issue. Monetary policy does, however, take the existing
strategy into account and the prospects for its implementation. In doing
so, the MPC has taken note of the conditions mentioned above. The
evolution of MPC statements should be seen in that light.
6. Although the strategy from August 2009 has not been formally
revised, Central Bank officials have stated, and this was echoed in the
August MPC statement, that the strategy may need to be revised in view
of the change in conditions and the experience so far. The revised
strategy will be designed by the Central Bank in consultation with the
Ministry of Economic Affairs and finally endorsed by the Government.
This is in line with the process used to prepare the original strategy. A
revision of the strategy does not imply a departure from the goal of
lifting capital controls in the coming period, but rather it recognises the
need to reconsider the manner in which the controls will be lifted in
light of recent experience and changed conditions.
7. Provided legal or other impediments are not uncovered prior to the
announcement of a revised strategy, some action might be taken in order
to prepare for the comprehensive removal of controls on capital
outflows. This might include measures to allow legally acquired
offshore krónur to be swapped through controlled auctions against legal
holdings of foreign assets by domestic residents, and to allow legally
acquired offshore krónur to be invested in targeted long-term business
ventures or other specific projects in Iceland.
8. Given that the issue of a potential short-fall in the capital position of
the banking system might not be fully addressed until year-end, it is not
realistic that any other steps than those described in Point 7 will be
taken to lift the controls on outflows this year. Furthermore, no such
steps will be taken until a revised strategy has been made public. In
addition, even if such a strategy were ready earlier, no fundamental
changes will be made to current rules before March 2011, except those
that might be needed in order to execute the planned action mentioned
in Point 7. This commitment is supported by the Minister of Economic
Affairs. It should be borne in mind that the enabling legislation for the
capital controls will at present expire at the end of August 2011.
However, a proposal to extend the legislation might become part of the
revised strategy that will be announced before March 2011.
Már Guðmundsson
Governor
