Financial Sector Advisory Center

The Financial Sector Advisory Center (FinSAC), based in Vienna, provides independent, confidential, and tailored expertise, technical advice, and implementation support to client countries in the Emerging Europe and Central Asia (ECA) region.

FinSAC offers global knowledge to help develop and disseminate good practices that can enrich regional policy debates and cross-fertilize reforms. It promotes the application of international benchmarks and standards with the support of global and regional organizations.

FinSAC organizes its specialist technical assistance within the following three distinct thematic pillars, which cover macro and microprudential themes and issues related to bank failure. 

FinSAC's three thematic pillars:

  1. Financial Stability, Crisis Preparedness, and Macroprudential Frameworks;

  2. Strengthening Microprudential Supervision and Regulation including Non-Performing Loan Resolution;

  3. Addressing Bank Recovery and Resolution including Bank Liquidation.

In addition to dedicated work streams within each of the pillars, FinSAC’s range of expertise is usefully combined to offer client countries integrated advice and technical assistance across the pillars.

FinSAC engages in technical work that helps countries implement concrete legislative, regulatory, and institution-building initiatives that strengthen the resilience and efficiency of financial systems. 

FinSAC provides advisory and analytical services through three distinct channels:

  • undertaking of client-specific technical assistance assignments;
  • organization of technical workshops, conferences, and seminars, and
  • execution of regional research projects with corresponding outreach activities. 

FinSAC’s geographical focus is expanding according to three key priority groups:

  • EU candidate and potential candidate countries (Albania, Bosnia and Herzegovina, Kosovo, FYR Macedonia, Montenegro, and Serbia);
  • EU member states as active non-graduated World Bank clients (Bulgaria, Croatia, Poland, and Romania); and
  • EU neighborhood countries (Belarus, Moldova, Ukraine, Armenia, Azerbaijan, and Georgia). The expansion to Central Asia is envisaged in future consultations with the Donor. 

FinSAC was established in June 2011 as a follow-up mechanism of the Vienna Initiative, through joint collaboration of the Austrian Ministry of Finance and the World Bank’s Private and Financial Sector Department. FinSAC is financed by the Austrian Government through a Trust Fund Agreement.

For more information, please contact finsac@worldbank.org

lastupdated: Apr 30, 2017

News & Events

Recent Publications
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Financial Sector’s Cybersecurity: A Regulatory Digest

This Digest is intended to be a live, periodically updated compilation of recent laws, regulations, guidelines and other significant documents on cybersecurity for the financial sector; it is, therefore, organized in reverse chronological order, with the most recent document first.  The Digest is not meant to be comprehensive of everything published by all jurisdictions and international bodies.  The explanatory summaries are composed of text extracted from the documents and includes links to the original documents or websites that contained them at the time of including them in the Digest.  A separate “Appendix” file includes an “Index by Concepts” and a “Source Table.”

Update (pub. Oct. 2018): Digest | Source Table

1st Edition (pub. Dec. 2017):  Digest | Source Table



Event
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On December 6, 2013, the World Bank and Austria's Federal Ministry of Finance signed an extension of a Trust Fund Agreement, bringing the overall resources contributed to the operations of FinSAC to a total of Euro 13.5 million.


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