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Goal – A well developed and transparent financial system that includes strong supporting institutions and highly trained and ethical professionals that contribute to effective financial intermediation and deep and broad access to capital and financial services
Core Question: Are market risks sufficiently transparent and diversified so that efficient capital allocation can occur? Yes – Strong.
5.1.1 Financial Reporting
What is the strength of the country’s auditing and reporting standards? Strong – 55th out of 142; Score 4.85 out of 7, Strong.
5.1.2 Financial Services
Does the financial sector provide a wide variety of financial services to businesses? Strong – 68th out of 142; Score 4.56 out of 7
Source: The Global Competitiveness Report 2011-2012, World Economic Forum
5.1.3 Insolvency Process
Weak – Ranking – 113rd out of 183 Trend is up
184.108.40.206 What is the average time to complete bankruptcy proceedings? 3 years
220.127.116.11 What is the cost of bankruptcy proceedings as a percentage of the estate? 20%
18.104.22.168 What is the recovery rate of bankruptcy proceedings? 27.2 cents on the dollar
Source: Doing Business 2011 – Closing a Business
Core Question: Do trained, independent and ethical asset valuers exist for all types of assets? Unknown
SQ 17 How easy is it to find a valuer who implements International Valuation Standards? Unknown
SQ 18 What is the level of training of valuers? Unknown
SQ 19 Are opinions offered by valuers free of influence from parties to the transaction? Unknown
Core Question: Is accurate property information available electronically in formats that are consistent with international standards? Yes – Strong, rapid improvements have occurred over the last decades.
5.3.1 Sales & Operating Data
SQ 20 A multiple listing service is an electronic exchange system where brokers and agents can widely share contracted real estate listings of properties that are for sale. Do multiple listing type services exist? No – Weak.
SQ 21 Do resources exist for obtaining building income and expense estimates? Unknown
5.3.2 Interchange Formats
SQ 22 Do electronic data interchange formats conform to international standards (ebXML – electronic business using extensive markup language)? Yes – Strong
5.3.3 Technical Standards
SQ 23 Do building codes and office building measurement standards (ANSI/BOMA Z65.1) conform to international standards? No, weak.
FQ 19 How many independent valuers exist in the market? Can small businesses obtain fair valuations for property they want to buy or sell? Not available yet
FQ20 What are the valuation standards and do they conform to international and regional standards? Not available yet
FQ21 What valuation methods and techniques are used in the market? Not available yet
FQ22 How available is information for commercial properties that are for sale or that have been sold? Not available yet