1. FRC has organized 5 regional discussions on regulations with international consultants' inputs on such issues as stabilization fund, regulation and supervision system. In total, 348 board and elected members from 136 SCCs have participated and actively involved to the revisions of the regulations. Regulatory consultant made her recommendations and The regulatory advisor's proposal discussed amongst the stakeholders. Finalized revisions into Stabilization fund regulation with inputs from Regulatory advisor approved by FRC in December 2014. General regulation is presented for confirmation.
On-site and off-site supervision requirements were revised with inputs from ADB consultants and private sector, and were approved FRC management. The project recruited international and national consultants for risk-based supervision system revision of FRC. Current method of off-site supervision of SCC was reviewed based on the financial analysis of 2014 data, and recommendations were given on supervisory capacity, prudential regulations, risk-based supervisory approach, credit information system, and deposit insurance etc. The status of consultants' progress is at 50% as of September 10, 2015. In-house trainings for supervisory staff of FRC will be conducted and on-site and off-site supervision systems and tools will be revised based on the recommendations and revisions by risk-based supervision specialists.
2. SCCs prepared the financial report for 2013 year end and for 2014 and 2015 in compliance with the newly approved regulation on prudential ratio. Second assessment has started in June and completed by November covering 95.7% of all SCCs. Consolidated reports and comparative statements introduced to PSC in December 2014. Final report was introduced to the FRC in February, 2015
M&E team has assessed the effectiveness of SCC capacity building training.
The financial ratio analysis for the sampled 30 cooperatives were done based on FRC 2014 annual reports in the second quarter of 2015.
Data for MFD indicators was collected from respondents who participated in the financial education baseline survey. 749 respondents took part in the survey.
TV series with 24 episodes total lasts of 840 minutes completed in December 2014.
3. Broadcasting was completed via two top ranked channels in January and in March 2015 all over the country. The pre and post drama survey completed. The unified report is under development. Baseline survey data collection and data entry was completed. The TV drama became the 2nd most watched TV show through Education TV channel, one of the most popular TV channels nationwide. According to the program analysis of Maxima media, 33.6% of television-watching adults (male and female) watched the TV drama. Amongst the audiences, unemployed people with lower economic condition were the main audience of the program.
Financial education functional tests have been developed and finalized. Text-in message survey completed. More than 50% of those surveyed (male and female) have correctly responded to multiple choice television questions on financial education messages. 84.1% of surveyed responded that their financial literacy improved after watching the TV drama.
SCC test results are compiled. Training test results will be incorporated in SCC assessment report.
4. The financial performance analysis of the sampled project participating SCCs will be finalized in the third quarter of 2015 based on FRC data.
Financial education baseline survey is completed and report is finalized both in Mongolian and English.
Financial education end-line survey was completed in September 2015. 686 respondents took part in the survey and comparison analysis of pre-post survey was completed. Findings of the comparison analysis reveal that TV drama resulted in better household financial management, increased number of savers, and improved public trust to SCC.
88.8% of respondents concluded that their fiscal literacy improved as a result of TV drama. Also, they answered that TV drama could deliver rational messages about SCC to public. Consolidated M&E report for overall project outcomes against its objectives will be completed in the third quarter 2015.