UID:
edoccha_9958068556202883
Format:
1 online resource (47 pages)
ISBN:
1-5135-4472-1
,
1-5135-4883-2
,
1-5135-8253-4
Series Statement:
IMF Staff Country Reports
Content:
This paper discusses key findings and recommendations made in Financial System Stability Assessment for Turks and Caicos Islands. Although the financial oversight framework has significantly improved, the Financial Services Commission (FSC) should strive for further progress. Major advances have been made regarding the operational independence of the FSC and staffing. Nonetheless, the outdated Banking Ordinance and Insurance Ordinance need urgent overhaul. The functioning of the FSC should be strengthened by enhancing Board oversight, filling key positions at Board and senior management levels, strengthening communication and consultation with the industry, and improving the supervision and risk assessment capacities of FSC staff.
Note:
Cover -- Contents -- Glossary -- EXECUTIVE SUMMARY -- INTRODUCTION -- MACROECONOMIC BACKGROUND AND FINANCIAL SYSTEM PROFILE -- A. Macroeconomic and Financial Context -- B. Financial System Profile -- RISKS AND VULNERABILITIES -- A. Risk Assessment -- B. Vulnerability Analysis -- C. Bank Stress Test -- D. Overall Stability Assessment and Recommendations -- FINANCIAL SECTOR OVERSIGHT -- A. Financial Regulation and Supervision: Financial Services Commission -- B. Financial Regulation and Supervision: Banks -- C. Financial Regulation and Supervision: Insurers -- D. Macroprudential Policy Framework -- E. Bank Resolution and Safety Nets -- F. Crisis Prevention and Management -- G. Anti-Money Laundering and Combating the Financing of Terrorism -- BOX -- 1. Failure of Financial Institutions in TCI -- FIGURES -- 1. Development in Real Estate Market -- 2. Balance Sheet Structure of Top Four Banks -- 3. Loans to the Private Sector -- 4. Bank Soundness -- 5. Basel III Liquidity Coverage Ratio, June 2014 -- TABLES -- 1. Key Recommendations -- 2. Risk Assessment Matrix -- 3. Financial System Structure -- 4. Solvency Stress Test Results -- 5. Cash Flow Liquidity Test: Assumptions and Results -- APPENDIX FIGURE -- 1. International Comparisons of Macroeconomic Conditions -- APPENDIX TABLES -- 1. Recommendations from 2003 IMF Review on BCP and ICP and Progress -- 2. Selected Economic Indicators -- 3. Financial Soundness Indicators and Bank Balance Sheet Structures -- 4. Banking Sector Stress Testing Matrix.
Additional Edition:
ISBN 1-5135-1105-X
Language:
English
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