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Business and Economics > Banks and Banking

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Cover IMF Staff Country Reports
United States: Financial Sector Assessment Program-Review of the Key Attributes of Effective Resolution Regimes for the Banking and Insurance Sectors-Technical Note
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note reviews the key attributes of effective resolution regimes for the banking and insurance sectors in the United States. The United States’ resolution regime for financial institutions has been significantly enhanced since the financial crisis. Over the past several years, the U.S. authorities have undertaken significant efforts to develop the capability to deploy the Orderly Liquidation Authority, if and when needed, to safeguard financial stability. Of particular importance is the development of the so-called single point of entry strategy, designed to take advantage of most systemically important financial institutions in the United States being organized under a holding company structure.
Keywords:
ISCR; CR; financial company; State insurance; bank holding company; resolution power; resolution strategy; resolution authority; resolution regime; Bank resolution framework; Insurance companies; Insurance; Bank liquidation; Bridge bank; Global
Cover IMF Working Papers
The Valuation Effects of Geographic Diversification: Evidence From U.S. Banks
Mr. Luc Laeven
,
Mr. Martin R. Goetz
, and
Mr. Ross Levine
This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United States on their market valuations. Using two novel identification strategies based on the dynamic process of interstate bank deregulation, we find that exogenous increases in geographic diversity reduce BHC valuations. These findings are consistent with the view that geographic diversity makes it more difficult for shareholders and creditors to monitor firm executives, allowing corporate insiders to extract larger private benefits from firms.
Keywords:
WP; BHC diversity; bank deregulation; BHC valuation; BHC assets; gravity-deregulation model; Geographic Corporate diversification; Agency problems; Economies of scope; Corporate insiders; Corporate valuation; BHC asset diversification; BHC diversification increase; Estimation techniques; Personal income; Asset valuation; Gravity models; Global
Cover IMF Staff Country Reports
United Kingdom: Observance by CREST of the CPSS-IOSCO Recommendations for Securities Settlement Systems Detailed Assessment of Observance
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; settlement bank; U.S. dollar; central bank; settlement system; business case; credit risk; Securities; Securities settlement systems; Central securities depositories; Legal support in revenue administration; Payment systems; Global; Europe
Cover IMF Staff Country Reports
Guernsey: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Basel Core Principles
International Monetary Fund
The Basel Core Principles for Effective Banking Supervision (BCP) assessment confirms the high standard of prudential regulation and supervision described in the 2003 assessment, and found that the issues identified have largely been addressed. The Guernsey Financial Services Commission (GFSC), being the integrated regulator, is responsible for the regulation and supervision of all financial institutions and services provided on the island, and as the banking supervisor, has disciplinary powers to address safety and soundness issues. The GFSC cooperates with the home supervisors of institutions active on the island. Several broad areas for further action have been identified.
Keywords:
ISCR; CR; holding company; board of directors; risk management; capital base; internal audit; risk assessment; banking licence; GFSC staff; corporate governance; business plan; senior management; interest rate; Bank supervision; Operational risk; Credit; Market risk; Global
Cover IMF Staff Country Reports
Guernsey: Financial System Stability Assessment-Update
International Monetary Fund
Guernsey is a leading international insurance center in Europe. Its economy purely depends on the performance of the financial sector. As per the 2003 assessment under the Offshore Financial Center (OFC) program, it is found that the Guernsey Financial Services Commission (GFSC)’s powers have been strengthened in recent years and many recommendations of the 2003 Financial Sector Assessment Program (FSAP) have been implemented. The GFSC has developed a strategy for addressing banks' financial stability risks, but strong policy measures will be essential to deal with the potential vulnerabilities and challenges ahead.
Keywords:
ISCR; CR; bank; GFSC; parent company; financial institution; banking system; Guernsey subsidiary; parent bank; pound sterling; financial system; insurance sector; Guernsey bank; asset quality; Insurance companies; Commercial banks; Stress testing; Insurance; Global
Cover IMF Staff Country Reports
Jersey: Financial Sector Assessment Program Update: Financial System Stability Assessment
International Monetary Fund
This paper examines the Financial System Stability Assessment on Jersey. Most banks in Jersey are branches or subsidiaries of large international groups, to which they provide financing. This close relationship reduces risk in normal times, given the groups’ ability to support their Jersey operations. The Jersey Financial Services Commission has significantly reformed the regulatory framework of funds, mainly to make Jersey funds more attractive to institutional investors. A key challenge in insurance supervision is to maintain effective and proportionate regulation of a small sector with limited insurance risk.
Keywords:
ISCR; CR; bank insolvency regime; parent bank; risk model; yield curve; funding gap.; Jersey bank; Jersey affiliate; funding gap; Jersey subsidiary; No. bank; pound sterling; credit risk; bank DCS; bank loan; Financial sector; Insurance companies; Loans; Financial Sector Assessment Program; Global; Middle East
Cover IMF Staff Country Reports
Jersey: Financial Sector Assessment Program Update: Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision
International Monetary Fund
Jersey’s macroeconomic performance is generally satisfactory. Unemployment is low, and the trend growth rate and inflation have been satisfactorily examined. A Detailed Assessment of the Observance of the Basel Core Principles for Effective Banking Supervision Report on Jersey was also done. The legal system, which is broadly based on common law with French and Norman elements, is highly developed. The authorities have substantially adequate powers to direct, intervene in, and close a troubled financial institution.
Keywords:
ISCR; CR; JFSC staff; risk management; holding company; business model; The JFSC bank; Banking code; Market risk; Internal audit; Credit risk; Financial statements; Middle East; Global
Cover IMF Staff Country Reports
Jersey: Financial Sector Assessment Program Update: Detailed Assessment of Observance of AML/CFT
International Monetary Fund
Jersey has put in place a comprehensive and robust Antimoney Laundering/Combating the Financing of Terrorism (AML/CFT) legal framework with a high level of compliance with almost all aspects of the Financial Action Task Force recommendations. The paper discusses a Detailed Assessment of Observance of AML/CFT report on Jersey. Both money laundering and financing of terrorism are criminalized largely in line with the international standard, and Jersey has implemented the provisions effectively.
Keywords:
ISCR; CR; offence; word; one-off transaction; customer due diligence measure; legal adviser; customer's beneficial owners; compliance officer; drug trafficking; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Terrorism financing; Legal support in revenue administration; Terrorism; Europe
Cover IMF Staff Country Reports
Guernsey-Crown Dependency of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume II—Detailed Assessment of Observance of Standards and Codes
International Monetary Fund
The completion of the detailed assessment serves several purposes. First, it benchmarks the current state of banking supervision, recognizing that there have been extensive changes in the last years. Second, it suggests a number of further improvements or changes. Thus, this report provides a key input for the development of an action plan to move toward full compliance with the Core Principles. The assessment of the effectiveness of banking supervision was based on a review of the legal framework.
Keywords:
ISCR; CR; business plan; financial institution; GFSC staff; investment funds; senior management; GFSC Law; managing director; capital base; GFSC law; limited partnership; finance committee; risk assessment; due diligence; Insurance companies; Insurance; Money laundering; Anti-money laundering and combating the financing of terrorism (AML/CFT); Europe; staff handbook
Cover IMF Staff Country Reports
Jersey: Crown Dependency of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume II—Detailed Assessment of Observance of Standards and Cod
International Monetary Fund
This report reviews the assessment of Jersey’s compliance with the Basel core principles for effective banking supervision based on the Core Principles. It provides a detailed assessment of the antimoney laundering and combating the financing of terrorism regime of Jersey and reviews its laws and regulations, supervisory and regulatory systems, Jersey’s compliance with the International Association of Insurance Supervisors (IAIS) insurance core principles, and benchmarks the state of insurance supervision. It also analyzes the objectives and principles of securities regulation and provides a detailed assessment of trust and company service providers in Jersey.
Keywords:
ISCR; CR; insurance supervisor; trust company business; corporate governance; holding company; beneficial owner; business plan; credit risk; risk assessment; senior management; Codes of practice; Insurance; Insurance companies; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Europe; Global