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Europe > Iceland

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Cover IMF Staff Country Reports
Iceland: Financial Sector Assessment Program-Technical Note on Detailed Assessment on Basel Core Principles for Effective Banking Supervision
International Monetary Fund. Monetary and Capital Markets Department
This paper for Iceland presents Detailed Assessment on Basel Core Principles (BCP) for Effective Banking Supervision. The Ministry of Finance and Economic Affairs/parliamentary budgetary processes that is a legacy funding structure from the prior Fjármálaeftirlit hamper Central Bank of Iceland’s (CBI) ability to access funding for banking regulation and supervision. Key legislative amendments have been enacted in the banking laws to ensure Iceland’s compliance with the European Union’s regulatory framework for banking supervision. CBI implements a conservative approach to both capital and liquidity requirements, resulting in highly capitalized and adequate liquidity levels for banks. CBI/ Financial Supervisory Authority’s current complement of banking supervisors, including risk specialists is strong, however a few risk areas need augmentation. CBI’s banking supervisory and regulatory framework pertaining to Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) requirements is considered adequate. CBI has made great efforts to build up the area of expertise in AML/CFT to implement a risk based supervisory assessment model for banks and has carried out deep on-site inspections to assure itself of the effectiveness of bank’s risk management practices regarding compliance with applicable AML/CFT legislative and supervisory requirements.
Keywords:
ASSESSMENT methodology; adequacy ASSESSMENT program; risk management; banking authority; Basel committee; Financial stability assessment; Credit risk; Market risk; Operational risk; Bank supervision; Global; Baltics
Cover IMF Staff Country Reports
New Zealand: Selected Issues
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; bank; GDP; price; terms of trade boom; bank capital; New Zealand bank; asset quality; GDP increase; disclosure statement; Mortgages; Terms of trade; Return on investment; Fiscal stimulus; Capital adequacy requirements; Global
Cover IMF Staff Country Reports
Iceland: Financial System Stability Assessment Update, including Report on the Observance and Standards and Codes on the following topics: Banking Supervision, Insurance Regulation, Securities Regulation, Payment Systems, and Monetary and Financial Policy Transparency
International Monetary Fund
The 2001 financial system stability assessment identified risks of financial sector instability, as rapid increases in foreign and domestic currency indebtedness, accumulating external imbalances, and inflation accompanied Iceland's expansion of the late 1990s. The insurance sector, composed of 15 domestic insurance companies including four life insurance companies and three larger companies that dominate the nonlife market, is the smallest sector in the financial system. The authorities monitor banks' long-term foreign exchange refunding needs and the outcomes of refunding operations.
Keywords:
ISCR; CR; FME action; FME examination process; stress scenario; enforcement power; FME data; FME power; FME staff; operating budget; FME supervision; FME resource; FME board; return on assets; Commercial banks; Loans; Pension spending; Financial Sector Assessment Program; Capital adequacy requirements
Cover Financial Soundness Indicators
Financial Soundness Indicators
Analytical Aspects and Country Practices
International Monetary Fund

Abstract

The financial turmoil of the late 1990s prompted a broad search for tools and techniques for detecting and preventing financial crises, and more recent episodes of instability have high lighted the importance of continuous monitoring of financial systems as a tool for preventing crises. This paper looks at the development of measures of financial sector soundness and of methods to analyze them. The authors propose two sets of financial soundness indicators that are considered useful for periodic monitoring, and for compilation and dissemination efforts by national authorities. They highlight the substantial advance made in recent years in measuring and analyzing financial soundness indicators, and specify areas where more work is needed.

Keywords:
OP; ratio; market; asset; foreign currency; asset quality; market liquidity indicator; average equity; on-balance-sheet assets; Financial soundness indicators; Real estate prices; Loans; Stress testing; Capital adequacy requirements; Global; Europe; Africa; Middle East; Western Hemisphere; Credit risk