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Europe > Turks and Caicos Islands

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • General Financial Markets: Government Policy and Regulation x
  • Financial services law & regulation x
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Cover High-Level Summary Technical Assistance Reports
Turks and Caicos Islands: Financial Stability Report Review, Credit Risk Modelling, and Stress Testing
Petr Jakubik
and
Adam Gersl
The technical assistance (TA) missions to the Turks and Caicos Islands (TCI) aimed to enhance the Financial Services Commission’s (TCIFSC) financial stability efforts. The missions reviewed the Financial Stability Report (FSR), developed sectoral credit risk models, and established a stress testing (ST) framework. They provided tools for assessing non-performing loans (NPLs) and conducting STs under various macroeconomic scenarios. Results indicate that TCI’s banking sector is resilient, benefiting from robust initial capital. Recommendations include refining the FSR’s structure, improving credit risk modeling, and establishing regular ST exercises. These TA missions reinforce TCIFSC’s capacity to identify and address financial vulnerabilities effectively.
Keywords:
financial stability; financial stability report; systemic risk; stress testing; credit risk modeling; sectoral credit risk model; missions to the Turks and Caicos Islands; TCI's banking sector; TCIFSC's objective; Financial sector stability; Credit risk; Financial sector risk
Cover Technical Assistance Reports
Turks & Caicos Islands: Technical Assistance Report-Financial Stability Report Review, Credit Risk Modelling, and Stress Testing
International Monetary Fund. Western Hemisphere Dept.
and
International Monetary Fund. Monetary and Capital Markets Department
The IMF Caribbean Regional Technical Assistance Centre (CARTAC) conducted two technical assistance (TA) missions in the Turks and Caicos Islands (TCI) between January and March 2024. The missions aimed to strengthen the financial stability framework of the Turks and Caicos Islands Financial Services Commission (TCIFSC) by enhancing credit risk modeling, stress testing, and the Financial Stability Report (FSR). The first mission, held from January 29 to February 2, 2024, focused on reviewing the latest Financial Stability Report to enhance its analytical depth and clarity. The mission also worked on developing sectoral credit risk models to assess the impact of macroeconomic scenarios on bank non-performing loans (NPLs). In addition, training was provided to TCIFSC staff on advanced credit risk modeling techniques. The second mission, conducted from March 11 to 15, 2024, focused on building a multi-factor, multi-period bank solvency stress testing tool tailored to TCI’s financial sector. The mission reviewed available macroeconomic and regulatory data to refine stress test assumptions and conducted training sessions for TCIFSC staff on implementing the new framework. An illustrative stress test was performed using December 2023 data, incorporating baseline and adverse macroeconomic scenarios. The calibrated macroeconomic models considered key risks, particularly those associated with tourism-dependent credit exposures and external economic shocks. The mission provided several key recommendations to enhance the financial stability framework in the Turks and Caicos Islands. The Financial Stability Report should be further developed to improve risk communication and streamline its content. Institutionalizing regular stress testing exercises was recommended to improve the monitoring of financial resilience, while expanding financial data collection and management through the development of a centralized financial stability database would support ongoing macroprudential analysis. The mission also emphasized the need for increased coordination between the TCIFSC and the Ministry of Finance for scenario development in stress testing. The implementation of these recommendations will significantly enhance the monitoring of financial stability in the Turks and Caicos Islands and support efforts to strengthen macroprudential oversight and systemic risk management.
Keywords:
Financial stability; Financial Stability Report; Systemic risk; Stress testing; Credit risk modeling; Turks and Caicos Islands.; TCIFSC financial stability report; bank solvency ST tool; TCIFSC managing director; TCIFSC's FSR; Financial sector stability; Credit risk; Nonperforming loans; Loans; Global
Cover Policy Papers
Framework Administered Account for Selected Fund Activities - Caribbean Regional Technical Assistance Center (CARTAC) Subaccount
International Monetary Fund
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the “SFA Instrument”). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. This paper requests Executive Board approval to establish the Caribbean Regional Technical Assistance Center (CARTAC) subaccount (the “Subaccount”) under the terms of the SFA Instrument.
Keywords:
PP; Subaccount; contributor; terms and conditions of the Subaccount; ex ante concurrence; resources of the Subaccount; contributor's consent; concurrence of contributor; beneficiaries of CARTAC; Capital markets; Wages; Caribbean
Cover IMF Working Papers
Ponzi Schemes in the Caribbean
Ana Carvajal
,
Mr. Hunter K Monroe
,
Ms. Catherine A Pattillo
, and
Brian Wynter
In several Caribbean states, unregulated investment schemes grew quickly in recent years by claiming unusually high monthly returns and through a system of referrals by existing members. These are features shared with traditional Ponzi schemes and pyramid schemes. This paper describes the growth of such schemes, their subsequent collapse, and the policy response of regulators, and presents key policy lessons. The analysis and recommendations draw on country experiences in the Caribbean, and in such diverse countries as the United States, Colombia, Lesotho, and Albania.
Keywords:
WP; stay of execution; government authorities close; public offering; Antiguan government; business activity; Pyramid schemes; Ponzi schemes; Caribbean; Ponzi scheme; securities regulator; Currencies; Securities; Legal support in revenue administration