Front Matter Page
© 2011 International Monetary Fund
January 2011
IMF Country Report No. 11/3
Guernsey: Financial Sector Assessment Program Update—Detailed Assessment of Observance on Basel Core Principles
This Detailed Assessment of Observation on Basel Core Principles on Guernsey was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed in December, 2010. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Guernsey or the Executive Board of the IMF.
The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.
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International Monetary Fund
Washington, D.C.
Front Matter Page
Financial Sector Assessment Program Update
Guernsey
Basel Core Principles
Detailed Assessment of Observance
December 2010
International Monetary Fund
Monetary And Capital Markets Department
Contents
Glossary
I. Summary, Key Findings, and Recommendations
A. Introduction
B. Information and Methodology Used for Assessment
C. Institutional and Macroeconomic Setting and Market Structure—Overview
D. Preconditions for Effective Banking Supervision
E. Main Findings
II. Recommended Action Plan and Authorities’ Response to the Assessment
Tables
1. Summary of Compliance with the Basel Core Principles—Detailed Assessments
2. Recommended Action Plan to Improve Compliance with the Basel Core Principles
3. Detailed Assessment of Compliance with the Basel Core Principles
Glossary
| AML/CFT |
Anti-Money Laundering and Combating the Financing of Terrorism |
| BCP |
Basel Core Principles for Effective Banking Supervision |
| CAR |
Capital adequacy ratio |
| CIS |
Collective Investment Scheme |
| DCS |
Depositor Compensation Scheme |
| EU |
European Union |
| FATF |
Financial Action Task Force |
| FSA |
Financial Services Authority |
| FSAP |
Financial Sector Assessment Program |
| FSC(G) L |
Financial Services Commission (Bailiwick of Guernsey) Law |
| FSSA |
Financial System Stability Assessment |
| GBP |
Great Britain Pounds |
| GDP |
Gross Domestic Product |
| GFSC |
Guernsey Financial Services Commission |
| ICAEW |
Institute of Chartered Accountants in England and Wales |
| IMF |
International Monetary Fund |
| LOLR |
Lender of last resort |
| MOU |
Memorandum of Understanding |
| OFC |
Offshore Financial Center |
| ROSC |
Reports on Observance of Standards and Code |
| The States |
The “States of Deliberation”—Guernsey’s Parliament |
| UK |
United Kingdom |