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
August 29, 2003
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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.
Subject: Banking, Capital adequacy requirements, Commercial banks, Expenditure, Financial institutions, Financial regulation and supervision, Financial Sector Assessment Program, Financial sector policy and analysis, Loans, Pension spending
Keywords: Capital adequacy requirements, Commercial banks, CR, enforcement power, Financial Sector Assessment Program, FME action, FME board, FME data, FME examination process, FME power, FME resource, FME staff, FME supervision, ISCR, Loans, operating budget, Pension spending, return on assets, stress scenario
Pages:
33
Volume:
2003
DOI:
Issue:
271
Series:
Country Report No. 2003/271
Stock No:
1ISLEA0022003
ISBN:
9781451819274
ISSN:
1934-7685
