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
IMF Staff Country Reports, August 29, 2003
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- 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
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Bibliographic details
- Published: August 29, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451819274.002
Summary findings
- The 2001 financial system stability assessment identified risks of financial sector instability tied to:
- rapid increases in foreign and domestic currency indebtedness,
- accumulating external imbalances,
- inflation accompanying Iceland's expansion of the late 1990s.
- The insurance sector:
- is composed of 15 domestic insurance companies,
- includes four life insurance companies,
- includes three larger companies that dominate the nonlife market,
- is the smallest sector in the financial system.
- Authorities monitor banks' long-term foreign exchange refunding needs and the outcomes of refunding operations.
Subjects and keywords
- 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