Cyprus: Financial Sector Assessment Program Update: Technical Note: Factual Update on Basel Core Principles for Effective Banking Supervision (Central Bank of Cyprus)
IMF Staff Country Reports, June 1, 2009
Source details
- Canonical URL
- Cyprus: Financial Sector Assessment Program Update: Technical Note: Factual Update on Basel Core Principles for Effective Banking Supervision (Central Bank of Cyprus)
Other formats
Bibliographic details
- Published: June 1, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451809923.002
Executive findings
- The technical note examines Cyprus’s factual update on the Basel Core Principles for Effective Banking Supervision for Cyprus.
- The 2006 directive on corporate governance provides that each commercial credit institution should have a robust internal governance framework.
- The level of activities of banks in Cyprus that can generate market risk remains low.
- The Central Bank of Cyprus issued bank guidelines on the management of market risk that include provisions on:
- scenario analysis,
- stress testing,
- contingency planning,
- as appropriate.
Regulatory and supervisory implications
- Emphasis on corporate governance: the 2006 directive requires robust internal governance frameworks in commercial credit institutions.
- Market risk management: supervisory guidance from the Central Bank of Cyprus extends to scenario analysis, stress testing, and contingency planning despite low market-risk-generating activity levels.
Subjects and keywords (as provided)
- Subjects:
- Bank regulation,
- Bank supervision,
- Banking,
- Basel Core Principles,
- Financial regulation and supervision,
- Market risk,
- Operational risk
- Keywords:
- Bank regulation,
- Bank supervision,
- banks management,
- Basel Core Principles,
- CBC guideline,
- CBC Law,
- CBC policy,
- CBC requirement,
- CR,
- Cyprus,
- Eastern Europe,
- ISCR,
- licensing regime,
- market,
- Market risk,
- Operational risk,
- Southern Europe
Content in this bundle
- _cr09167 - Key Recommendations