Cyprus: Financial Sector Assessment Program Update: Technical Note: Factual Update on Basel Core Principles for Effective Banking Supervision: ASDCS
IMF Staff Country Reports, June 1, 2009
Source details
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- Cyprus: Financial Sector Assessment Program Update: Technical Note: Factual Update on Basel Core Principles for Effective Banking Supervision: ASDCS
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Bibliographic details
- Published: June 1, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451809930.002
Overview
- This technical note presents Cyprus’s Financial Sector Assessment Program Update.
- The authority has worked to enhance the quality of supervision, inter alia in the organizational area, upgrading the number of staff and staff expertise, and planning to intensify onsite supervision.
- "A single supervisor for all banks operating in Cyprus could enhance the effectiveness and efficiency of supervision and could support the creation of a level playing for all banks."
Key findings
- Improvements made in the organizational area of supervision, including upgrading the number of staff and staff expertise.
- Plans to intensify onsite supervision have been advanced by the authority.
- The single-supervisor model is identified as a potential enhancement to:
- effectiveness of supervision,
- efficiency of supervision,
- creation of a level playing field for all banks.
Subjects and keywords highlighted in the note
- Subjects: Basel Core Principles, Capital adequacy requirements, Cooperative banks, Financial institutions, Financial regulation and supervision, Internal controls, Market risk, Operational risk, Revenue administration
- Keywords: ASDCS to the CCIs, ASDCS's staff, Basel Core Principles, Capital adequacy requirements, computerization project, cooperative, Cooperative banks, CR, Internal controls, ISCR, licensing regime, Operational risk, process CCIs, supervision, term Cooperative Credit Institution
Publication summary points
- Publication date: June 1, 2009
- Series: IMF Staff Country Reports
- The note is presented as part of Cyprus’s Financial Sector Assessment Program Update and focuses on factual updates regarding Basel Core Principles for Effective Banking Supervision.
International Monetary Fund. "Cyprus: Financial Sector Assessment Program Update: Technical Note: Factual Update on Basel Core Principles for Effective Banking Supervision: ASDCS".