Guernsey: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Basel Core Principles
IMF Staff Country Reports, January 14, 2011
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- Guernsey: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Basel Core Principles
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Bibliographic details
- Published: January 14, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455213740.002
Summary findings
- The Basel Core Principles for Effective Banking Supervision (BCP) assessment confirms the high standard of prudential regulation and supervision described in the 2003 assessment.
- The assessment found that the issues identified in the 2003 assessment have largely been addressed.
- The Guernsey Financial Services Commission (GFSC) is the integrated regulator responsible for the regulation and supervision of all financial institutions and services provided on the island.
- As the banking supervisor, the GFSC has disciplinary powers to address safety and soundness issues.
- The GFSC cooperates with the home supervisors of institutions active on the island.
- Several broad areas for further action have been identified.
Key topics and scope
- Subjects covered: Bank supervision; Banking; Credit; Financial regulation and supervision; Financial services; Market risk; Money; Operational risk.
- Keywords (as provided): Bank supervision; banking licence; board of directors; business plan; capital base; corporate governance; CR; Credit; GFSC staff; Global; holding company; interest rate; internal audit; ISCR; Market risk; Operational risk; risk assessment; risk management; senior management.