Guernsey: Financial System Stability Assessment-Update

IMF Staff Country Reports, January 14, 2011

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Guernsey: Financial System Stability Assessment-Update

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Bibliographic details

• Published: January 14, 2011
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781455213764.002

Summary

• Guernsey is a leading international insurance center in Europe.
• The economy purely depends on the performance of the financial sector.
• As per the 2003 assessment under the Offshore Financial Center (OFC) program, the Guernsey Financial Services Commission (GFSC)’s powers have been strengthened in recent years.
• Many recommendations of the 2003 Financial Sector Assessment Program (FSAP) have been implemented.
• The GFSC has developed a strategy for addressing banks' financial stability risks.
• Strong policy measures will be essential to deal with the potential vulnerabilities and challenges ahead.

Key findings

• Guernsey’s role: leading international insurance center in Europe.
• Economic dependence: economy purely depends on the performance of the financial sector.
• Regulatory progress:
  • GFSC’s powers have been strengthened since the 2003 OFC assessment.
  • Many 2003 FSAP recommendations have been implemented.
• Financial stability strategy:
  • The GFSC has developed a strategy for addressing banks' financial stability risks.
  • The report emphasizes that strong policy measures are essential to address potential vulnerabilities and challenges.

Subjects and keywords

• Subject:
  • Banking
  • Commercial banks
  • Financial institutions
  • Financial sector policy and analysis
  • Financial services
  • Insurance
  • Insurance companies
  • Stress testing
• Keywords:
  • asset quality
  • bank
  • banking system
  • Commercial banks
  • CR
  • financial institution
  • financial system
  • GFSC
  • Global
  • Guernsey bank
  • Guernsey subsidiary
  • Insurance
  • Insurance companies
  • insurance sector
  • ISCR
  • parent bank
  • parent company
  • pound sterling
  • Stress testing

Content in this bundle

• Guernsey: Financial System Stability Assessment--Update; IMF Country Report 11/1; December 16, 2010
  • Guernsey: Financial System Stability Assessment--Update; IMF Country Report 11/1; December 16, 2010 (Markdown version)
  • Guernsey: Financial System Stability Assessment--Update; IMF Country Report 11/1; December 16, 2010 (PDF)