Isle of Man: Financial Sector Assessment Program Update—Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision
IMF Staff Country Reports, September 14, 2009
Source details
- Canonical URL
- Isle of Man: Financial Sector Assessment Program Update—Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision
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Bibliographic details
- Published: September 14, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451818468.002
Summary
- This paper presents a Detailed Assessment of the Isle of Man’s (IOM) Observance of the Basel Core Principles for the Effective Banking Supervision Report.
- The recent global financial markets turmoil has had a significant impact on the Manx financial system.
- The IOM has a deposit protection scheme, which has been amended shortly after the time of the assessment.
- The Financial Supervision Commission has adequate powers to ensure compliance with its regulations and other orders, and it uses these powers when the occasion demands.
Major findings and observations
- Detailed Assessment: The document is a Detailed Assessment of IOM’s observance of the Basel Core Principles for effective banking supervision.
- Impact of global turmoil: The recent global financial markets turmoil affected the Manx financial system significantly.
- Deposit protection scheme: IOM has a deposit protection scheme; the scheme was amended shortly after the time of the assessment.
- Supervisory powers: The Financial Supervision Commission (FSC) has adequate powers to ensure compliance with its regulations and other orders and applies those powers when necessary.
Subject areas and keywords
- Subject areas: Banking, Basel Core Principles, Financial regulation and supervision, Financial services, Legal support in revenue administration, Market risk, Operational risk, Revenue administration.
- Keywords: bank auditor, banking system, Basel Core Principles, country risk, CR, credit risk, FSC dispose, FSC supervisor, Global, guidance note, interest rate, ISCR, Legal support in revenue administration, Market risk, Operational risk, parent bank, risk management, risk profile.