Samoa : Financial Sector Assessment Program - Banking Resolution, and Crisis Prevention and Management Frameworks—Technical Note

Author/Editor:

International Monetary Fund. Monetary and Capital Markets Department

Publication Date:

August 6, 2015

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

This Technical Note discusses key findings of the assessment of Banking Resolution, and Crisis Prevention and Management Frameworks for Samoa. It is recommended that the current regulatory framework to deal with financial institutions (FIs) should be reformed. The Central Bank of Samoa (CBS) has issued “Prudential Statements" containing some prudential rules, ratios, and limits applicable to FIs, but there are no general standards for their enforcement, which is done on a purely discretional case-by-case basis. The powers from the Central Bank Act are not strong enough to enable the CBS to take enforcement actions. A fully amended legal and regulatory banking resolution framework is needed for the CBS to be able to deal effectively with serious banking problems.

Series:

Country Report No. 15/229

Subject:

English

Publication Date:

August 6, 2015

ISBN/ISSN:

9781513528649/1934-7685

Stock No:

1WSMEA2015003

Format:

Paper

Pages:

18

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