{
  "title": "Guernsey: Financial System Stability Assessment-Update",
  "publication": "IMF Staff Country Reports, January 14, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/guernsey-financial-system-stability-assessment-update-24542",
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  "summary": "Guernsey is a leading international insurance center in Europe. Its economy purely depends on the performance of the financial sector.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Guernsey is a leading international insurance center in Europe.\n- The economy purely depends on the performance of the financial sector.\n- 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.\n- Many recommendations of the 2003 Financial Sector Assessment Program (FSAP) have been implemented.\n- The GFSC has developed a strategy for addressing banks' financial stability risks.\n- Strong policy measures will be essential to deal with the potential vulnerabilities and challenges ahead."
    },
    {
      "heading": "Key findings",
      "content": "- Guernsey’s role: leading international insurance center in Europe.\n- Economic dependence: economy purely depends on the performance of the financial sector.\n- Regulatory progress:\n  - GFSC’s powers have been strengthened since the 2003 OFC assessment.\n  - Many 2003 FSAP recommendations have been implemented.\n- Financial stability strategy:\n  - The GFSC has developed a strategy for addressing banks' financial stability risks.\n  - The report emphasizes that strong policy measures are essential to address potential vulnerabilities and challenges."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject:\n  - Banking\n  - Commercial banks\n  - Financial institutions\n  - Financial sector policy and analysis\n  - Financial services\n  - Insurance\n  - Insurance companies\n  - Stress testing\n- Keywords:\n  - asset quality\n  - bank\n  - banking system\n  - Commercial banks\n  - CR\n  - financial institution\n  - financial system\n  - GFSC\n  - Global\n  - Guernsey bank\n  - Guernsey subsidiary\n  - Insurance\n  - Insurance companies\n  - insurance sector\n  - ISCR\n  - parent bank\n  - parent company\n  - pound sterling\n  - Stress testing\n\n---\n\n Content in this bundle\n\n- Guernsey: Financial System Stability Assessment--Update; IMF Country Report 11/1; December 16, 2010\n  - Guernsey: Financial System Stability Assessment--Update; IMF Country Report 11/1; December 16, 2010 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Guernsey: Financial System Stability Assessment--Update; IMF Country Report 11/1; December 16, 2010 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "[Markdown version](/en/publications/cr/issues/2016/12/31/guernsey-financial-system-stability-assessment-update-24542/index.md)",
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    "Published: January 14, 2011",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781455213764.002",
    "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.",
    "Guernsey’s role: leading international insurance center in Europe.",
    "Economic dependence: economy purely depends on the performance of the financial sector.",
    "Regulatory progress:",
    "Financial stability strategy:",
    "Subject:",
    "Keywords:",
    "**Guernsey: Financial System Stability Assessment--Update; IMF Country Report 11/1; December 16, 2010**"
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