## Guernsey: Financial System Stability Assessment-Update

_IMF Staff Country Reports, January 14, 2011_

## Source details

**Canonical URL:** [Guernsey: Financial System Stability Assessment-Update](https://www.imf.org/en/publications/cr/issues/2016/12/31/guernsey-financial-system-stability-assessment-update-24542)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/guernsey-financial-system-stability-assessment-update-24542/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/guernsey-financial-system-stability-assessment-update-24542/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/guernsey-financial-system-stability-assessment-update-24542/bundle-manifest.json)

## Bibliographic details
- Published: January 14, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455213764.002

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### 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

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## 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)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2011/_cr1101.pdf.md){rel="alternate" type="text/markdown"}
  - [Guernsey: Financial System Stability Assessment--Update; IMF Country Report 11/1; December 16, 2010 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2011/_cr1101.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/guernsey-financial-system-stability-assessment-update-24542_