Samoa: Financial Sector Assessment Program - Banking Resolution, and Crisis Prevention and Management Frameworks—Technical Note
August 6, 2015
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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.
Subject: Bank resolution framework, Contingency planning, Crisis management, Financial crises, Financial sector policy and analysis, Financial sector stability, International organization, Lender of last resort, Monetary policy
Keywords: bank management, Bank resolution framework, banking business, CBS' financial conditions, Contingency planning, Crisis management, distressed FI, FI problem, Financial sector stability, Lender of last resort, resolution framework, solvency support
Pages:
18
Volume:
2015
DOI:
Issue:
229
Series:
Country Report No. 2015/229
Stock No:
1WSMEA2015003
ISBN:
9781513528649
ISSN:
1934-7685
