Turks and Caicos Islands: Financial Sector Assessment Program - Financial System Stability Assessment
IMF Staff Country Reports, October 14, 2015
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- Turks and Caicos Islands: Financial Sector Assessment Program - Financial System Stability Assessment
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Bibliographic details
- Published: October 14, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513511054.002
Overview
- Publication date: October 14, 2015
- This paper discusses key findings and recommendations made in Financial System Stability Assessment for Turks and Caicos Islands.
- Main conclusion: The financial oversight framework has significantly improved, but the Financial Services Commission (FSC) should strive for further progress.
Key findings
- Major advances have been made regarding the operational independence of the FSC and staffing.
- The Banking Ordinance and Insurance Ordinance are outdated and need urgent overhaul.
- FSC functioning weaknesses identified:
- Board oversight needs enhancement.
- Key positions at Board and senior management levels are vacant and should be filled.
- Communication and consultation with the industry should be strengthened.
- Supervision and risk assessment capacities of FSC staff require improvement.
Policy recommendations
- Overhaul the Banking Ordinance and the Insurance Ordinance as a matter of urgency.
- Strengthen FSC governance and operational effectiveness by:
- Enhancing Board oversight.
- Filling key Board and senior management positions.
- Strengthening communication and consultation channels with the financial industry.
- Improving supervision and risk assessment capacities of FSC staff.
Subjects and keywords
- Subjects: Banking, Credit, Financial institutions, Financial services, Insurance, Insurance companies, Money, Nonperforming loans
- Keywords: asset quality, bank capital, bank distress, Caribbean, cash flow, CR, Credit, E. bank resolution, financial crisis, financial support, FSC insurance department, Global, holding company, Insurance, Insurance companies, ISCR, Nonperforming loans, North America, parent bank distress, parent-bank funding, TCI bank, U.S. dollar