Federated States of Micronesia: Technical Assistance Report-Financial Soundness Indicators Mission

IMF Staff Country Reports, June 2, 2021

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Canonical URL: Federated States of Micronesia: Technical Assistance Report-Financial Soundness Indicators Mission

The International Monetary Fund’s (IMF’s) Statistics Department (STA) provided technical assistance (TA) on financial soundness indicators (FSI) to the Federated States of Micronesia Banking Board (FSMBB) during November 2-13, 2020.
The TA mission took place in response to a request from the authorities, with the support of the IMF’s Asia & Pacific Department (APD).
The mission was conducted remotely via video conferences due to the COVID-19 pandemic and travel restrictions.
The mission worked with the staff of the FSMBB on the development of FSIs that are in line with the IMF’s 2019 FSI Guide.

Review the source data, institutional coverage and accounting and regulatory frameworks supporting the compilation of FSIs.
Provide guidance for mapping source data for the banking sector to the FSI reporting templates FS2 and FSD as well as areas for improvement in the metadata.
Agree with the FSMBB the timeline to begin regular reporting of the FSIs for deposit-takers to STA, conditional on the availability and completeness of the source data.
Agree on the timeliness of data reporting.

Subject topics: Commercial banks; Credit bureaus; Financial institutions; Financial markets; Financial sector policy and analysis; Financial soundness indicators; Financial statements; International organization; Monetary policy; Nonperforming loans; Public financial management (PFM).
Keywords: Commercial banks; Credit bureaus; Federated States of Micronesia banking Board; Federated States of Micronesia development bank; Federated States of Micronesia insurance Board; Financial soundness indicators; Financial statements; FSI Guide; IMF's Statistics Department; Nonperforming loans; Pacific Islands.