{
  "title": "The Bahamas: Technical Assistance Report-Operationalizing the New Bank Resolution Framework and Amended Deposit Insurance Legislation—First Mission",
  "publication": "IMF Staff Country Reports, August 21, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/08/21/the-bahamas-technical-assistance-report-operationalizing-the-new-bank-resolution-framework-538395",
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  "summary": "This technical assistance report on The Bahamas analyses operationalizing the new bank resolution framework and amended deposit insurance legislation. The Bahamas has made considerable progress in developing the infrastructure needed for an effective bank recovery and resolution regime.",
  "sections": [
    {
      "heading": "Summary and principal findings",
      "content": "- The report analyses operationalizing the new bank resolution framework and amended deposit insurance legislation for The Bahamas.\n- The Bahamas has made considerable progress in developing the infrastructure needed for an effective bank recovery and resolution regime.\n- The Central Bank of the Bahamas (CBOB) should strengthen the design of recovery planning requirements.\n- The institutional arrangements for bank resolution should be strengthened.\n- The CBOB is responsible for bank supervision, the resolution of nonviable banks, and depositor protection.\n- The operationalization of the resolution regime should be facilitated by the development of a resolution “toolkit.”\n- Domestic inter-agency cooperation and coordination are essential for an effective response to financial institution distress and failure.\n- Cross-border cooperation arrangements for recovery and resolution, as well as for crisis management, should be enhanced.\n- Operational capacity to manage financial crises should be enhanced.\n- The authorities should undertake regular testing of crisis management and resolution arrangements, including through inter-agency crisis-simulation exercises."
    },
    {
      "heading": "Policy recommendations and operational priorities",
      "content": "- Strengthen the design of recovery planning requirements for banks.\n- Enhance institutional arrangements for bank resolution to clarify roles and responsibilities.\n- Develop and operationalize a resolution “toolkit” to facilitate execution of the resolution regime.\n- Improve domestic inter-agency cooperation and coordination mechanisms for responding to financial institution distress and failure.\n- Enhance cross-border cooperation arrangements for recovery and resolution and for crisis management.\n- Build and strengthen operational capacity to manage financial crises.\n- Conduct regular testing of crisis management and resolution arrangements, including inter-agency crisis-simulation exercises."
    },
    {
      "heading": "Institutional roles and responsibilities",
      "content": "- Central Bank of the Bahamas (CBOB):\n  - Responsible for bank supervision.\n  - Responsible for the resolution of nonviable banks.\n  - Responsible for depositor protection."
    },
    {
      "heading": "Operational tools and mechanisms",
      "content": "- Development of a resolution “toolkit” is recommended to facilitate the operationalization of the resolution regime.\n- Recovery planning and resolution planning frameworks need clearer design and stronger requirements."
    },
    {
      "heading": "Crisis preparedness, testing, and cross-border cooperation",
      "content": "- Regular testing of crisis management and resolution arrangements is recommended.\n- Inter-agency crisis-simulation exercises are recommended to strengthen operational readiness.\n- Cross-border cooperation arrangements for recovery and resolution, and for crisis management, should be enhanced to address international dimensions of financial institution distress.\n\n---\n\n Content in this bundle\n\n- 1bhsea2023001\n  - 1bhsea2023001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1bhsea2023001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 21, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400248276.002",
    "The report analyses operationalizing the new bank resolution framework and amended deposit insurance legislation for The Bahamas.",
    "The Bahamas has made considerable progress in developing the infrastructure needed for an effective bank recovery and resolution regime.",
    "The Central Bank of the Bahamas (CBOB) should strengthen the design of recovery planning requirements.",
    "The institutional arrangements for bank resolution should be strengthened.",
    "The CBOB is responsible for bank supervision, the resolution of nonviable banks, and depositor protection.",
    "The operationalization of the resolution regime should be facilitated by the development of a resolution “toolkit.”",
    "Domestic inter-agency cooperation and coordination are essential for an effective response to financial institution distress and failure.",
    "Cross-border cooperation arrangements for recovery and resolution, as well as for crisis management, should be enhanced.",
    "Operational capacity to manage financial crises should be enhanced.",
    "The authorities should undertake regular testing of crisis management and resolution arrangements, including through inter-agency crisis-simulation exercises.",
    "Strengthen the design of recovery planning requirements for banks.",
    "Enhance institutional arrangements for bank resolution to clarify roles and responsibilities.",
    "Develop and operationalize a resolution “toolkit” to facilitate execution of the resolution regime.",
    "Improve domestic inter-agency cooperation and coordination mechanisms for responding to financial institution distress and failure.",
    "Enhance cross-border cooperation arrangements for recovery and resolution and for crisis management.",
    "Build and strengthen operational capacity to manage financial crises.",
    "Conduct regular testing of crisis management and resolution arrangements, including inter-agency crisis-simulation exercises.",
    "Central Bank of the Bahamas (CBOB):",
    "Development of a resolution “toolkit” is recommended to facilitate the operationalization of the resolution regime.",
    "Recovery planning and resolution planning frameworks need clearer design and stronger requirements.",
    "Regular testing of crisis management and resolution arrangements is recommended.",
    "Inter-agency crisis-simulation exercises are recommended to strengthen operational readiness.",
    "Cross-border cooperation arrangements for recovery and resolution, and for crisis management, should be enhanced to address international dimensions of financial institution distress.",
    "**1bhsea2023001**"
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