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Independent Evaluation Office - IEO Publications

January 5, 2006
The IEO provides objective and independent evaluation on issues related to the IMF. The Office operates independently of IMF management and at arm's length from the IMF's Executive Board.

Report on the Evaluation of the
Financial Sector Assessment Program

The IEO would welcome feedback from the public on the report, particularly on the recommendations it makes.
Comments may be submitted at

Press Release: IEO Announces Release of Report on the Evaluation of the Financial Sector Assessment Program (FSAP)

Full text of main report in PDF Format: English (832 kb)  

Abbreviations and Acronyms (160 kb pdf file)

Executive Summary (352 kb pdf file)



Introduction (288 kb pdf file)



Effectiveness of Priority-Setting Under the FSAP
(288 kb pdf file)



Quality of FSAP Processes and Diagnostic Tools (352 kb pdf file)

    A. Efficiency of FSAP Inputs and Processes
    B. Macro-Prudential Risk Analysis
    C. Standards and Codes Assessments


FSAP Content (320 kb pdf file)

    A. Overall Quality
    B. Articulation of Findings and Recommendations
    C. The Contribution of "Joint" (IMF-World Bank) Nature of the FSAP


How Well Has the IMF Used the FSAP Output? (320 kb pdf file)

    A. Surveillance
    B. Integration with Technical Assistance Activities
    C. Links with IMF-Supported Programs


Evidence on Impact of the FSAP (352 kb pdf file)

    A. Impact on the Policy Debate
    B. Impact on Policies and Institutions
    C. Impact on Markets


Lessons and Recommendations (320 kb pdf file)

    A. Incentives for Participation, Clarifying Priorities, and Strengthening the Links with Surveillance
    B. Improving the Quality and Impact of the FSAP and Organizational Changes Within the IMF
    C. Joint IMF-World Bank Nature of the FSAP


  1. Good Practices on Stress Testing
  2. The Comprehensive Approach of the FSAP: Country Examples
  3. Dominican Republic: The FSAP and the Subsequent Financial Crisis
  4. Assessment of FSAP Updates
  5. Financial Sector Surveillance Outside the FSAP
  6. Views of Other Donors/TA Providers on FSAPs and Their Follow-Up


  1. Number of Systemically Important Countries with No or a Dated FSAP
  2. Assessment of FSAP Team's Technical
  3. Country Authorities' Views on the FSAP Process
  4. a) a) Adequate Coverage of the Financial Sector
  4. b) Adequate Depth of Analysis
  5. a) Recommendations were Clear
  5. b) Recommendations were Candid
  6. Views on Whether Recommendations were Prioritized
  7. Reasons for Non-Candid FSAP Recommendations
  8. a) Deepening of Article IV Discussion of Financial Issues
  8. b) Learning from the FSAP
  8. c) Contribution to Dialogue with the IMF
  8. d) Ability to Integrate with Article IV Consultations
  9. Contribution to Policy Debate Through Discussions
  10. a) Prioritization of the Reform Agenda
  10. b) Contribution to Changes in the Financial Sector
  10. c) Consensus with the Legislature


  1. S&P Global Financial System Ratings and FSAP Participation
  2. Results of the Detailed Assessments of FSAP Content
  3. Use of FSAP in Surveillance
  4. Post-FSAP TA by the Monetary and Financial Systems Department
  5. FSAPs: A Good Platform for Follow-up TA? Summary Evidence From Desk Reviews
  6. FSAPs and Structural Conditionality in IMF-Supported Programs
  7. Summary of Post-FSAP Changes in Policies and Institutions

Annexes (512 kb pdf file)

  I. Logical Framework for the FSAP Evaluation
  II. Survey of Stakeholders
  III. Assessment Methodology for Country Studies
  IV. Additional Information on Priority-Setting Processes, Costs, and FSAP Organization
  V. Additional Background on Stress-Testing Methodologies Used in FSAPs
  VI. Use of FSAP Results in Article IV Surveillance
  VII. Additional Information on Assessment of FSAP Updates
  VIII. Financial Sector Surveillance Outside the FSAP
  IX. Additional Information on Links Between the FSAP and IMF-Supported Programs
  X. Additional Information on Impact of the FSAP

Appendix Tables (288 kb pdf file)

  1. FSAP: Completed and Ongoing/Planned per Fiscal Year
  2. List of Countries Included in 25-Country In-Depth Sample
  3. Standards and Codes and Coverage Under the FSAP

Bibliography (224 kb pdf file)

Statement by the Managing Director (192 kb pdf file)

IMF Staff Response (224 kb pdf file)

The Chairman's Summing Up (192 kb pdf file)