Guernsey: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Basel Core Principles

January 14, 2011

Preview Citation

Format: Chicago

Guernsey: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Basel Core Principles, (USA: International Monetary Fund, 2011) accessed September 19, 2024

Summary

The Basel Core Principles for Effective Banking Supervision (BCP) assessment confirms the high standard of prudential regulation and supervision described in the 2003 assessment, and found that the issues identified have largely been addressed. The Guernsey Financial Services Commission (GFSC), being the integrated regulator, is responsible for the regulation and supervision of all financial institutions and services provided on the island, and as the banking supervisor, has disciplinary powers to address safety and soundness issues. The GFSC cooperates with the home supervisors of institutions active on the island. Several broad areas for further action have been identified.

Subject: Bank supervision, Banking, Credit, Financial regulation and supervision, Financial services, Market risk, Money, Operational risk

Keywords: Bank supervision, Banking licence, Board of directors, Business plan, Capital base, Corporate governance, CR, Credit, GFSC staff, Global, Holding company, Interest rate, Internal audit, ISCR, Market risk, Operational risk, Risk assessment, Risk management, Senior management

Publication Details

Pages:

89
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2011/003
Stock No:

1GGYEA2011003
ISBN:

9781455213740
ISSN:

1934-7685

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