Denmark: Financial Sector Assessment Program: Detailed Assessment of Observance of the Basel Core Principles

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 118

Publication date: March 2007

ISBN: 9781451811155

$20.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Money and Monetary Policy , Public Finance , ISCR , CR , banking group , board of directors , DFSA inspector , mortgage bank , mortgage-credit institution , internal auditor , DFSA responsibility , joint stock , credit policy , DFSA guideline , asset quality , Credit , Bank supervision , Capital adequacy requirements , External audit , Foreign banks , Global

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Summary

This paper discusses key findings of the Detailed Assessment of Observance of the Basel Core Principles for Denmark. The assessment reveals that the basic legal framework is contained in the Financial Business Act (FBA), and in executive orders and explanatory guidelines issued pursuant to the FBA. These provide powers for the Danish Financial Supervisory Authority to supervise all financial institutions. Legal protection for supervisors is currently not provided for in specific legislation but general legislative arrangements ensure that staff is protected against lawsuits while discharging their duties in good faith.