Guernsey: Financial System Stability Assessment-Update

Author: International Monetary Fund and International Monetary Fund. Monetary and Capital Markets Department

Volume/Issue: Volume 2011 Issue 001

Publication date: January 2011

ISBN: 9781455213764

$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 , Finance , ISCR , CR , bank , GFSC , parent company , financial institution , banking system , Guernsey subsidiary , parent bank , pound sterling , financial system , insurance sector , Guernsey bank , asset quality , Insurance companies , Commercial banks , Stress testing , Insurance , Global

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Summary

Guernsey is a leading international insurance center in Europe. Its economy purely depends on the performance of the financial sector. As per the 2003 assessment under the Offshore Financial Center (OFC) program, it is found that the Guernsey Financial Services Commission (GFSC)’s powers have been strengthened in recent years and many recommendations of the 2003 Financial Sector Assessment Program (FSAP) have been implemented. The GFSC has developed a strategy for addressing banks' financial stability risks, but strong policy measures will be essential to deal with the potential vulnerabilities and challenges ahead.