Maldives: Financial Sector Assessment Program-Technical Note on Financial Safety Net and Crisis Management Arrangements

Maldives: Financial Sector Assessment Program-Technical Note on Financial Safety Net and Crisis Management Arrangements
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Volume/Issue: Volume 2024 Issue 020
Publication date: January 2024
ISBN: 9798400266256
$20.00
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Topics covered in this book

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Banks and Banking , Finance , Money and Monetary Policy , International - Economics , IMF-World Bank Financial Sector Assessment Program , A , depositor protection , deposit insurance regulation , capital market development authority , FSAP assessment's finding , inter-agency arrangement , Maldives banking Act , staff team of the International Monetary Fund , Bank resolution , Bank resolution framework , Lender of last resort , Bridge bank , Crisis prevention , Global

Also of interest
Grenada
Peru
Nepal
Republic of Congo : 2001 Article IV
Summary

Maldives legislation includes important elements of a financial safety net and crisis management framework but there are areas for streamlining and improvement. Shortcomings in the early intervention and bank resolution frameworks need to be addressed, including internal arrangements on the escalation process from the exercise of the MMA’s power to take enforcement actions through to the initiation of resolution. The overall design of the resolution tools is complex -the MBA includes different mechanisms for the same resolution tools- and requires streamlining. MMA should develop an effective emergency liquidity assistance framework. Deposit insurance system should be enhanced.

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