El Salvador: Detailed Assessment of Compliance of the Basel Core Principles for Effective Banking Supervision

International Monetary Fund

No 2014/045, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents an assessment of compliance with the Basel Core Principles for Effective Banking Supervision in El Salvador. The regulatory authority Superintendencia del Sistema Financiero (SSF) has taken a number of initiatives to strengthen and upgrade supervision. This includes, among others, a risk unit with specialized expertise and continued efforts to foster cross-border cooperation and coordination. Despite considerable efforts, for the SSF is commended for its efforts, the lack of regulation in practically all risk categories is a major impediment to further progress. The lack of standards in those areas, combined with severe shortcomings in legal protection and deficiencies in the remedial action framework for addressing minor transgressions, limits the SSF’s ability to address imprudent behavior by banks.

Keywords: ISCR; CR; central bank; risk management; bank Law; internal audit; banking group; interest rate; financial system; SSF staff; market risk; Bank legislation; Loans; Market risk; Credit risk; Operational risk; Central America; Global (search for similar items in EconPapers)
Pages: 66
Date: 2014-02-11
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