Samoa: Financial Sector Assessment Program - Banking Resolution, and Crisis Prevention and Management Frameworks—Technical Note

International Monetary Fund

No 2015/229, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Note discusses key findings of the assessment of Banking Resolution, and Crisis Prevention and Management Frameworks for Samoa. It is recommended that the current regulatory framework to deal with financial institutions (FIs) should be reformed. The Central Bank of Samoa (CBS) has issued “Prudential Statements" containing some prudential rules, ratios, and limits applicable to FIs, but there are no general standards for their enforcement, which is done on a purely discretional case-by-case basis. The powers from the Central Bank Act are not strong enough to enable the CBS to take enforcement actions. A fully amended legal and regulatory banking resolution framework is needed for the CBS to be able to deal effectively with serious banking problems.

Keywords: solvency support; FI problem; banking business; CBS' financial conditions; bank management; resolution framework; distressed FI; Bank resolution framework; Lender of last resort; Financial sector stability; Crisis management; Contingency planning (search for similar items in EconPapers)
Pages: 18
Date: 2015-08-06
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