Turks and Caicos Islands: Financial Sector Assessment Program - Financial System Stability Assessment

International Monetary Fund

No 2015/282, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses key findings and recommendations made in Financial System Stability Assessment for Turks and Caicos Islands. Although the financial oversight framework has significantly improved, the Financial Services Commission (FSC) should strive for further progress. Major advances have been made regarding the operational independence of the FSC and staffing. Nonetheless, the outdated Banking Ordinance and Insurance Ordinance need urgent overhaul. The functioning of the FSC should be strengthened by enhancing Board oversight, filling key positions at Board and senior management levels, strengthening communication and consultation with the industry, and improving the supervision and risk assessment capacities of FSC staff.

Keywords: ISCR; CR; TCI bank; financial crisis; asset quality; bank distress; U.S. dollar; parent bank distress; financial support; parent-bank funding; bank capital; E. bank resolution; holding company; cash flow; FSC insurance department; Insurance companies; Insurance; Nonperforming loans; Credit; Global; Caribbean; North America (search for similar items in EconPapers)
Pages: 46
Date: 2015-10-14
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