Federated States of Micronesia: Technical Assistance Report-Financial Soundness Indicators Mission

International Monetary Fund

No 2021/100, IMF Staff Country Reports from International Monetary Fund

Abstract: The International Monetary Fund’s (IMF’s) Statistics Department (STA) provided technical assistance (TA) on financial soundness indicators (FSI) to the Federated States of Micronesia Banking Board (FSMBB) during November 2-13, 2020. The TA mission took place in response to a request from the authorities, with the support of the IMF’s Asia & Pacific Department (APD). The mission was conducted remotely via video conferences due to the COVID-19 pandemic and travel restrictions. The mission worked with the staff of the FSMBB on the development of FSIs that are in line with the IMF’s 2019 FSI Guide.1 The main objectives of the mission were to: (i) review the source data, institutional coverage and accounting and regulatory frameworks supporting the compilation of FSIs; (ii) provide guidance for mapping source data for the banking sector to the FSI reporting templates FS2 and FSD as well as areas for improvement in the metadata; (iii) agree with the FSMBB the timeline to begin regular reporting of the FSIs for deposit-takers to STA, conditional on the availability and completeness of the source data; and (iv) agree on the timeliness of data reporting.

Keywords: IMF's Statistics Department; Federated States of Micronesia banking Board; Federated States of Micronesia development bank; Federated States of Micronesia insurance Board; FSI Guide; Financial soundness indicators; Financial statements; Commercial banks; Nonperforming loans; Credit bureaus; Pacific Islands (search for similar items in EconPapers)
Pages: 33
Date: 2021-06-02
New Economics Papers: this item is included in nep-sea
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