Cyprus: Financial Sector Assessment Program Update: Technical Note: Factual Update on Basel Core Principles for Effective Banking Supervision (Central Bank of Cyprus)

International Monetary Fund

No 2009/167, IMF Staff Country Reports from International Monetary Fund

Abstract: This technical note examines Cyprus’s factual update on the Basel Core Principles for Effective Banking Supervision for Cyprus. The 2006 directive on corporate governance provides that each commercial credit institution should have a robust internal governance framework. Although the level of activities of banks in Cyprus that can generate market risk remains low, the Central Bank of Cyprus issued bank guidelines on the management of market risk that include provisions on scenario analysis, stress testing, and contingency planning, as appropriate.

Keywords: ISCR; CR; Cyprus; banks management; market; CBC Law; CBC requirement; CBC guideline; CBC policy; licensing regime; Bank supervision; Basel Core Principles; Market risk; Operational risk; Bank regulation; Eastern Europe; Southern Europe (search for similar items in EconPapers)
Pages: 18
Date: 2009-06-01
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