Iceland: Report on Observance of Standards and Codes (ROSC)

International Monetary Fund

No 2014/257, IMF Staff Country Reports from International Monetary Fund

Abstract: This Report on Observance of Standards and Codes on Iceland summarizes the findings and recommendations of the assessment. This assessment of the current state of the implementation of the Basel Core Principles for Effective Banking Supervision in Iceland has been completed as a stand-alone Report on the Observance of Standards and Codes undertaken by the IMF during March of 2014 at the request of the Icelandic authorities. It is advised to ensure planned legislative amendments clarify the roles regarding banking supervision of liquidity risk, including corrective action. Ensure planned legislative amendments clarify Financial Supervisory Authority in Iceland (FME) actions in the enforcement of buffers. It is also recommended to amend processes, systems and practices in order to use the full definition of qualified holder, beyond the mere quantitative thresholds. The assessment also recommends developing rules and guidelines for banks on the benchmarks, standards, and procedures that the FME will follow in determining the adequacy of bank’s risk management and governance systems.

Keywords: ISCR; CR; FME monitor; interest rate; business plans; corporate governance; FME authority; FME supervision; reform program; FME focus; financial system; FME methodology; FME decision making process; FME onsite work; Legal support in revenue administration; Bank supervision; Commercial banks; Basel Core Principles; Bank risk management; Global; banking sector (search for similar items in EconPapers)
Pages: 35
Date: 2014-09-03
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=41869 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2014/257

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().