The Bahamas: Technical Assistance Report-Operationalizing the New Bank Resolution Framework and Amended Deposit Insurance Legislation—Second Mission

International Monetary Fund

No 2023/306, IMF Staff Country Reports from International Monetary Fund

Abstract: This technical assistance report on The Bahamas analyses operationalizing the new bank resolution framework and amended deposit insurance legislation-second mission. The Central Bank of the Bahamas (CBOB) has made good progress in implementing recovery plans for the domestic systemically important banks (DSIBs). Building on this progress, the mission recommends that the CBOB provide the DSIBs with structured feedback on their initial recovery plans and, based on lessons learned from the pilot, provide to all banks and credit unions updated industry-wide guidance that sets out high-level expectations on the content for recovery plans. The CBOB is advised to develop a comprehensive strategy for resolving failed financial institutions. The bank resolution law was strengthened in 2020 and provides the CBOB with the key resolution tools needed for an effective resolution regime. However, some aspects of the law would benefit from review to better align with international principles and good practice.

Keywords: recovery plan; bank resolution law; credit union law; Bahamas co-operative credit unions; resolution framework; Credit bureaus; Bank resolution framework; Bank resolution; Bridge bank; Contingency planning; Global (search for similar items in EconPapers)
Pages: 94
Date: 2023-08-21
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