The insurance sector is underdeveloped and has been inadequately supervised to date, as the regulator lacks the requisite independence, skills, and resources. The three public pension systems, which cover less than 10 percent of the active population, appear to be fiscally unsustainable. The...

Although progress has been made in strengthening the Swiss economy, systemic risks posed by large banks as well as revisions to the macroprudential framework are still in train. The authorities welcomed the too-big-to-fail (TBTF) legislation and intervention of the Swiss National Bank (SNB) on...

This paper presents a Detailed Assessment of the Isle of Man’s (IOM) Observance of the Basel Core Principles for the Effective Banking Supervision Report. The recent global financial markets turmoil has had a significant impact on the Manx financial system. The IOM has a deposit...

The impact of the financial crisis on Sweden’s economy and financial sector is analyzed in this study. From the financial stability analysis, banks are resilient to credit risk and could face difficulties with respect to liquidity risk. The frameworks of international reserve management...

This paper focuses on targeted detailed assessment of observance of the Basel Core Principles for effective banking supervision. The selection of the principles to be reassessed was made by the mission team based on an analysis of the risks and vulnerabilities of the Russian Federation. It was...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Jersey’s macroeconomic performance is generally satisfactory. Unemployment is low, and the trend growth rate and inflation have been satisfactorily examined. A Detailed Assessment of the Observance of the Basel Core Principles for Effective Banking Supervision Report on Jersey was also...

The major reforms undertaken in the Netherlands with the adoption of the Twin Peaks regulatory structure have ensured that the recommendations from the Basel Core Principles assessment have been acted upon. The legal and regulatory framework for banking supervision conforms to internationally...

This paper discusses key findings of the detailed assessment of observance of financial sector standards and codes in Switzerland. Switzerland has a relatively unique banking sector, with a high market concentration by the two largest domestic banks. The overall assessment of the peer-review...

This paper presents a Detailed Assessment and Updates of Financial Sector Standards and Codes for Kazakhstan. The assessment reveals that although Kazakhstan’s banking system is liquid, there are significant variations from bank to bank, with the distinctions between the tenge and foreign...