This paper examines the financial stability implications arising from securitization markets, with one eye on the past and another on the future. The paper begins by deriving a number of “lessons learned†based on an examination of key industry developments in the years before the...

The capacity of the Saudi Arabian banking sector to respond to macroeconomic shocks has been considerably strengthened over the past decade. The Saudi Arabian Monetary Agency (SAMA ) has been actively monitoring some emerging portfolio trends. Comprehensive reforms are under way to deepen...

The Belgium Financial Sector Assessment Program (FSAP) stress testing exercise examines a financial sector that remains in a state of transformation. Domestic economic challenges remain sources of continued uncertainty as the banking sector consolidates and reduces funding risks. Insurers face...

Iceland has made considerable progress under an economic program supported by the Stand-By Arrangement (SBA). Successful implementation of fiscal adjustment, effective use of capital controls, and financial sector restructuring have underpinned the recovery. Executive Directors emphasized that...

This paper explains the continuing success of European cooperative banks through evolving comparative advantages. It points out that a cooperative is built around an intergenerational endowment without final owners, which creates particular governance challenges. Risks include the use of the...

This report on the offshore financial center program contains technical advice and recommendations given by the staff team of the International Monetary Fund in response to Liechtenstein’s request for technical assistance. It provides detailed assessment of observance of the Basel Core...

This paper discusses Trinidad and Tobago’s (TTO) Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Banking Supervision, and Payment Systems. TTO’s financial system is relatively large and structurally complex, demonstrating both...