Japan has made progress in improving its crisis readiness since the 2017 FSAP, and the authorities are committed to make further enhancements that are needed. Notably, the authorities have introduced loss absorbing capacity (LAC) requirements, expanded the recovery and resolution planning (RRP)...

This technical note focuses on financial safety net crisis management in Iceland. This paper assesses and makes recommendations regarding the different elements of the financial safety net in Iceland. The scope of the assessment includes the institutional arrangements for recovery, resolution,...

The Mexican financial authorities strengthened the financial safety net since the last FSAP and need to continue and accelerate enhancements. Recovery and resolution plans are in place for all commercial banks, systemic banks are required to increase their loss absorbency complementing the...

Chile has a large and well-developed financial system, compared with the rest of Latin America. The market is well integrated into the global financial system, with Chilean firms investing in foreign financial assets, either directly or via institutional investors, and foreigners participating...

This article is an overview of existing deposit insurance in the European Union. There are various national deposit schemes that form the source of insurance. The schemes come up with various coverage, contributions, and fund sizes. The recent financial crisis has brought about a change in the...

The Nigerian financial system underwent a banking crisis in 2008–09, owing to the global financial crisis and domestic events. The decisive crisis response effectively stabilized the banking system, but the challenge now is to devise a credible exit strategy. The Central Bank of Nigeria...

The assessment of the implementation of the Basel Core Principles (BCP) was conducted for effective banking supervision in Nigeria. The assessment team reviewed the legal framework for banking supervision and held extensive discussions with the staff of the Central Bank of Nigeria (CBN) and the...

The global financial crisis provided Nigerian banks with opportunities to expand within Sub-Saharan Africa. Nigerian banks have active cross-border liquidity flows, which may complicate the operation of monetary policy. The Central Bank of Nigeria (CBN) should enhance further its work in...

To assess the financial stability in Nigeria, various stress tests and analytic processes were undertaken jointly by the Nigerian authorities and the Financial Sector Assessment Program (FSAP) team. The exercise included macroeconomic scenario analysis and its transmission into a range of...

This staff report on United Kingdom’s (UK) 2013 Article IV Consultation highlights economic policies and development. The UK economy grew by about ¼ percent in 2012. Net trade reduced growth by 0.6 percentage points of GDP, the biggest drag since 2005, and well above staff projections....