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...

This paper discusses key findings of the Detailed Assessment of Observance of Basel Core Principles for Effective Banking Supervision for France. The assessment was completed as part of a Financial Sector Assessment Program (FSAP) undertaken by the IMF during 2012. The assessment reveals that...

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...

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 paper focuses on Saudi Arabia’s Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision. The banking sector is fairly concentrated around a few banks. The seven largest banks have a combined share of assets of 85 percent. The three largest...

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...

This staff report on the Republic of Yemen’s 2013 Article IV Consultation highlights economic development and policies. The macroeconomic situation stabilized in 2012, but the recovery remains fragile. After contracting by more than 12 percent in 2011, real GDP is estimated to have grown...

The Belgian financial system is relatively large, concentrated, and interconnected and has a high level of compliance with the Basel Core Principles (BCPs) for effective banking supervision. The National Bank of Belgium (NBB) deploys high-quality supervisory practices and has clear lines of...

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...