The Bahamas: Operationalizing the New Bank Resolution Framework and Amended Deposit Insurance Legislation - Second Mission
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Summary:
This technical assistance report on The Bahamas focuses on operationalizing the new bank resolution framework and amended deposit insurance legislation-second mission. The Bahamas has made considerable progress in developing the legal framework, infrastructure, and key tools for an effective bank recovery and resolution regime and is taking steps to operationalize the regime. Effective operationalization of the resolution regime will also require review and reform in other key framework areas, including contingency arrangements for public resolution funding if required, fully implementing the deposit insurance system, and establishing a program of regular testing. Strengthening and updating the supervisory early intervention and recovery planning frameworks and requirements are critical to maintaining financial system stability in the context of acknowledged limits of the structure and depth of the financial system that, in turn, constrain resolution options. Enhancement of the underpinning legislation is recommended to support building out and implementing the operational infrastructure for bank resolution.
Series:
High Level Summary Technical Assistance Report No. 2023/010
Subject:
International organization Monetary policy
Frequency:
Regular
English
Publication Date:
August 22, 2023
ISBN/ISSN:
9798400252846/2959-4103
Stock No:
HLSEA2023010
Format:
Paper
Pages:
4
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