Featured Product

    Central Bank of Oman Issues Resolution Framework for Banks

    April 15, 2019

    The Central Bank of Oman (CBO) issued the bank resolution framework, which provides the recovery and resolution regime for the banking sector. The purpose of the framework is to prepare banks for self-propelled recovery and, if circumstances necessitate, allow authorities to resolve banks in an orderly manner with least disruption and minimal cost to the national exchequer while preserving financial stability. The framework will be applicable to all banks designated as domestic systemically important banks (D-SIBs) by CBO. At its discretion, CBO may apply all or parts of the framework to any other bank it licenses.

    The bank resolution framework puts in place effective procedures to ensure that in the extreme event of any problems occurring at banks, the damage to the entire financial system of the country is kept at the minimum. The framework also offers incentives to banks to adopt strategies that enable the authorities to manage banking crisis with minimal use of public funds while preserving financial stability. With proper incentive structure and effective procedures in place, the public perception on the robustness of the health of the banking sector would improve and that would eventually boost the financial stability in Oman. CBO will separately issue instructions on recovery and resolution planning to the banks that are required to prepare and submit such plans.

    With the issuance of bank resolution framework, CBO has become one of the first central banks in the region to formalize its bank recovery and resolution regime, which reflects its commitment to continue to enhance its regulatory and supervisory framework in line with the international best practices and evolving industry dynamics. The release of the resolution framework in Oman is in line with the FSB-published "Key Attributes of Effective Resolution Regimes for Financial Institutions."

     

    Keywords: Middle East and Africa, Oman, Banking, Resolution Framework, Financial Stability, D-SIBs, FSB, CBO

    Featured Experts
    Related Articles
    News

    APRA Updates Validation and Derivation Rules in September 2020

    APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    September 24, 2020 WebPage Regulatory News
    News

    EC Proposes Frameworks for Crypto-Assets and Operational Resilience

    EC adopted a package that includes the digital finance and retail payments strategies and the legislative proposals for regulatory frameworks on crypto-assets and digital operational resilience.

    September 24, 2020 WebPage Regulatory News
    News

    ECB Publishes Opinion on Proposals to Amend Securitization Framework

    ECB published an opinion (CON/2020/22) on proposals for regulations amending the securitization framework of EU, in response to the COVID-19 pandemic.

    September 24, 2020 WebPage Regulatory News
    News

    FCA Consults on Regulation of International Firms in UK

    FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.

    September 23, 2020 WebPage Regulatory News
    News

    MAS Amends Notice on Capital Adequacy Requirements of Banks

    MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.

    September 23, 2020 WebPage Regulatory News
    News

    FCA to Begin to Move Firms to New Data Collection Platform RegData

    FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.

    September 23, 2020 WebPage Regulatory News
    News

    ISDA Expects IBOR Fallbacks to be Effective by End of January 2021

    ISDA issued a letter to regulators to flag that it now expects the supplement to the 2006 ISDA Definitions and the Interbank Offered Rate (IBOR) Fallbacks Protocol to be effective around mid- to late-January 2021.

    September 23, 2020 WebPage Regulatory News
    News

    APRA Reviews Repayment Deferral Plans, Identifies Best Practices

    APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.

    September 22, 2020 WebPage Regulatory News
    News

    ESAs Assess Risks to Financial Sector After COVID-19 Outbreak

    ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.

    September 22, 2020 WebPage Regulatory News
    News

    BoE Confirms Withdrawal of COVID Corporate Financing Facility

    BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.

    September 22, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5836