Featured Product

    IMF Reports on Article IV Consultation with ECCU Member Countries

    June 14, 2017

    IMF published staff report and selected issues report on the IMF Executive Board's conclusion of the 2017 discussion on common policies of member countries of the Eastern Caribbean Currency Union (ECCU), in context of the Article IV consultations with member countries. While recognizing steps taken by the Eastern Caribbean Central Bank (ECCB), the IMF directors noted that weaknesses remain in the financial sector, with banks still burdened by high nonperforming loans.

    Directors highlighted the importance of enforcing prudential requirements based on a realistic assessments of banks’ capital needs. Directors also encouraged early completion of key legislation, including a harmonized law on asset quality, a stronger regulatory framework for credit unions and insurance companies, and new insolvency legislation. With regard to financial sector supervision, eighteen of the 20 Caribbean Regional Technical Assistance Center (CARTAC) member countries are now fully on board to implement the standardized approach to Basel II in the Caribbean. During the 2016 financial year, the ECCU adapted the revised Basel reporting forms and the Basel guidelines on credit risk, operational risk, market risks, interest rate risk in the banking book, supervisory review process (pillar 2), and disclosure and transparency (pillar 3). Several of the single regulatory authorities in the ECCU have also requested Technical Assistance to implement Basel II for the off-shore banking sector. 

    To this end, CARTAC has provided Technical Assistance to Antigua and Barbuda, St. Vincent and the Grenadines, St. Lucia, and St. Kitts and Nevis to review their supervisory frameworks to ensure adequacy to implement Basel II. Antigua and Barbuda have already submitted the revised reporting forms and guidelines to their offE-shore banking industry for comments and feedback. ECCB is receiving Technical Assistance from CARTAC in this area. This includes technical advice, training, and mentoring staff and assisting with enhancements to the risk-based supervisory framework and Basel II implementation. With CARTAC assistance, an initial roadmap for implementation is being finalized. A suite of draft prudential standards were also submitted to the banking sector for comments by August 2016 and are being finalized.

    Related Links

    Staff Report (PDF)

    Selected Issues Report (PDF)

    Keywords: Banking, Insurance, IMF, Caribbean, ECCU, Article IV, Basel II

     


    Featured Experts
    Related Articles
    News

    APRA Consults on Standard for Reporting of COVID-19 Loans

    APRA issued a letter to authorized deposit-taking institutions announcing its intent to formalize the capital measures and reporting requirements for COVID-19 loans through temporary legislative instruments.

    August 13, 2020 WebPage Regulatory News
    News

    EBA Consults Industry on Use and Uptake of Regtech Solutions Across EU

    EBA is inviting relevant stakeholders, such as financial institutions and information and communication technology (ICT) third-party providers, to share their views and experience on the use of regtech solutions through its regtech industry survey.

    August 12, 2020 WebPage Regulatory News
    News

    BoE Clarifies Approach to Treatment of Payment Holidays on Form PL

    BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.

    August 11, 2020 WebPage Regulatory News
    News

    FASB to Conduct Post-Implementation Review of CECL Standard

    FASB announced the launch of its new Post-Implementation Review (PIR) web portal.

    August 11, 2020 WebPage Regulatory News
    News

    EBA Guidance on Impact of CRR Quick-Fix on Reporting and Disclosures

    EBA revised the draft implementing technical standards on supervisory reporting as part of the reporting framework 3.0.

    August 11, 2020 WebPage Regulatory News
    News

    ECB Examines ICAAP Practices of Banks in EU

    ECB published report that presents a summary of the analysis conducted on the internal capital adequacy assessment process (ICAAP) practices of a sample of 37 "significant" banks.

    August 11, 2020 WebPage Regulatory News
    News

    BoE Provides Reporting Update on Form AS and Form FV

    BoE updated the known issues document for the statistical reporting Forms AS and FV.

    August 10, 2020 WebPage Regulatory News
    News

    FED Announces Capital Requirements for Large Banks

    FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.

    August 10, 2020 WebPage Regulatory News
    News

    SRB Publishes Guidance on Implementation of Bail-In Tool

    SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.

    August 10, 2020 WebPage Regulatory News
    News

    BIS Publishes Update on G20 TechSprint Initiative

    BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.

    August 10, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5658