IMF Staff Country Reports

Iceland: Financial System Stability Assessment Update, including Report on the Observance and Standards and Codes on the following topics: Banking Supervision, Insurance Regulation, Securities Regulation, Payment Systems, and Monetary and Financial Policy Transparency

August 29, 2003

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International Monetary Fund. Monetary and Capital Markets Department "Iceland: Financial System Stability Assessment Update, including Report on the Observance and Standards and Codes on the following topics: Banking Supervision, Insurance Regulation, Securities Regulation, Payment Systems, and Monetary and Financial Policy Transparency", IMF Staff Country Reports 2003, 271 (2003), accessed November 21, 2024, https://doi.org/10.5089/9781451819274.002

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Summary

The 2001 financial system stability assessment identified risks of financial sector instability, as rapid increases in foreign and domestic currency indebtedness, accumulating external imbalances, and inflation accompanied Iceland's expansion of the late 1990s. The insurance sector, composed of 15 domestic insurance companies including four life insurance companies and three larger companies that dominate the nonlife market, is the smallest sector in the financial system. The authorities monitor banks' long-term foreign exchange refunding needs and the outcomes of refunding operations.

Subject: Banking, Capital adequacy requirements, Commercial banks, Expenditure, Financial institutions, Financial regulation and supervision, Financial Sector Assessment Program, Financial sector policy and analysis, Loans, Pension spending

Keywords: Capital adequacy requirements, Commercial banks, CR, Enforcement power, Financial Sector Assessment Program, FME action, FME board, FME data, FME examination process, FME power, FME resource, FME staff, FME supervision, ISCR, Loans, Operating budget, Pension spending, Return on assets, Stress scenario

Publication Details

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