IMF Staff Country Reports

Guernsey: Financial System Stability Assessment-Update

January 14, 2011

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International Monetary Fund, and International Monetary Fund. Monetary and Capital Markets Department "Guernsey: Financial System Stability Assessment-Update", IMF Staff Country Reports 2011, 001 (2011), accessed December 22, 2024, https://doi.org/10.5089/9781455213764.002

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Summary

Guernsey is a leading international insurance center in Europe. Its economy purely depends on the performance of the financial sector. As per the 2003 assessment under the Offshore Financial Center (OFC) program, it is found that the Guernsey Financial Services Commission (GFSC)’s powers have been strengthened in recent years and many recommendations of the 2003 Financial Sector Assessment Program (FSAP) have been implemented. The GFSC has developed a strategy for addressing banks' financial stability risks, but strong policy measures will be essential to deal with the potential vulnerabilities and challenges ahead.

Subject: Banking, Commercial banks, Financial institutions, Financial sector policy and analysis, Financial services, Insurance, Insurance companies, Stress testing

Keywords: Asset quality, Bank, Banking system, Commercial banks, CR, Financial institution, Financial system, GFSC, Global, Guernsey bank, Guernsey subsidiary, Insurance, Insurance companies, Insurance sector, ISCR, Parent bank, Parent company, Pound sterling, Stress testing

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