Turks and Caicos Islands: Financial Sector Assessment Program

Turks and Caicos Islands: Financial Sector Assessment Program - Financial System Stability Assessment

October 14, 2015

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Format: Chicago

Turks and Caicos Islands: Financial Sector Assessment Program - Financial System Stability Assessment, (USA: International Monetary Fund, 2015) accessed December 21, 2024

Summary

This paper discusses key findings and recommendations made in Financial System Stability Assessment for Turks and Caicos Islands. Although the financial oversight framework has significantly improved, the Financial Services Commission (FSC) should strive for further progress. Major advances have been made regarding the operational independence of the FSC and staffing. Nonetheless, the outdated Banking Ordinance and Insurance Ordinance need urgent overhaul. The functioning of the FSC should be strengthened by enhancing Board oversight, filling key positions at Board and senior management levels, strengthening communication and consultation with the industry, and improving the supervision and risk assessment capacities of FSC staff.

Subject: Banking, Credit, Financial institutions, Financial services, Insurance, Insurance companies, Money, Nonperforming loans

Keywords: Asset quality, Bank capital, Bank distress, Caribbean, Cash flow, CR, Credit, E. bank resolution, Financial crisis, Financial support, FSC insurance department, Global, Holding company, Insurance, Insurance companies, ISCR, Nonperforming loans, North America, Parent bank distress, Parent-bank funding, TCI bank, U.S. dollar

Publication Details

Pages:

46
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2015/282
Stock No:

1TCAEA2015001
ISBN:

9781513511054
ISSN:

1934-7685

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