IMF Staff Country Reports

Panama: Financial Sector Assessment Program - Detailed Assessment of Observance and Basel Core Principles for Effective Banking Supervision

July 19, 2024

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International Monetary Fund. Monetary and Capital Markets Department "Panama: Financial Sector Assessment Program - Detailed Assessment of Observance and Basel Core Principles for Effective Banking Supervision", IMF Staff Country Reports 2024, 233 (2024), accessed November 21, 2024, https://doi.org/10.5089/9798400284670.002

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Summary

This paper discusses Panama’s Basel Core Principles for Effective Banking Supervision report. The Superintendency of Banks of Panama (SBP) has made significant progress in updating its regulatory and supervisory framework. The liquidity regulations are generally comprehensive; however, the Liquidity Coverage Ratio is calculated and reported on a Level 1 basis and not L2 or group-wide. Off-site analysis occurs on a frequent basis using a comprehensive suite of indicators and data points. The SBP has implemented a framework for credit concentration risk and large exposure limits, but the framework does not apply to all material sources of concentration risk. Regulations issued by the SBP set out a comprehensive set of requirements for a bank’s Board and senior management to be responsible for preparing financial statements that adhere to international accounting standards. Banks must identify and appropriately manage the market risks they face, and the Board of Directors has primary responsibility for establishing policies and procedures to identify these risks.

Subject: Bank legislation, Credit risk, Financial regulation and supervision, Liquidity risk, Market risk, Operational risk

Keywords: Adequacy ASSESSMENT process, Banco Nacional de Panama, Bank legislation, Board audit committee, Credit risk, Global, IMF-World Bank Financial Sector Assessment Program, Liquidity risk, Market risk, Operational risk, Vice presidency

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