The Bahamas: Technical Assistance Report-Operationalizing the New Bank Resolution Framework and Amended Deposit Insurance Legislation—First Mission
The Bahamas: Technical Assistance Report-Operationalizing the New Bank Resolution Framework and Amended Deposit Insurance Legislation—First Mission
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Volume/Issue:
Volume 2023
Issue 305
Publication date: August 2023
ISBN: 9798400248276
$20.00
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Topics covered in this book
This title contains information about the following subjects.
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Banks and Banking , Finance , Money and Monetary Policy , International - Economics , Department mission , DIC management , recovery plan , target fund level , resolution plan , Bank resolution framework , Credit bureaus , Crisis management , Crisis resolution , Bridge bank , Global
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Summary
The Bahamas has made considerable progress in developing the infrastructure needed for an effective bank recovery and resolution regime. Following recommendations of the 2019 FSAP, the new legislation brought into force in September 2020 provides a reasonably comprehensive legal framework for the resolution of banks, including triggers, legal powers, and safeguards. The amendments to the Protection of Depositors Act in 2020 clarify the DIC’s role and responsibilities within the country’s financial safety net and have expanded its membership to include not only commercial banks, but also credit unions.
