The Bahamas: Technical Assistance Report-Operationalizing the New Bank Resolution Framework and Amended Deposit Insurance Legislation—Second Mission

Author: International Monetary Fund. Monetary and Capital Markets Department

Volume/Issue: Volume 2023 Issue 306

Publication date: August 2023

ISBN: 9798400250330

$20.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , Money and Monetary Policy , International - Economics , recovery plan , bank resolution law , credit union law , Bahamas co-operative credit unions , resolution framework , Credit bureaus , Bank resolution framework , Bank resolution , Bridge bank , Contingency planning , Global

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Summary

The CBOB has made good progress in implementing recovery plans for the domestic systemically important banks (DSIBs). Building on this progress, the mission recommends that the CBOB provide the DSIBs with structured feedback on their initial recovery plans and, based on lessons learned from the pilot, provide to all banks and credit unions updated industry-wide guidance that sets out high-level expectations on the content for recovery plans. Engagement with home supervisory authorities of foreign-owned banks should also be strengthened, with a view to seeking to ensure that parent-bank recovery plans adequately address recovery actions for subsidiaries in the Bahamas.