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International Monetary Fund

legislation relating to financial services. Separate laws provide for the licensing and supervision of various types of financial service and these include the Banking Ordinance 1992 (BO) which empowers the Commissioner to license and supervise banks. The Government of Gibraltar can also make regulations and these include regulations implementing EU bank accounting directives and setting the fees charged by the Commission. Other EU legislation is given effect by Administrative Notices (AN) issued under BO Section 16. Alternatively the Government may decide to

International Monetary Fund. Monetary and Capital Markets Department

This paper provides assessment of the current state of the implementation of the Basel Core Principles for Effective Banking Supervision in Germany. Since the last Financial Sector Assessment Program (FSAP), German banking supervision has undergone profound changes, with approval of the Capital Requirements Regulation (CRR) and Directive (CRD IV), establishment of the European Banking Authority, and creation of the Single Supervisory Mechanism. The last FSAP (2011) found banking system supervision to be generally sound with some areas in need of improvement—although some of these issues have been addressed, others remain. While supervisory landscape in Germany evolves, it is crucial that supervisors communicate their expectations to banks and develop guidelines and regulations that can be used to substantiate enforceable measures.