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International Monetary Fund

, directly or indirectly, originating from granting loans and conducting other banking activities. This provision serves as a buffer for possible losses. Each bank is required to maintain a general provision of at least 3 percent of the net loan portfolio plus other risk items on the asset side of the balance sheet. 2. CBA supplements its monitoring program with its cyclical on-site credit risk management review program. CBA examiners review a sample of credits for adherence to credit policy and for completeness of credit files with respect to the credit approval

International Monetary Fund
This paper discusses detailed assessment of compliance with the Basel Core Principles for effective banking supervision for the Kingdom of the Netherlands—Aruba. Aruba’s offshore banking sector is small by international standards, with only two institutions registered. The mission also recommends that the Central Bank of Aruba (CBA) meet with management to better understand their plans for their Aruban operations and their financial results. Aruba remains open to foreign investment and migrant workers, who make up 40 percent of the population and have been key contributors to economic growth.
International Monetary Fund. Monetary and Capital Markets Department
Armenia’s growing financial system is dominated by banks, and its regulatory and supervisory system is robust. The Executive Board of the International Monetary Fund (IMF) has recommended the Central Bank of Armenia (CBA) to develop a program to gather information and monitor the hedging ability of borrowers. Liquidity requirements in foreign currency would be an important risk mitigant particularly because the CBA has a limited ability to extend foreign currency emergency liquidity assistance. Implementation of the pension reform in 2014 will bring additional investments to the market.
International Monetary Fund. Monetary and Capital Markets Department

examination of key functionaries. It is empowered to remove such persons if they no longer fit and proper criteria. 8. Changes in control and portfolio transfers The regulatory requirements for acquisition and changes in control as well portfolio transfer are set out under the LIIA and CBA regulations. Before granting approval for such transactions, the CBA must be satisfied that the interests of policyholders are not compromised. 9. Corporate governance The corporate governance framework for insurers is broadly in line with ICP 9. The CBA examines insurers

International Monetary Fund
This assessment of financial sector supervision and regulation for the Kingdom of the Netherlands—Aruba discusses its financial sector, which is primarily domestically orientated with limited offshore financial sector activity. The system for banking supervision and regulation in Aruba was found to be compliant or largely compliant with 19 of the Basel Core Principles (BCP). Aruba had improved its rules and systems, and was cooperating effectively with other jurisdictions on antimoney laundering (AML).
International Monetary Fund

ICP19 -Insurance activity ICP20 -Liabilities ICP21 -Investments ICP22 -Derivatives and similar commitments ICP23 -Capital adequacy and solvency The CBA has not issued directives requiring insurers to have in place underwriting and pricing policies and strategies to mitigate and diversify their risks. While the CBA examines the reinsurance cover during on-site exams, it does not have a frame for the supervision of reinsurers. The CBA has not issued standards to establish the valuation of the amounts recoverable under the reinsurance

International Monetary Fund. Monetary and Capital Markets Department

This detailed assessment of observance has been conducted against the standard issued by the Basel Committee on Banking Supervision in 2012. The report also highlights that the Central Bank of Armenia has made significant progress in its approach to banking supervision with adoption of the risk-based program (RBS) framework and addressing gaps in the regulatory framework identified in the 2012 Basel Core Principles assessment. Improvements have been made in the regulatory regime regarding requirements for risk management, stress testing, corporate governance, country risk and consolidated supervision. Although the supervisory regime has recently transitioned from a rules-based to an RBS, there is a need for continued refinement of the program for more granular assessments of firms’ capital needs. The process for conducting risk assessments of each firm has identified a need for building a stronger and more structured (system-wide) understanding of the level and magnitude of risk and the risk management capabilities across banking firms.

International Monetary Fund. Monetary and Capital Markets Department
This detailed assessment of observance has been conducted against the standard issued by the Basel Committee on Banking Supervision in 2012. The report also highlights that the Central Bank of Armenia has made significant progress in its approach to banking supervision with adoption of the risk-based program (RBS) framework and addressing gaps in the regulatory framework identified in the 2012 Basel Core Principles assessment. Improvements have been made in the regulatory regime regarding requirements for risk management, stress testing, corporate governance, country risk and consolidated supervision. Although the supervisory regime has recently transitioned from a rules-based to an RBS, there is a need for continued refinement of the program for more granular assessments of firms’ capital needs. The process for conducting risk assessments of each firm has identified a need for building a stronger and more structured (system-wide) understanding of the level and magnitude of risk and the risk management capabilities across banking firms.