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This paper discusses key findings of the Financial System Stability Assessment on Cyprus. The assessment reveals that the banking system of Cyprus has managed to avoid the worst effects of the global financial crisis, but stress tests confirmed that credit risk remains high. The assessment suggests that work on the crisis contingency framework should be completed. Various European Union (EU)-wide and national initiatives are already under way, including strengthening deposit insurance, drafting guidelines for emergency liquidity assistance, and adopting a legal framework for covered bonds to facilitate access to European Central Bank refinancing.
Banks and Banking --- Finance: General --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- General Financial Markets: Government Policy and Regulation --- Banking --- Finance --- Cooperative banks --- Stress testing --- Financial Sector Assessment Program --- Commercial banks --- Financial institutions --- Financial sector policy and analysis --- Loans --- Banks and banking --- Banks and banking, Cooperative --- Financial risk management --- Financial services industry --- Cyprus
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This technical note presents factual update of International Organization of Securities Commissions Core Principles of Securities Regulation for Cyprus. There is provision in the law allowing for the sharing of information and cooperation with both domestic and foreign regulators. The Cyprus law transposing the European Union Prospectus and Transparency Directives, together with the company law and stock exchange law, provide accurate and timely disclosure of financial results and adequate safeguards in the fair and equitable treatment of shareholders.
Finance: General --- Investments: Stocks --- General Financial Markets: General (includes Measurement and Data) --- General Financial Markets: Government Policy and Regulation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Finance --- Investment & securities --- Stock markets --- Financial Sector Assessment Program --- Stocks --- Financial markets --- Financial sector policy and analysis --- Financial institutions --- Stock exchanges --- Financial services industry --- Cyprus
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This paper presents the Financial System Stability Assessment Report on the Isle of Man (IOM). Financial sector regulation and supervision are generally of a high standard, and supervisory efforts are concentrated in those areas most relevant to the activities of financial institutions on the IOM. The Financial Supervision Commission (FSC) faces a conundrum because the major banks are subsidiaries of large international financial groups, to which they provide financing. The FSC is reconsidering to balance prudential requirements for liquidity and exposure to related parties against business needs that entail high exposures to the parent.
Economic policy -- Isle of Man. --- International finance. --- International Monetary Fund. --- Banks and Banking --- Finance: General --- Insurance --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Insurance Companies --- Actuarial Studies --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: Government Policy and Regulation --- Finance --- Banking --- Insurance & actuarial studies --- Insurance companies --- Financial Sector Assessment Program --- Loans --- Financial institutions --- Financial services --- Commercial banks --- Banks and banking --- Financial services industry --- Isle of Man
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This paper examines the Financial System Stability Assessment on Jersey. Most banks in Jersey are branches or subsidiaries of large international groups, to which they provide financing. This close relationship reduces risk in normal times, given the groups’ ability to support their Jersey operations. The Jersey Financial Services Commission has significantly reformed the regulatory framework of funds, mainly to make Jersey funds more attractive to institutional investors. A key challenge in insurance supervision is to maintain effective and proportionate regulation of a small sector with limited insurance risk.
Banks and Banking --- Finance: General --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: General --- Financial Institutions and Services: Government Policy and Regulation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Banking --- Finance --- Financial Sector Assessment Program --- Financial sector --- Financial services --- Insurance companies --- Economic sectors --- Financial institutions --- Loans --- Financial sector policy and analysis --- Banks and banking --- Financial services industry --- Jersey
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This paper examines the Insurance Regulation and Supervision for Cyprus’s Financial Sector Assessment Program. The domestic nonlife market is dominated by motor insurance which accounted for 58 percent of net premiums. All Cypriot business is reinsured with nondomiciled reinsurers. Health insurance is regulated as nonlife business when written as add-ons to accident and sickness or as life business when written with life policies. A number of professional bodies and self-regulatory industry associations complement the regulatory regime for the insurance industry.
Finance: General --- Insurance --- Industries: Financial Services --- Business and Financial --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Insurance Companies --- Actuarial Studies --- General Financial Markets: Government Policy and Regulation --- Bankruptcy --- Liquidation --- Finance --- Insurance & actuarial studies --- Financial services law & regulation --- Insurance companies --- Solvency --- Insurance supervision --- Financial Sector Assessment Program --- Financial institutions --- Financial sector policy and analysis --- Financial regulation and supervision --- Debt --- Nonbank financial institutions --- Law and legislation --- Financial services industry --- Cyprus
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The global financial crisis has magnified the role of Financial Sector Surveillance (FSS) in the Fund's activities. This paper surveys the various steps and initiatives through which the Fund has increasingly deepened its involvement in FSS. Overall, this process can be characterized by a preliminary stage and two main phases. The preliminary stage dates back to the 1980s and early 1990s, and was mainly related to the Fund's research and technical assistance activities within the process of monetary and financial deregulation embraced by several member countries. The first "official" phase of the Fund's involvement in FSS started in the aftermath of the Mexican crisis, and relates to the international call to include financial sector issues among the core areas of Fund surveillance. The second phase focuses on the objectives of bringing the coverage of financial sector issues "up to par" with the coverage of other traditional core areas of surveillance, and of integrating financial analysis into the Fund's analytical macroeconomic framework. By urging the Fund to give greater attention to its member countries' financial systems, the international community's response to the global crisis may mark the beginning of a new phase of FSS.
Finance --- Business & Economics --- International Finance --- Economic policy --- Evaluation. --- International Monetary Fund --- Economic nationalism --- Economic planning --- National planning --- State planning --- Internationaal monetair fonds --- International monetary fund --- Economics --- Planning --- National security --- Social policy --- Banks and Banking --- Finance: General --- Financial Risk Management --- Industries: Financial Services --- Financial Institutions and Services: General --- General Financial Markets: Government Policy and Regulation --- Financial Crises --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Economic & financial crises & disasters --- Banking --- Financial sector --- Financial Sector Assessment Program --- Financial sector stability --- Financial crises --- Commercial banks --- Financial services industry --- Banks and banking --- Mexico
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The IMF's 2009 Annual Report chronicles the response of the Fund's Executive Board and staff to the global financial crisis and other events during financial year 2009, which covers the period from May 1, 2008, through April 30, 2009. The print version of the Report is available in eight languages (Arabic, Chinese, English, French, German, Japanese, Russian, and Spanish), along with a CD-ROM (available in English only) that includes the Report text and ancillary materials, including the Fund's Financial Statements for FY2009.
Budgeting --- Finance: General --- Financial Risk Management --- Macroeconomics --- Public Finance --- Social Services and Welfare --- General Financial Markets: Government Policy and Regulation --- Financial Crises --- National Budget --- Budget Systems --- Government Policy --- Provision and Effects of Welfare Program --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Finance --- Economic & financial crises & disasters --- Labour --- income economics --- Budgeting & financial management --- Social welfare & social services --- Financial crises --- Budget planning and preparation --- Human capital --- Poverty reduction strategy --- Financial regulation and supervision --- Public financial management (PFM) --- Labor --- Poverty --- Financial Sector Assessment Program --- Financial sector policy and analysis --- Financial services industry --- Budget --- Auditing --- United States --- Income economics
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This sixth Annual Report describes the activities of the Independent Evaluation Office (IEO) during the year to April 30, 2009. The report summarized the findings of IEO's most recent evaluations, lists cross-cutting lessons highlighted in previous years' reports, and discusses ongoing evaluation projects. The report also describes the new framework for monitoring and following up on the implementation of IEO recommendations approved by the IMF Executive Board.
Budgeting --- Exports and Imports --- Finance: General --- Macroeconomics --- Industries: Financial Services --- Financial Risk Management --- Trade Policy --- International Trade Organizations --- General Financial Markets: Government Policy and Regulation --- Empirical Studies of Trade --- National Budget --- Budget Systems --- Financial Institutions and Services: Government Policy and Regulation --- International economics --- Finance --- Budgeting & financial management --- Labour --- income economics --- Economic & financial crises & disasters --- Trade policy --- Financial Sector Assessment Program --- Trade in services --- Budget planning and preparation --- Financial services --- International trade --- Financial sector policy and analysis --- Public financial management (PFM) --- Commercial policy --- Financial services industry --- Balance of trade --- Budget --- Labor economics --- Balance of payments --- Argentina --- Income economics
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This paper provides a brief description of the IMF and its activities, focusing in particular on its technical assistance (TA) activities. The report then describes in greater detail the Japan Administered Account for Selected Fund Activities (JSA)—including its scope and objectives, the size and uses of the TA contribution, and assessments of its TA activities and scholarship programs—with a focus on fiscal year (FY) 2009. Japan has provided grant contributions to support IMF technical assistance to member countries since 1990. In 1997, the scope of the administered account was widened to allow for financing other IMF activities in Asia and the Pacific, carried out through the IMF Regional Office for Asia and the Pacific in Tokyo. Regular consultations are held between the IMF and the Japanese authorities; the most recent formal meeting took place in April 2009. The use of JSA resources is flexible. JSA funds can be used to cover the cost of short- and long-term TA experts and other costs associated with conducting seminars and workshops, such as room rental fees.
Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Bank supervision --- Banking --- Banks and Banking --- Banks and banking --- Budget planning and preparation --- Budget Systems --- Budget --- Budgeting & financial management --- Budgeting --- Capital market --- Capital markets --- Corporate crime --- Crime --- Criminology --- Education --- Education: General --- Finance --- Finance, Public --- Finance: General --- Financial Institutions and Services: Government Policy and Regulation --- Financial markets --- Financial regulation and supervision --- Financial Sector Assessment Program --- Financial sector policy and analysis --- Financial services industry --- Financial services law & regulation --- General Financial Markets: General (includes Measurement and Data) --- General Financial Markets: Government Policy and Regulation --- Illegal Behavior and the Enforcement of Law --- Money laundering --- National Budget --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Public Finance --- Public financial management (PFM) --- Revenue administration --- Revenue --- State supervision --- Tax administration and procedure --- Tax administration core functions --- Taxation --- Taxation, Subsidies, and Revenue: General --- White-collar crime --- Japan
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This 2009 Article IV Consultation highlights that despite its resilience so far, the economy of Cyprus is slowing down and risks are increasing. The expected slowdown will increase credit risk in banks, which, in some plausible but unlikely extreme scenarios, could have systemic implications given the size and concentration of the banking sector. Executive Directors have endorsed the government’s objective to achieve a balanced budget over the medium term. Directors have also recommended the adoption of a medium-term budget framework and more effective management of public sector liabilities.
Budget deficits -- Cyprus. --- Competition -- Cyprus. --- Cyprus -- Economic conditions. --- Cyprus -- Economic policy. --- Euro -- Cyprus. --- Financial crises -- Cyprus. --- Fiscal policy -- Cyprus. --- Global Financial Crisis, 2008-2009. --- Inflation (Finance) -- Cyprus. --- International Monetary Fund -- Cyprus. --- Structural adjustment (Economic policy) -- Cyprus. --- Banks and Banking --- Exports and Imports --- Finance: General --- Industries: Financial Services --- Data Transmission Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: General --- General Financial Markets: Government Policy and Regulation --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- International Lending and Debt Problems --- Financial Institutions and Services: Government Policy and Regulation --- Banking --- International economics --- Finance --- Data capture & analysis --- Financial sector --- Commercial banks --- Financial Sector Assessment Program --- Special Data Dissemination Standard (SDDS) --- Economic sectors --- External debt --- Financial institutions --- Financial services --- Loans --- Banks and banking --- Financial services industry --- Data transmission systems --- Debts, External --- Balance of payments --- Cyprus
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