Barbados - Financial Sector Assessment : Based on the Joint International Monetary Fund (IMF) - World Bank Financial Sector Assessment Program (FSAP) Update

The principal objective of the mission was to update the FSAP conducted in 2002 focusing on financial system stability and specific institutional development issues. The mission also provided an assessment of the observance of international standards and codes in financial regulation and supervision for the banking and securities sectors as well as of the development needs of the financial system and its potential contribution to economic development. Preliminary results of the mission were discussed with the authorities during the subsequent IMF Article IV mission. The 2008 FSAP update for Barbados took place in the context of considerable turmoil in global financial markets. Encouragingly, the financial system in Barbados has been little affected by this turmoil and the macroeconomic situation remains robust with economic growth continuing to benefit from healthy tourism numbers and ongoing construction activity. As a result, the unemployment rate continues near historic lows. Nonetheless, economic prospects are tied to continuing tourism and, as such, to the slowing economic performance in Europe, particularly the United Kingdom, and the United States. The offshore financial sector appears insulated from the onshore banking system, thus limiting the risk of contagion. Barbados will continue to face competition from offshore financial centers in the region. To differentiate itself, the country is seeking to continue strengthening its reputation for stability and a selective licensing process, and to develop a workforce with strong skills in financial services. However, the authorities continue to face the challenge of overseeing a large number of very heterogeneous financial institutions with constrained resources.

Bibliographic Details

Main Author:	World Bank
Format:	Financial Sector Assessment Program (FSAP) biblioteca
Language:	English
Published:	World Bank 2009-04-01
Subjects:	ACCOUNTING, ARBITRAGE, ARREARS, ASSET CLASSES, ASSET CLASSIFICATION, ASSET MANAGEMENT, ASSET QUALITY, AUDITING, BALANCE OF PAYMENTS, BALANCE SHEET, BANK ASSETS, BANK DEPOSITS, BANK REGULATION, BANK SUPERVISION, BANKING SECTOR, BANKING SYSTEM, BID, BONDS, BROAD MONEY, BROKER, BROKERS, CAPITAL ADEQUACY, CAPITAL MARKET, CAPITAL MARKET DEVELOPMENT, CAPITAL MARKETS, CAPITAL MOVEMENTS, CAPITAL REQUIREMENTS, CAPITAL SHARE, CAPITALIZATION, CASH BALANCES, CASH RESERVE, CENTRAL BANK, CENTRAL DEPOSITORIES, CENTRAL SECURITIES DEPOSITORIES, CENTRAL SECURITIES DEPOSITORY, COLLATERAL, COMMERCIAL BANKS, COMPLIANCE COSTS, COMPULSORY DEPOSIT, CONSUMER CREDIT, CONSUMER LOANS, CONTINGENCY PLANNING, CORPORATE DEBT, CORPORATE DEBT SECURITIES, CORPORATE GOVERNANCE, COUNTRY RISK, CREDIT CARD, CREDIT CARDS, CREDIT DEPOSITS, CREDIT GROWTH, CREDIT POLICY, CREDIT QUALITY, CREDIT RATINGS, CREDIT RISK, CREDIT UNION, CREDIT UNIONS, CURRENCY, DEBENTURES, DEBT, DEBT CONSOLIDATION, DEBT MARKETS, DEPOSIT INSURANCE, DEPOSITOR, DEPOSITS, DERIVATIVE, DOMESTIC BANK, DOMESTIC BANKING, DOMESTIC BANKS, DOMESTIC MARKET, DURABLE, DURABLE GOODS, ELECTRONIC BANKING, EQUITIES, EQUITY HOLDINGS, EXCHANGE CONTROLS, EXCHANGE RATE, EXCHANGE RATES, EXPENDITURE, EXTERNAL DEBT, EXTERNAL FUNDING, FINANCIAL CRISIS, FINANCIAL INSTABILITY, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL REGULATION, FINANCIAL STABILITY, FINANCIAL STATEMENT, FINANCIAL SYSTEM, FIXED INTEREST, FOREIGN BANKS, FOREIGN CURRENCIES, FOREIGN CURRENCY, FOREIGN CURRENCY LOANS, FOREIGN EXCHANGE, FOREIGN EXCHANGE RISK, GLOBAL MARKET, GLOBALIZATION, GOVERNMENT DEBT, GOVERNMENT DEBT SECURITIES, GOVERNMENT REVENUE, GOVERNMENT SECURITIES, GOVERNMENT SUBSIDIES, HOLDING, HOSTILE TAKEOVER, INFLATION, INSTITUTIONAL DEVELOPMENT, INSURANCE, INSURANCE COMPANIES, INSURANCE COMPANY, INSURANCE CORPORATION, INSURANCE MARKET, INSURANCE PENETRATION, INTEREST RATE, INTEREST RATE RISK, INTEREST RATES, INTERNATIONAL BANK, INTERNATIONAL STANDARDS, INVESTMENT ASSETS, INVESTMENT OPPORTUNITIES, INVESTMENT PORTFOLIO, INVESTMENT PORTFOLIOS, INVESTMENT REGULATIONS, INVESTMENT STRATEGY, INVESTMENT VEHICLES, INVESTOR PREFERENCE, ISSUANCE, JUDICIAL PROCESS, LEGAL FRAMEWORK, LEGAL PROVISION, LENDER, LENDER OF LAST RESORT, LIABILITY, LIFE INSURANCE, LIFE INSURANCE COMPANIES, LIQUID ASSETS, LIQUIDATION, LIQUIDITY, LIQUIDITY RISK, LOAN, LOCAL MARKET, LONG TERM ASSETS, LONG-TERM INVESTMENT, MARGIN REQUIREMENT, MARKET CAPITALIZATION, MARKET CONFIDENCE, MARKET INTERMEDIARIES, MARKET PARTICIPANTS, MARKET RISK, MARKET RISKS, MARKET TRADES, MATURITY, MINIMUM CAPITAL REQUIREMENT, MONEY MARKET, MONEY MARKET INSTRUMENTS, MORTGAGE, MORTGAGE LOANS, MUTUAL FUND, MUTUAL FUND INDUSTRY, MUTUAL FUNDS, NATIONAL SAVINGS, NEGATIVE SHOCKS, NONPERFORMING LOANS, NPL, OFFSHORE BANKS, OFFSHORE FINANCIAL CENTERS, OFFSHORE MARKET, OIL PRICE, OIL PRICES, OPTIMAL INVESTMENT, PENSIONS, PERSONAL LOANS, PORTFOLIO, PRIVATE BANKS, PRIVATE CAPITAL, PRIVATE CREDIT, PRIVATE SECTOR CREDIT, PROVISIONING RULES, PUBLIC BANKS, PUBLIC FINANCES, REAL ESTATE LENDING, REGISTERED SECURITIES, REGULATORY AUTHORITIES, REGULATORY FRAMEWORK, REGULATORY STANDARDS, RESERVE REQUIREMENTS, RESERVES, RESIDENTIAL MORTGAGE, RESIDENTIAL MORTGAGES, RETURN, RETURNS, RISK DIVERSIFICATION, RISK MANAGEMENT, RISK PROFILES, SAFETY NET, SAFETY NETS, SECONDARY MARKET, SECONDARY MARKET TRADING, SECURITIES, SECURITIES MARKET, SECURITIES MARKETS, SETTLEMENT, SETTLEMENT PERIOD, SETTLEMENT RISK, SHAREHOLDERS, SHORT-TERM ASSETS, SOLVENCY, STATUTORY REQUIREMENT, STOCK EXCHANGE, STOCK EXCHANGES, STOCK MARKET, SUPERVISORY AGENCIES, TAX, TAX CREDIT, TAX INCENTIVES, TRADE DAY, TRADING, TRANSACTION, TRANSPARENCY, TREASURY, TREASURY BILLS, TRUST CORPORATION, VALUATION,
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000334955_20090416010332 http://hdl.handle.net/10986/3034
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