Panama: Financial Sector Assessment Program - Technical Note on Financial Safety Net, Resolution, and Crisis Management

Author: International Monetary Fund. Monetary and Capital Markets Department

Key institutional pillars of a financial safety net have not been established in Panama.

Volume/Issue: Volume 2024 Issue 235

Publication date: July 2024

ISBN: 9798400284830

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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 , IMF-World Bank Financial Sector Assessment Program , Banco Nacional de Panamá , FSAP assessment's finding , staff team of the International Monetary Fund , deposit insurance system , Bank resolution framework , Bank resolution , Crisis resolution , Crisis management , Financial sector stability , Global , Central America

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Summary

Key institutional pillars of a financial safety net have not been established in Panama. While state-owned banks benefit from an explicit government guarantee, Panama does not possess a deposit insurance framework, lender-of-last resort (LOLR) or emergency liquidity assistance (ELA)mechanism to preserve financial stability. Panama, as a fully dollarized economy with no central bank, faces constraints on its development of key components of the financial safety net which will need to be overcome.