The Bahamas: Technical Assistance Report-Operationalizing the New Bank Resolution Framework and Amended Deposit Insurance Legislation—First Mission

Author: International Monetary Fund. Monetary and Capital Markets Department

Volume/Issue: Volume 2023 Issue 305

Publication date: August 2023

ISBN: 9798400248276

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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 , Money and Monetary Policy , International - Economics , Department mission , DIC management , recovery plan , target fund level , resolution plan , Bank resolution framework , Credit bureaus , Crisis management , Crisis resolution , Bridge bank , Global

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Summary

The Bahamas has made considerable progress in developing the infrastructure needed for an effective bank recovery and resolution regime. Following recommendations of the 2019 FSAP, the new legislation brought into force in September 2020 provides a reasonably comprehensive legal framework for the resolution of banks, including triggers, legal powers, and safeguards. The amendments to the Protection of Depositors Act in 2020 clarify the DIC’s role and responsibilities within the country’s financial safety net and have expanded its membership to include not only commercial banks, but also credit unions.