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

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  • International Monetary Fund

Abstract

This technical assistance report on The Bahamas analyses operationalizing the new bank resolution framework and amended deposit insurance legislation. The Bahamas has made considerable progress in developing the infrastructure needed for an effective bank recovery and resolution regime. The Central Bank of the Bahamas (CBOB) should strengthen the design of recovery planning requirements. The institutional arrangements for bank resolution should be strengthened. The CBOB is responsible for bank supervision, the resolution of nonviable banks, and depositor protection. The operationalization of the resolution regime should be facilitated by the development of a resolution “toolkit.” Domestic inter-agency cooperation and coordination are essential for an effective response to financial institution distress and failure. Cross-border cooperation arrangements for recovery and resolution, as well as for crisis management, should be enhanced. Operational capacity to manage financial crises should be enhanced. The authorities should undertake regular testing of crisis management and resolution arrangements, including through inter-agency crisis-simulation exercises.

Suggested Citation

  • International Monetary Fund, 2023. "The Bahamas: Technical Assistance Report-Operationalizing the New Bank Resolution Framework and Amended Deposit Insurance Legislation—First Mission," IMF Staff Country Reports 2023/305, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2023/305
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