Publication: Financial Sector Assessment Program Update : Saudi Arabia - Basel Core Principles for Effective Banking Supervision
Loading...
Date
2011-09
ISSN
Published
2011-09
Author(s)
Editor(s)
Abstract
This assessment of Saudi Arabian Monetary Agency's (SAMA) compliance with the basel committee's core principles for effective banking supervision was conducted by a mission to Saudi Arabia during April 9-20, 2011. The assessment was carried out as part of a Financial Sector Assessment Program (FSAP) update undertaken by the International Monetary Fund (IMF) and the World Bank at the request of the Saudi authorities. The authorities requested that the assessment of compliance be conducted using only the essential criteria in the methodology. This assessment was based on a review of laws, regulations, policies and practices in place at the time. The financial system is subject to risks reflecting the openness of the economy and dependence on the hydrocarbon sector, as well as the size of the market. Saudi Arabia implements International Financial Reporting Standards (IFRS) for banks and insurance companies and is served by the major accounting firms. There has been no need to provide emergency liquidity assistance (ELA) to any bank in recent years. The conditions in which SAMA will provide ELA would be determined on a case-by-case basis, as will the terms on which such ELA will be provided.
Link to Data Set
Citation
“International Monetary Fund; World Bank. 2011. Financial Sector Assessment Program Update : Saudi Arabia - Basel Core Principles for Effective Banking Supervision. © World Bank. http://hdl.handle.net/10986/15972 License: CC BY 3.0 IGO.”
Associated URLs
Associated content
Other publications in this report series
Journal
Journal Volume
Journal Issue
Collections
Related items
Showing items related by metadata.
Publication Financial Sector Assessment : Moldova(Washington, DC, 2005-03)The Financial Sector Assessment Program (FSAP) team produced an Aide Memoire and the following three detailed reports that were reviewed by and delivered to the authorities: 1) technical notes; 2) assessment of compliance with standards and codes; and 3) detailed bank-by-bank stress tests. The Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) section of the report was based on the report of an International Monetary Fund (IMF) technical assistance mission undertaken in April 2004. Although Moldova is the poorest country in Europe, measured by per capita Gross Domestic Product (GDP), the country has achieved some success in building up the framework of a functioning market economy, especially in the banking sector. In addition to the underlying structural weaknesses, there are several potential macroeconomic problems that increase the vulnerability of the financial system. These include: a) the direct financing of the state budget by the central bank against the background of the weak fiscal and external situation; b) dependency on remittances; and c) dollarization, in combination with significant exchange rate volatility.Publication Nepal Contingency Planning Project(Washington, DC, 2010-10-31)The Nepalese authorities have made important progress in strengthening the financial stability framework. This framework consists of provisions for liquidity support to banks, supervisory practices, and problem bank resolution mechanisms. Some liquidity facilities have been put in place, supervisory actions strengthened, and amendments to bank resolution laws have been passed that improved the ability of the Nepalese Government to manage the growing financial sector. Notwithstanding this progress, some additional refinements are warranted. The banking sector is growing rapidly, with new entrants increasing the risk profile of the system. At the same time, the economic conditions of the country are less beneficial than in the past. Accordingly, some strengthening of the existing framework is advisable. Areas for strengthening include: preconditions for effective crisis management; development of a crisis management framework; and preparation of a step-by-step plan for meeting the crisis. This report focuses on two aspects of contingency planning. First, a number of structural reforms are necessary to make the crisis management framework efficient. These preconditions for an effective crisis management framework may take time to implement but should be initiated immediately. If a crisis were to emerge before these reforms are completed, the crisis will be more difficult to contain and resolve. Second, an Action Plan for dealing with the unfolding crisis is proposed. While the specifics will depend on the causes of the crisis and the particular path the crisis takes, principles for addressing the crisis will be discussed.Publication Republic of Indonesia Financial Sector Assessment Program(Washington, DC, 2010-12)Indonesian financial sector comprises banks, multi-finance companies, capital market companies, insurance companies, and pension funds. The banking sector accounts for about 80 percent of the financial sector assets. It is dominated by 121 commercial banks, which account for about 98.6 percent of total banking assets (including 5 sharia banks accounting for 1.8 percent market share), with rural banks comprising the remainder of the banking system (about 1.4 percent market share). Bank Indonesia (BI), the central bank, is responsible for regulation and supervision of the banking system. The assessment of compliance with the Basel Core Principles for Effective Banking Supervision (BCP) was carried out within the framework of the Financial Sector Assessment Program (FSAP) between September 29 and October 16, 2009.Publication Moldova Financial Sector Assessment Program(World Bank, Washington, DC, 2014-06)This assessment of Moldova current state of compliance with the Basel core principles for effective banking supervision (BCPs) was undertaken as part of a joint International Monetary Fund (IMF) - World Bank mission in connection with a broader financial sector assessment program exercise. This version of the assessment has a greater focus on risk management policies and practices implemented by supervised institutions and their assessment by the supervisory authority as well as more emphasis on quality implementation of supervisory standards. The assessment has been conducted in accordance with the revised BCP assessment methodology approved by the Basel committee and was based on extensive discussions with officers and staff members of the Banking Supervision Department in National Bank of Moldova (NBM), and a review of internal supervisory documents, such as manuals, operating policies, examination reports, and external audit reports. The mission reviewed the BCP self-assessment undertaken by NBM preceding this assessment, and detailed responses to a questionnaire addressing supervisory issues. The assessment should provide the Moldovan authorities with an internationally consistent measure of quality of their banking supervision relative to the 2012 revision of the core principles, which are internationally recognized as minimum standards.Publication Republic of Korea Financial Sector Assessment Program : Detailed Assessment of Observance - Basel Core Principles folr Effective Banking Supervision(World Bank, Washington, DC, 2014-09)This assessment of the current state of the implementation of the Basel core principles for effective banking supervision (BCP) in the Republic of Korea has been completed as part of a financial sector assessment program (FSAP) update undertaken by the international monetary fund (IMF) and the World Bank (WB) during 2013. It reflects the regulatory and supervisory framework in place as of the date of the completion of the assessment. An assessment of the effectiveness of banking supervision requires a review of the legal framework, and detailed examination of the policies and practices of the institution(s) responsible for banking regulation and supervision. In line with the BCP methodology, the assessment focused on the financial services commission - financial supervisory authority (FSC-FSS). This FSAP provides introduction; information and methodology used for assessment; institutional and macroeconomic setting and market structure - overview; preconditions for effective banking supervision; summary compliance with the Basel core principles; and detailed assessment.
Users also downloaded
Showing related downloaded files
Publication The Power of Survey Design : A User's Guide for Managing Surveys, Interpreting Results, and Influencing Respondents(Washington, DC: World Bank, 2006)The vast majority of data used for economic research, analysis, and policy design comes from surveys-surveys of households, firms, schools, hospitals, and market participants, and, the accuracy of the estimate will depend on how well the survey is done. This innovative book is both a 'how-to' go about carrying out high-quality surveys, especially in the challenging environment of developing countries, and a 'user's guide' for anyone who uses statistical data. Reading this book will provide data users with a wealth of insight into what kinds of problems, or biases to look for in different data sources, based on the underlying survey approaches that were used to generate the data. In that sense the book is an invaluable 'skeptics guide to data'. Yet, the broad storyline of the book is something that should be absorbed by statistical data users. The book will teach and show how difficult it often is to obtain reliable estimates of important social and economic facts, and, therefore encourages you to approach all estimates with sensible caution.Publication Ten Steps to a Results-Based Monitoring and Evaluation System : A Handbook for Development Practitioners(Washington, DC: World Bank, 2004)An effective state is essential to achieving socio-economic and sustainable development. With the advent of globalization, there are growing pressures on governments and organizations around the world to be more responsive to the demands of internal and external stakeholders for good governance, accountability and transparency, greater development effectiveness, and delivery of tangible results. Governments, parliaments, citizens, the private sector, Non-governmental Organizations (NGOs), civil society, international organizations, and donors are among the stakeholders interested in better performance. As demands for greater accountability and real results have increased, there is an attendant need for enhanced results-based monitoring and evaluation of policies, programs, and projects. This handbook provides a comprehensive ten-step model that will help guide development practitioners through the process of designing and building a results-based monitoring and evaluation system. These steps begin with a 'readiness assessment' and take the practitioner through the design, management, and importantly, the sustainability of such systems. The handbook describes each step in detail, the tasks needed to complete each one, and the tools available to help along the way.Publication Supporting Youth at Risk(World Bank, Washington, DC, 2008)The World Bank has produced this policy Toolkit in response to a growing demand from our government clients and partners for advice on how to create and implement effective policies for at-risk youth. The author has highlighted 22 policies (six core policies, nine promising policies, and seven general policies) that have been effective in addressing the following five key risk areas for young people around the world: (i) youth unemployment, underemployment, and lack of formal sector employment; (ii) early school leaving; (iii) risky sexual behavior leading to early childbearing and HIV/AIDS; (iv) crime and violence; and (v) substance abuse. The objective of this Toolkit is to serve as a practical guide for policy makers in middle-income countries as well as professionals working within the area of youth development on how to develop and implement an effective policy portfolio to foster healthy and positive youth development.Publication Zimbabwe(World Bank, Washington, DC, 2019-03-01)This report presents an assessment of Zimbabwe’s agriculture sector disaster risk and management capacity. The findings indicate that Zimbabwe is highly exposed to agricultural risks and has limited capacity to manage risk at various levels. The report shows that disaster-related shocks along Zimbabwe’s agricultural supply chains directly translate to volatility in agricultural GDP. Such shocks have a substantial impact on economic growth, food security, and fiscal balance. When catastrophic disasters occur, the economy absorbs the shocks, without benefiting from any instruments that transfer the risk to markets and coping ability. The increasing prevalence of ‘shock recovery-shock’ cycles impairs Zimbabwe’s ability to plan and pursue a sustainable development path. The findings presented here confirm that it is highly pertinent for Zimbabwe to strengthen the capacity to manage risk at various levels, from the smallholder farmer, to other participants along the supply chain, to consumers (who require a reliable, safe food supply), and ultimately to the government to manage natural disasters. The assessment provides the following evidence on sources of risks and plausible risk management solutions. It is our hope that the report contributes to action by the Government of Zimbabwe to adopt a proactive and integrated risk management strategy appropriate to the current structure of the agricultural sector.Publication World Development Report 2019(Washington, DC: World Bank, 2019)Work is constantly reshaped by technological progress. New ways of production are adopted, markets expand, and societies evolve. But some changes provoke more attention than others, in part due to the vast uncertainty involved in making predictions about the future. The 2019 World Development Report will study how the nature of work is changing as a result of advances in technology today. Technological progress disrupts existing systems. A new social contract is needed to smooth the transition and guard against rising inequality. Significant investments in human capital throughout a person’s lifecycle are vital to this effort. If workers are to stay competitive against machines they need to train or retool existing skills. A social protection system that includes a minimum basic level of protection for workers and citizens can complement new forms of employment. Improved private sector policies to encourage startup activity and competition can help countries compete in the digital age. Governments also need to ensure that firms pay their fair share of taxes, in part to fund this new social contract. The 2019 World Development Report presents an analysis of these issues based upon the available evidence.