World Bank2012-06-142012-06-142008-09https://hdl.handle.net/10986/8091A joint World Bank and International Monetary Fund team visited Morocco in November 2007 at the request of the authorities to update the analysis and recommendations made in the framework of the Financial Sector Assessment Program (FSAP) in 2002 and to assist the authorities in preparing their medium-term strategy for modernizing financial intermediation in Morocco. This Financial Sector Assessment (FSA) summarizes the following main topics: (i) analysis of the progress made by the Moroccan authorities in implementing the recommendations of the 2002 FSAP; (ii) identification of potential risks in the financial sector that could have macroeconomic repercussions or could hamper the development oft he financial system; (iii) assessment of the stability of the financial system and its capacity to manage the risks resulting from the policy of openness, and the system's resistance to these shocks; (iv) review of the authorities' initiatives to increase the rate of bank penetration and improve access to financial services; and (v) assessment of the degree of compliance with the Basel Committee core principles for Effective Banking Supervision (BCP) and with the core principles of the International Association of Insurance Supervisors (IAIS). This report also discussed with the authorities the main points of the capital market surveillance assessment prepared in 2006 by International Organization of Securities Commission (IOSCO), the evaluation by the Arab Initiative for payments and securities settlement systems in 2007, and the MENAFATF assessment of compliance with the Financial Action Task Force on Money Laundering (FATF's) Anti Money Laundering and Combating the Financing of Terrorist (AML-CFT) recommendations in 2007.en-USCC BY 3.0 IGOACCESS TO BANKACCESS TO FINANCIAL SERVICESACCESS TO FINANCINGACCOUNTABILITYACCOUNTABILITY STRUCTURESACCOUNTINGACCOUNTING SYSTEMSASSET QUALITYAUCTIONSAUDITSBALANCE SHEETBALANCE SHEETSBANK ACCOUNTBANK ACCOUNTSBANK ASSETSBANK BRANCHESBANK CREDITBANK CREDITSBANK FINANCINGBANK LIQUIDITYBANK RESTRUCTURINGBANKING LAWBANKING SECTORBANKING SECTOR ASSETSBANKING SERVICESBANKING SUPERVISIONBANKING SYSTEMBOND ISSUESBOURSEBROKERSCAPITAL ACCOUNTCAPITAL ACCOUNT LIBERALIZATIONCAPITAL ADEQUACYCAPITAL FLOWSCAPITAL INFLOWSCAPITAL MARKETCAPITAL MARKET FINANCINGCAPITAL MARKET SUPERVISIONCAPITAL MARKETSCAPITALIZATIONCASH TRANSACTIONSCENTRAL BANKCHECKSCOLLATERALCOMMERCIAL BANKSCOMMERCIAL CODECONSOLIDATIONCONSUMER CREDITCONTRACTUAL SAVINGSCORPORATE GOVERNANCECREDIBILITYCREDIT BUREAUCREDIT INFORMATIONCREDIT INSTITUTIONSCREDIT RISKCREDIT RISKSCREDITORSCURRENCY EARNINGSDEBTDEBT MARKETDEBT MARKETSDEMAND FOR CREDITDEPOSITDEPOSIT INSURANCEDEPOSITORDEPOSITORSDIRECT INVESTMENTDOMESTIC EQUITYECONOMIC POLICIESEFFICIENT MARKETEMERGING MARKETEMERGING MARKET COUNTRIESEQUITY MARKETEXCHANGE RATEEXTERNAL DEBTFACTORINGFEE INCOMEFINANCIAL CONGLOMERATESFINANCIAL DEEPENINGFINANCIAL INFORMATIONFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INTERMEDIARIESFINANCIAL INTERMEDIATIONFINANCIAL MARKETSFINANCIAL OPENNESSFINANCIAL REGULATORSFINANCIAL RESTRUCTURINGFINANCIAL SECTOR ASSESSMENTFINANCIAL SERVICESFINANCIAL STATEMENTSFINANCIAL SYSTEMFINANCIAL TRANSACTIONSFISCAL AUTONOMYFIXED INCOMEFLEXIBLE EXCHANGE RATEFOREIGN CURRENCYFOREIGN EXCHANGEGOVERNMENT PAPERGOVERNMENT SECURITIESGUARANTEE FUNDHOLDINGHOUSINGINFLATIONINSTITUTIONAL INVESTORSINSTRUMENTINSURANCEINSURANCE COMPANIESINSURANCE MARKETINTEREST INCOMEINTEREST RATEINTEREST RATE POLICIESINTEREST RATE RISKINTEREST RATESINTERNAL CONTROLSINTERNATIONAL STANDARDSINVESTMENT OPPORTUNITIESINVESTMENTS IN GOVERNMENT SECURITIESIRREGULAR INCOMESLAWSLEGAL FRAMEWORKLEGISLATIONLENDERLIQUIDATIONLIQUIDITYLIQUIDITY MANAGEMENTLIQUIDITY RATIOSLIQUIDITY RISKLOANLOAN AMOUNTLOAN PORTFOLIOLOAN PORTFOLIOSLOCAL MARKETMACROECONOMIC CONDITIONSMACROECONOMIC ENVIRONMENTMACROECONOMIC POLICIESMARKET ACCESSMARKET CONDITIONSMARKET DEPTHMARKET FOR TREASURY SECURITIESMARKET RISKMARKET SHAREMARKET SUPERVISIONMARKET SURVEILLANCEMARKET-MAKINGMATURITIESMICROCREDITMICROFINANCEMICROFINANCE INSTITUTIONSMINORITY SHAREHOLDERSMONETARY AUTHORITIESMONETARY FUNDMONETARY POLICYMONEY MARKETMORAL HAZARDMORTGAGEMORTGAGESMUTUAL FUNDSNEW ENTRANTSNONBANK FINANCIAL INSTITUTIONSNONPERFORMING LOANSOFFSHORE BANKSOPEN ECONOMYOPERATING EXPENSESPAYMENT SYSTEMPAYMENT SYSTEMSPENALTIESPENSIONPENSION FUNDPENSION FUND ASSETSPENSION FUNDSPENSION SYSTEMSPORTFOLIOPRIMARY MARKETPRIVATE BANKSPRIVATE SECTOR CREDITPROBLEM BANKSPROFITABILITYPROPERTY OWNERSHIPPRUDENTIAL STANDARDSPRUDENTIAL SUPERVISIONPUBLIC BANKSPUBLIC SECTOR BANKPUBLIC SECTOR BONDRATING SYSTEMSREAL SECTORREGULATORY FRAMEWORKRETAIL BANKINGRETURNRETURN ON EQUITYRISK MANAGEMENTRISK MANAGEMENT TOOLSSECONDARY MARKETSECONDARY MARKET ACTIVITYSECURITIESSECURITIES MARKETSETTLEMENTSETTLEMENT PERIODSSETTLEMENT STRUCTURESSETTLEMENT SYSTEMSETTLEMENT SYSTEMSSHORT-TERM DEPOSITSSMALL SAVERSSOLVENCYSPECIALIZED BANKSSTOCK EXCHANGESTOCK MARKETSTOCK MARKET CAPITALIZATIONSTOCKSTAXTERRORISMTIER 1 CAPITALTIME DEPOSITSTRANSACTIONTRANSACTION COSTSTRANSFER RISKTRANSPARENCYTREASURYTREASURY BILLSTURNOVERWITHDRAWALYIELD CURVEWorld Bank10.1596/8091