World Bank2012-06-142012-06-142007-03https://hdl.handle.net/10986/8015This Financial Sector Assessment (FSA) summarizes the findings of a joint World Bank -International Monetary Fund Financial Sector Assessment Program (FSAP) team which visited Guatemala from October 27 to November 10, 2005 to update the 2001 FSAP report. It contains information as of late 2005. In spite of major progress since 2001, the update found the Guatemalan financial system still faces four main stability and development challenges: (i) to improve the transparency and quality of information of the financial and economic systems; (ii)to strengthen the regulatory framework of the financial system and its implementation; (iii) to move supervision towards a risk-based approach; and (iv) to complete financial markets to diversify the system and enhance intermediation and access. Each of these challenges is discussed in depth in the report.en-USCC BY 3.0 IGOACCOUNTABILITYACCOUNTINGACCOUNTING MANUALSACCOUNTING PRACTICESACCOUNTING PRINCIPLESARBITRAGEASSET SALESAUDITINGAUTONOMYBANKING LAWBANKING SECTORBANKING SUPERVISIONBANKING SYSTEMBANKSBONDINGCAPITAL ADEQUACYCAPITAL ADEQUACY RATIOSCAPITAL EXPENDITURESCAPITAL INFLOWSCAPITAL MARKETSCAPITALIZATIONCENTRAL AMERICACENTRAL AMERICANCENTRAL BANKCLEARING HOUSECLEARINGHOUSECONSOLIDATED SUPERVISIONCONSOLIDATIONCOOPERATIVESCORPORATE SECTORCOVERAGECREDIT RISKCREDIT RISK MANAGEMENTCREDIT RISKSDEBTDEFICITSDEPOSIT INSURANCEDEPOSITORSDEPOSITSEXTERNAL AUDITORSFACTORINGFINANCE COMPANIESFINANCE COMPANYFINANCIAL CONGLOMERATESFINANCIAL INFORMATIONFINANCIAL INTERMEDIARIESFINANCIAL MARKETSFINANCIAL POLICIESFINANCIAL RATIOSFINANCIAL REPORTINGFINANCIAL SERVICESFINANCIAL SUPERVISIONFOREIGN BANKSFOREIGN EXCHANGEHOLDING COMPANIESHOUSINGHOUSING FINANCEINCOME GROUPSINFLATIONINSOLVENCYINSURANCEINSURANCE COMPANIESINSURANCE CONTRACTSINSURANCE INDUSTRYINSURANCE LAWINSURANCE PRODUCTSINTEREST RATESINTERNATIONAL RESERVESLAWSLEGAL FRAMEWORKLEGISLATIONLENDER OF LAST RESORTLIFE INSURANCELIQUIDITYLOAN CLASSIFICATIONMACROECONOMIC CONDITIONSMERGERSMICROFINANCEMICROINSURANCEMONETARY POLICIESMONETARY POLICYMORTGAGESMULTILATERAL NETTINGNONBANK FINANCIAL INSTITUTIONSNONPERFORMING LOANSPAYMENT SYSTEMSPENALTIESPENSION FUNDSPENSION SCHEMESPRESS RELEASESPROFITABILITYPRUDENTIAL REGULATIONSREAL SECTORREGULATORY FRAMEWORKRESERVE REQUIREMENTSRETIREMENTRISK MANAGEMENTSAVINGSSECURITIESSOCIAL SECURITYSOLVENCYSTABILIZATIONSUPERVISORY AGENCIESSUPERVISORY FRAMEWORKTRADE SHOCKSTRADINGTRANSPARENCYTRUST FUNDSWorld Bank10.1596/8015