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Financial System Stability Assessment (FSSA) for the Netherlands Antilles

The Financial System Stability Assessment (FSSA) report for the Netherlands Antilles provides a comprehensive overview of the country’s financial system, covering various aspects such as economic growth, public finances, external accounts, monetary policy, and the banking sector.

Key Findings

Economic Growth

• The economy has shown modest upturns since 2001, with estimated growth of - percent over 2001–02.
• Further growth of % is projected for 2003.

Public Finances

• The general government deficit has deteriorated sharply, reaching a historical high of 5½ percent of GDP in 2001.
• The central bank provided net credit to the government amounting to 1.0 percent of GDP.

External Accounts

• The current account deficit stood at an estimated 4¾ percent of GDP, slightly below the average since 1995.
• Increased tourism inflows and growth in the Curaçao Free Zone contributed to this improvement.

Monetary Policy

• Bank credit to the government increased significantly after the ceiling on this type of credit was lifted.
• Investment in the financial sector has also been driven by the favorable business environment.

Financial Sector Environment

• The Netherlands Antilles have a well-developed and well-functioning legal and regulatory framework for financial sector supervision.

International Assessments

Financial Stability Forum (FSF)

• The FSF classified the Netherlands Antilles as a jurisdiction “generally perceived as not being subject to any of the concerns listed” in their April 2000 survey.

OECD’s Phase 3 Report

• The OECD’s report identified some shortcomings in the tax administration and law enforcement authorities of the Netherlands Antilles.