GREENLAND BANKING REGULATIONS AND LAWS UNDER SCRUTINY

The Systemic Risk Council (SRC) is keeping a close eye on Greenland’s financial landscape, making recommendations and warnings to address potential systemic risks. The SRC can invite representatives from the relevant Greenlandic authorities to participate in discussions as observers when matters related to Greenland come up for debate.

Greenland’s Financial Regulation Framework

Greenland’s banking sector operates under a unique regulatory framework, with Danish financial regulation being implemented via decrees that take into account special circumstances relevant to the territory. The decree introducing rules on the SRC took effect on January 1, 2016, while the decree determining the countercyclical capital buffer also came into force on the same date.

Key Features of Greenland’s Regulatory Framework

• Danish financial regulation is implemented via decrees that consider special circumstances relevant to Greenland.
• The decree introducing rules on the SRC took effect on January 1, 2016.
• The decree determining the countercyclical capital buffer came into force on January 1, 2016.

Countercyclical Capital Buffer Rate Remains at 0 Percent

Following a recent discussion on Greenland’s economic and financial situation, the SRC recommends maintaining the countercyclical capital buffer rate at 0 per cent. Representatives from Greenland’s self-government participated in the debate.

Key Takeaways

• The SRC recommends maintaining the countercyclical capital buffer rate at 0 per cent.
• Representatives from Greenland’s self-government participated in the debate.

Data Available for Download

The SRC publishes datasets containing subsets of information used to assess the countercyclical capital buffer rate in Greenland. The data is replicated as far as possible, providing a comprehensive overview of the Council’s assessment method. Quarterly meetings result in the publication of new datasets, offering insights into the SRC’s evaluation process.

Accessing SRC Data

• Datasets are published quarterly.
• The data provides a comprehensive overview of the Council’s assessment method.
• Insights into the SRC’s evaluation process can be gained from published datasets.