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IMF Assessment Report: Central Bank of The Bahamas

The International Monetary Fund (IMF) has released an assessment report on the Central Bank of The Bahamas (CBoB), evaluating its supervisory framework and providing recommendations for improvement.

Risk Management and Supervision

Assessment

• CBoB’s risk-based supervision framework is in place, but it needs to be reassessed for efficiency and effectiveness.
• The off-site surveillance program should be enhanced with more frequent on-site examinations to assess key corporate governance, risk management, and internal controls practices.

Licensing, Changes in Control, and Acquisitions

Licensing Framework

• CBoB’s licensing framework is thorough, but it needs to be improved to address potential weaknesses.
• The Central Bank of The Bahamas Regulatory Act (BTCRA) defines the “banking business” and restricts deposit-taking activities to banks and credit unions only.

Supervisory Cooperation and Cross-Border Supervision

Memoranda of Understanding

• CBoB has memoranda of understanding (MoUs) with domestic and foreign regulatory authorities for information sharing, cooperation, and coordination in crisis situations.
• The introduction of a resolution regime will help bolster CBoB’s power to undertake recovery and resolution actions.

Supervisory Approach

Risk-Based Supervision

• Certain aspects of CBoB’s risk-based supervision framework should be reassessed for efficiency and effectiveness.
• A careful balancing of the risk-based supervisory framework between on-site and off-site work may allow for enhanced efficiency in the program while promoting CBoB’s ability to gain greater confidence in assessments.

Corporate Governance and Internal Audit

Supervision of Corporate Governance

• Supervision of corporate governance has become a more direct area of emphasis for CBoB.
• The Central Bank’s Guide to the Ladder of Supervisory Intervention provides an overview of the intervention measures CBoB may take depending on the severity of the situation.

Conclusion

Overall, while CBoB has made progress in improving its supervisory framework, there are still areas that require improvement. The introduction of a resolution regime and enhancements to the risk-based supervision framework will help strengthen CBoB’s ability to address weaknesses in key practices and ensure effective governance and risk management practices among domestic systemically important banks (DSIBs).