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Assessment of Aruba’s Banking Supervision Framework

Summary

The banking supervision framework in Aruba has been assessed against the Basel Committee’s Principles for Effective Banking Supervision. The assessment highlights both strengths and areas requiring improvement.

Analysis

Strengths of Aruba’s Banking Supervision Framework

• Suitable Legal Framework: The law provides a clear basis for banking supervision, including provisions for the supervisor to take remedial action and impose sanctions.
• Protection for Supervisors: The law protects supervisory agency staff against lawsuits for actions taken in good faith while discharging their duties.
• Information Sharing: There is a system of cooperation and information sharing between domestic agencies and foreign supervisors with relevant responsibilities.

Areas Requiring Improvement

• Explicit Protection for Individual Staff Members: The report suggests that explicit legal protection should be included for individual staff members as part of the Banking Supervision Ordinance.
• Costs Incurred in Defending Actions: There is no explicit mention of protection against costs incurred by the supervisory agency and its staff while defending their actions.

Conclusion

Overall, Aruba’s banking supervision framework is generally compliant with the Basel Committee’s Principles but requires some improvements to strengthen its effectiveness.