(Barbados Nation) BRIDGETOWN, Barbados, – The World Bank and the International Monetary Fund (IMF) are to conduct a comprehensive study of Barbados’ financial services sector.
A statement from the Central Bank of Barbados (CCB) said the two Washington-based financial institutions will conduct the financial sector assessment programme (FSAP) between July 1 and 17.
This is the third such assessment of the island’s financial services sector; the other two evaluations were completed in 2002 and 2008.
“On both occasions, the local financial services sector was deemed to be well regulated and generally compliant with the international standards established by the Basel Committee on Banking Supervision (BCBS) and the International Association of Insurance Supervisors (IAIS),” the Central Bank said.
CCB Director of Bank Supervision, Marlene Bayne, explained that the Bank and the Financial Services Commission (FSC) have been jointly preparing for the review since the start of 2012.