3
Approved By
James Morsink and
Kenneth Kang
Prepared By
Monetary and Capital
Markets Department
This report is based on the work of the Financial
Sector Assessment Program (FSAP) mission that
visited Thailand in November 2018 and February
2019. The FSAP findings were discussed with the
authorities during the Article IV consultation
mission in July 2019.
Glossary __________________________________________________________________________________________ 5
EXECUTIVE SUMMARY __________________________________________________________________________ 9
MACROFINANCIAL SETTING AND RISKS _____________________________________________________ 12
FINANCIAL SECTOR STABILITY AND RESILIENCE _____________________________________________ 20
A. Solvency Stress Tests _________________________________________________________________________ 20
B. Liquidity Stress Tests __________________________________________________________________________ 23
C. Interconnectedness, Contagion, and Systemic Risk ___________________________________________ 25
INSTITUTIONAL ARRANGEMENT FOR COORDINATION _____________________________________ 25
FINANCIAL SECTOR OVERSIGHT ______________________________________________________________ 28
A. Macroprudential Policy _______________________________________________________________________ 28
B. Banks and Specialized Financial Institutions ___________________________________________________ 30
C. Insurance _____________________________________________________________________________________ 31
D. Financial Market Infrastructures ______________________________________________________________ 32
E. Capital Markets _______________________________________________________________________________ 32
F. Thrift and Credit Cooperatives and Credit Unions _____________________________________________ 33
G. AML/CFT ______________________________________________________________________________________ 33
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