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INTERNATIONAL MONETARY FUND
Annex I. Report on the Observance of Standard and Codes: Basel
Core Principles for Effective Banking Supervision (BCP)—
Summary Assessment
1
A. Introduction
1. This assessment of the implementation of the BCP by the BoT is part of the FSAP
undertaken by the IMF and the World Bank. The assessment was performed October 25 through
November 16, 2018 and is based on the regulatory and supervisory framework in
place at the time
of this visit.
2. Compliance was measured against standards issued by the Basel Committee on
Banking Supervision (BCBS) in 2012.
2
Since the previous assessment, conducted in 2008, the BCP
standards have been revised and reflect the international consensus for minimum standards based
on global experience. The view is that supervision should be based on a process
involving
well-defined requirements, supervisory onsite and offsite determination
of compliance with
requirements and
risk assessments, and a strong program of enforcement
and corrective action and
sanctions. The 2012 revision placed increased emphasis
on corporate governance, on supervisors
conducting reviews to determine compliance with
regulatory requirements, and on thoroughly
understanding the risk profile of banks and the banking system.
3. The assessors appreciated the high quality of cooperation received from the
authorities. The mission extends its thanks to the staff of the BoT for its excellent
cooperation and
hospitality. The BoT provided a comprehensive and detailed self-assessment and
granted access to
supervisory manuals, onsite inspection reports, monitoring reports and risk assessments.
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