Federal Department of Finance FDF
Federal Department of Finance FDF
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International Monetary Fund to evaluate Switzerland’s financial sector
Bern, 07.11.2006 - From 9 - 20 November the International Monetary Fund (IMF) will update the financial sector country report (Financial Sector Assessment Programme, FSAP) for Switzerland. The analysis was first carried out in 2001. Switzerland has an interest in the stability of its financial system because its financial centre is important for the stability of the global financial system. Through its renewed participation in the evaluation, Switzerland is thereby acknowledging its international responsibility.
The FSAP is a country report that specifically focuses on the financial sector. Along with the evaluation of the regulatory environment and supervision in the financial sector, it above all examines the stability of the financial system, together with its resistance to crises. In the case of this country report limited in scope, the implementation of earlier FSAP recommendations will also be covered. Particular emphasis in this year’s evaluation will be placed on supervision in the insurance and pensions sectors.
The IMF delegation will conduct discussions with the Federal Department of Finance, the Federal Department of Home Affairs, the financial market supervisory authorities and the Swiss National Bank. In addition, numerous meetings have been arranged with representatives of the private sector and associations.
The FSAP as a mechanism for early warning and crisis prevention
The Financial Sector Assessment Programme (FSAP) was jointly launched by the IMF and the World Bank following the Asian crisis. This voluntary initiative, in which over 100 countries have taken part, aims to detect structural and regulatory weaknesses in the respective financial sector early on, and prevent crises. For countries important to the global financial system, follow-up evaluations are envisaged every five years or so. The evaluations make an important contribution to the stability of the international financial and monetary system. Based on the 2001 evaluation, the IMF said of Switzerland that it possessed marked resistance to crises. It confirmed the high quality of regulation and supervision in our system and judged the Swiss financial system to be robust and in conformity with internationally recognised standards.
Kindly note that in the third sentence of the second paragraph the word "report" has been added.
Address for enquiries:
David Gerber, Head of Financial Markets and Services, Federal Finance Administration (FFA), tel. 031 325 15 28Rudolf Zurkinden, Financial Markets and Services, Federal Finance Administration (FFA), tel. 031 325 09 20
Publisher:
- Federal Department of Finance
- Internet: http://www.efd.admin.ch