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Financial Sector Assessment Programme (FSAP)

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The FSAP, is a joint International Monetary Fund (IMF) and World Bank programme introduced in May 1999.

It aims to increase the effectiveness of efforts to promote the soundness of financial systems in member countries, but it is a voluntary programme and there are no real penalties for non-compliance. However, reputational damage may occur as the last FSAP reports remain current in the public domain until a new one is released and old reports are archived. This may also affect a country's credit rating.

The focus of FSAP assessments is twofold:

• to assess the stability of the financial sector, FSAP teams examine the soundness of banking and other financial sectors, conduct stress tests, rate the quality of bank, insurance, and financial market supervision against accepted international standards. They evaluate the ability of supervisors, policymakers, and financial safety nets to respond effectively in case of systemic stress. While FSAPs do not evaluate the health of individual financial institutions and cannot predict or prevent financial crises, they identify the main vulnerabilities that could trigger one;
• to assess the development aspects of the financial sector, FSAPs examine the quality of the legal framework and of financial infrastructure, such as the payments and settlements system; identify obstacles to the competitiveness and efficiency of the sector; and examine its contribution to economic growth and development. Issues related to access to banking services and the development of domestic capital markets are particularly important in low-income countries.

FSAP was a response to calls by the international community for more intense international cooperation to:

• foster growth by promoting financial system soundness and financial sector diversity.
• reduce the likelihood, severity, or both of financial sector crises and cross-border contagion;

FSAP aims at contributing to those objectives through the preparation and delivery to national authorities of comprehensive assessments of their financial systems. Those assessments are intended to:

• ascertain the sector's development and technical assistance (TA) needs;
• assess observance and implementation of relevant international standards, codes, and good practices;
• determine whether this observance addresses the key sources of risks and vulnerabilities;
• help design appropriate policy responses;
• identify strengths, vulnerabilities, and risks;
• provide a robust infrastructure for financial development.

Detailed assessments of observance of relevant financial sector standards and codes, which give rise to Reports on Observance of Standards and Codes (ROSCs) as a by-product, are a key component of the FSAP.

The FSAP also forms the basis of Financial System Stability Assessments (FSSAs), in which IMF staff address issues of relevance to IMF surveillance, including risks to macroeconomic stability stemming from the financial sector and the capacity of the sector to absorb macroeconomic shocks.