The Central Bank of the Bahamas announced that the Bahamas Financial Stability Council (BFSC) held its first meeting on 19 February 2025, bringing together the Ministry of Finance, the Central Bank, the Securities Commission of The Bahamas, the Insurance Commission of The Bahamas, and the Deposit Insurance Corporation. The BFSC agreed to strengthen domestic financial stability assessments by expanding their depth and coverage, making them more forward-looking, improving data coverage, and adding simulations of various risk scenarios, including climate change. Members agreed to establish a data collection working group to develop a comprehensive approach to surveying the nonbank sector, covering insurance, pensions, investment funds, money lending, and pay day loan activities. The council also endorsed stronger surveillance of nonbank lending to assess impacts on financial soundness indicators, greater technical capacity to analyse climate change risks, and enhanced assessment of linkages between financial sector soundness and fiscal sector implications. The BFSC committed to developing a coordinated domestic crisis management response plan and to ongoing improvements in mechanisms for monitoring and enhancing domestic financial stability.
Central Bank of the Bahamas 2025-02-20
Central Bank of the Bahamas convenes inaugural Bahamas Financial Stability Council meeting and agrees new workstreams on nonbank data and crisis planning
The Central Bank of the Bahamas announced that the Bahamas Financial Stability Council held its inaugural meeting, focusing on enhancing domestic financial stability assessments and data coverage. Key initiatives include forming a data collection working group for the nonbank sector, improving climate change risk analysis, and strengthening surveillance of nonbank lending. The council also committed to developing a coordinated domestic crisis management plan.