Financial Sector Assessment Program of the International Monetary Fund
The Financial Sector Assessment Program (FSAP) of the International Monetary Fund, established in 1999, is a comprehensive and in-depth assessment of the strengths, risks and vulnerabilities of a country’s financial system. It is a key instrument of the Fund’s surveillance and provides input to the regular monitoring of the economies of member states under Article IV. The FSAP is designed to assess the stability of the financial system as a whole and not that of individual institutions. An important FSAP report is the Financial System Stability Assessment (FSSA), in which staff address issues of relevance to the Fund’s surveillance. Other FSAP documents include the detailed assessments of the observance of relevant financial sector standards and codes of best practice by member states, or Reports on the Observance of Standards and Codes (ROSCs), as well as the FSAP Technical Notes that provide additional background information and analysis.
Cyprus was assessed by the International Monetary Fund under the FSAP in 2008, while the relevant reports were published in 2009.