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the function of analysing requests for licenses to operate as financial institutions in the territory. To this purpose, there is a commission, presided by the Superintendent and integrated by the directors of Monetary Policy, Operations and the Legal Department who are in charge of the analysis of requests and submission of an opinion to the Board of Directors of BCC for a final decision on the granting of the said license.
Since BCC was established, different resolutions and agreements have been issued by its Management Board for setting up rules following the 25 Core Principles for an Effective Bank Supervision, recommended by the Basel Committee, which are related to:
Among regulations issued by BCC since its establishment, in terms of supervision, the following are included:
Work is still being carried on the elaboration of documents regulating the banking and financial discipline of the country as well as all methodological procedures to perform the supervision.
On the other side, and to complement control of financial indiscipline, it has been developed the activity of the Central de Información deRiesgos (Risk Information Central) by means of Resolution No. 27, of 1997, whose main objective is the monthly publication of entities which incur in due loans and indiscipline when issuing checks. This publication is sent to the whole financial system and to the Government.
As a result of these inspections, it can be affirmed that financial institutions are solvent, for their solvency coefficient or adequate capital, in all cases, surpass the minimum of 15 percent established in the rules of BCC; just the same, those institutions are within the minimum liquidity ratio for the different tiers according to regulations of BCC; besides, efficiency of the Cuban banking system is evidenced on favourable results of the indicators: spread, ROA (Return On Assets), and ROE (Return On Equities) during all the years covering the 1997-2001 period.
Finally, the health of the Cuban banking system is shown by the fact
that no act of corruption nor illegal capital movement has become manifest
throughout all these years.