On many of our rural island communities basic banking services are not available, or only available in very constrained conditions. The rising costs of providing banking through traditional physical channels have further scaled-back this access. Also, high concentrations See the IMF’s 2018 Financial Access Survey Database: data.imf.org/?sk=388DFA60–1D26– 4ADE-B505-A05A558D9A42.
For example, enhanced contingency planning could reduce the risks to individual firms and the broader financial system, should a large and complex financial institution become seriously distressed. Because no institution is too big to fail, I believe that regulators should develop a clearer understanding of several key factors.