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Financial Stability Committees


Financial Stability Committee
 

The Central Bank’s Financial Stability Committee (FSC) is responsible for devising policies and making appropriate recommendations for assessing and maintaining the stability of the financial system. The FSC is also responsible for the preparation and issuance of an annual Financial Stability Report. 

The primary functions of the FSC are to:

  • Assess vulnerabilities and risks affecting the financial system and determine the resilience of financial system to key macroeconomic shocks;
     
  • Review on a timely and on-going basis the macro-prudential and related actions needed to address new potential vulnerabilities to financial system stability;
     
  • Communicate financial stability and macro-prudential concerns to other regulatory authorities, market participants and the public, including views expressed in financial stability reports, and
     
  • Facilitate coordination and information exchange among local, regional and international regulatory authorities responsible for financial stability.

The FSC comprises five (5) members, as follows:

  • Governor (Chairman)
     
  • Inspector of Financial Institutions (Deputy Chairman)
     
  • Deputy Governor – Monetary Operations and Policy
     
  • Deputy Inspector of Financial Institutions
     
  • Chief Economist/Manager – Research Department

 

Financial Stability Secretariat

The Financial Stability Committee (FSC) is supported by a Financial Stability Secretariat (FSS) which meets every quarter. The Secretariat replaced the former Financial Stability Support Committee, and its responsibilities are as follows:

  • Prepare the agenda of the FSC meetings;
     
  • Prepare documents for the FSC meetings, including forward-looking financial system stability assessments, stress testing reports and an evaluation of macro-prudential indicators;
     
  • Recommend financial stability and macro-prudential policy alternatives for consideration by the FSC, and
     
  • Prepare the annual Financial Stability Report to promote better public understanding of financial stability and effective communication with the financial sector, public and investors in general.

The members of the FSS are drawn from relevant departments in the Central Bank that have a role in the management of the financial system.

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