South Africa: Financial Sector Assessment Program-Financial Safety Net, Bank Resolution, and Crisis Management Framework-Technical Note

International Monetary Fund

No 2015/053, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Note discusses recommendations made during the Financial Sector Assessment Program (FSAP) for South Africa in the areas of contingency planning, crisis management, and bank resolution. The proposed scope of the new resolution regime and of the South African Reserve Bank’s (SARB) jurisdiction as the resolution authority remains unclear. It is suggested that authorities should consider focusing on all deposit-taking institutions and only those other financial institutions that are currently deemed systemic. Non-deposit-taking financial institutions that are not found to be systemic should be resolved by the Prudential Authority or the Market Conduct Authority, whichever is the lead regulator.

Keywords: ISCR; CR; resolution authority; SARB debentures rate; SARB-issued debenture; SARB announcement; money market; SARB Guidance note; SARB repo rate; SARB guideline; SARB governor; judicial review; SARB's function; regulatory authority; bank merger; Bank resolution framework; Financial sector stability; Crisis management; Legal support in revenue administration; Africa (search for similar items in EconPapers)
Pages: 42
Date: 2015-03-03
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