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Financial Stability Responsibility |
Financial Stability Objective/Target |
| Brazil |
Shared responsibility but major role. Central Bank established, on May 18th 2011, the Financial Stability Committee (COMEF), composed of the Governor and Deputy Governors. |
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| China |
Full responsibility. |
Law of the PRC on the People's Bank of China says "fend-off and mitigate financial stability". |
| South Africa |
Shared responsibility but major role. The Financial Stability Oversight Committee (FSOC) to set objectives and targets. |
The Reserve Bank is required to achieve and maintain price stability in the interest of balanced and sustainable economic growth in South Africa. The achievement of price stability is underpinned by the stability of the financial system and financial markets. For this reason, the Bank is obliged to actively promote financial stability as one of the important determinants of financial system stability. |
| Poland |
Shared responsibility. In December 2008, the Financial Stability Committee (FSC) was set up. The Committee comprises of three members: Minister of Finance, Governor of the National Bank of Poland and Chairman of the Polish Financial Supervision Authority. |
The Act on the National Bank of Poland provides that: The tasks of the NBP shall also include acting to sustain stability of Poland’s financial system, as defined by Art. 2 subpara. |
| Turkey |
Shared responsibility with Financial Stability Committee, Capital Market Board and Banking Regulation and Supervision Agency. |
To take precautions for enhancing the stability in the financial system and to take regulatory measures with respect to money and foreign exchange markets |
| Russia |
Bank of Russia shares responsibility with other regulatory bodies (Ministry of Finance, Federal Financial Markets Service (FFMS), Ministry of Economic Development). The mandate of the Bank of Russia in the field of financial stability will increase as a result of creation of the merger with FFMS. |
Key objectives are set in Article 3 of Federal Law No. 86-FZ of July 10, 2002, “On the Central Bank of the Russian Federation (Bank of Russia)”: to protect the ruble and ensure its stability, promote the development and strengthen the Russian banking system and ensure the efficient and uninterrupted functioning of the payment system. |
| India |
Reserve Bank of India and Financial Stability and Development Council, established in 2010, are responsible for financial stability together. |
RBI added financial stability as a formal policy target to its legislation in 2004. RBI: Regulator and supervisor of the financial system - Prescribes broad parameters of banking operations within which the country's banking and financial system functions. - Objective: maintain public confidence in the system, protect depositors' interest and provide cost-effective banking services to the public. |
| Mexico |
In July 2010, Mexico established a Financial System Stability Council by means of a Presidential Decree. Financial System Stability Council (FSSC) comprises the Finance Ministry (chair), the Bank of Mexico and the country’s other principal regulatory agencies. It was established as a forum for evaluation, analysis, and coordination of authorities on financial system issues, in order to contribute to maintaining financial stability. |
Article 2 of Banco de México's Law, The Bank shall have the purpose of promoting the sound development of the financial system and fostering the proper functioning of payment systems.FSSC’s main functions are to identify potential risks to the country’s financial stability, recommend appropriate policies and actions, and coordinate their implementation by member agencies. The FSSC also serves as an advisor to the President with respect to financial stability matters. |
