Using a terminology developed in the academic literature, it is clear that the ECB enjoys “instrument independence” - that is to say, the Governing Council of the ECB is fully responsible for monetary policy decisions and the setting of monetary policy instruments. Yet the ECB is not “goal independent”.
These are Reserve Bank liabilities which are carried around by the general public. Their total value is about R170 billion currently. Everyone is familiar with these, but they are not very important for monetary policy implementation.