At the microprudential level, the past year saw the first significant bank failure in South Africa in over a decade when African Bank Limited was placed under curatorship. In cooperation with National Treasury, the Bank and the private sector, the issue was resolved and prevented systemic spillovers, which includes the application of bail-in provisions.
Time flies, and it is only about a week before the turn of the year. Looking back, this year has been a particularly severe one both for overseas economies and Japan's economy.