In pursuing this goal, the Financial Sector Regulation Act 9 of 2017 (FSR Act) confers on the SARB an explicit statutory mandate to protect and enhance financial stability. The SARB and National Treasury have consequently developed new legislation that will facilitate the orderly resolution of systemically important financial institutions that are failing, which is an important pillar of the SARB’s expanded mandate.
Going back to financial integration, let me mention that several initiatives are underway. One such initiative is the TARGET2 project. Since the introduction of the euro, the national large-value payment systems have been interconnected through the TARGET system.