With the transition to a democratic South Africa, confidence has begun to return with the mounting evidence that economic policies are prudent and transparent. It is on these foundations that we will continue to build upon. We count on you as our valued partners. Danke. Rea leboga. BIS Review 64/2001  5
During the crisis, some supervisors, motivated by uncertainty, engaged in defensive actions such as national ringfencing of liquidity and national asset-liability matching. This may have been rational given their mandates, but it reinforced fragmentation. Under the SSM, all supervisors will have the same rules, standards and decision-making procedures.