The Global Financial crisis and its impact on financial stability I now wish to turn to the impact of the global financial crisis, particularly its impact on South Africa and other emerging markets and the challenges it poses to financial regulation.
At the same time the Reserve Bank has taken on additional compliance oversight roles, some of which require specialised skill sets. Two examples are the oversight of banks’ internal capital models and the non-objection process for bank capital instruments. Such activities do not sit very well with the regulatory philosophy that I have described.