The Bank continued its role as part of the CLS system oversight group chaired by the Federal Reserve Bank of New York. During the year the Bank and other participating central banks signed a CLS oversight protocol arrangement. CLS oversight arrangements and processes were thoroughly and successfully tested during the financial market crisis in September and October 2008.
Financial stability Financial stability is of vital interest to central banks and, with the evolution of the global financial crisis, renewed attention has been paid to financial stability policy responses. Some central banks have responded by adopting more explicit and broader mandates for financial stability.