Once the necessary legislation has been enacted, the current Financial Stability Committee (FSC) of the Bank, will be replaced by the Financial Stability Oversight Committee (FSOC). This committee will be chaired by the Governor with the membership of this committee comprising the SARB, the Financial Services Board (FSB) and National Treasury as an observer.
The primary mandate of the FSOC will be to monitor and assess systemic risks to financial stability and make recommendations on how to counter or eliminate these risks. In the execution of its financial stability mandate, the Bank relies as far as possible on the efficient functioning of market forces to ensure the stability of the financial system.