Once passed, the Bill is expected to have significant resource and personnel implications for the Bank. In the year under review, the Bank continued to develop its capacity to oversee and monitor the broader financial sector with the adoption of a macroprudential surveillance approach.
At the microprudential level, the past year saw the first significant bank failure in South Africa in over a decade when African Bank Limited was placed under curatorship. In cooperation with National Treasury, the Bank and the private sector, the issue was resolved and prevented systemic spillovers, which includes the application of bail-in provisions.