In its submission to the Commission during the consultative stage, the Reserve Bank argued that the financial stability mandate that the Reserve Bank has been carrying out historically by virtue of its broad mandate should be clearly defined and formalized. Nevertheless, the FSLRC has envisaged a different arrangement for safeguarding financial stability. Under this arrangement, the FSDC is accorded statutory status.
The introduction of euro banknotes provided an excellent opportunity for the NBB to modernise and reengineer its IT-application for cash handling. The goal was twofold: first of all, to manage cash flows more efficiently, both within the central bank and between the central bank and its main customers, financial institutions and cash transport firms; and secondly, to improve the security of these cash transactions.