A bigger challenge for South Africa is the Net Stable Funding Ratio (NSFR), which comes into effect in 2018, and which favours retail funding with maturity in excess of one year. Such a requirement disadvantages a banking system like that of South Africa, which while relying more on wholesale funding has nevertheless been part of a sound financial system.
The Liquidity working group of the BCBS, which the Bank is represented on, is in the process of considering various options, including rule changes. However, for South Africa the availability of high quality liquid assets will continue to be an issue for a while because of structural constraints.