The Brazilian central bank has created a Financial Stability Committee looking to monitor and coordinate responses to a build-up of systemic risk.
The committee will consist of the chairman and seven directors of the Central Bank, with each member having a single voting right.
Department leaders of the bank whose work is related to preserving financial stability will join the meetings but will have no voting rights, the central bank said on Wednesday, unveiling the group.
The committee will look to develop strategies and guidelines for the central bank in an attempt to maintain financial stability.
It will also provide the influential regulatory committee, Coremec, with "useful information" about maintaining financial stability, the bank said.
Coremec is a committee sat on by the country's central bank, Securities and Exchange Commission and the pensions and insurance regulators.
While the Financial Stability Committee will have no powers it will act as an advisory group, also tasked with coordinating and integrating regulatory actions to reduce systemic risk in the country's financial system.
Sotrce: http://www.gfsnews.com
The committee will consist of the chairman and seven directors of the Central Bank, with each member having a single voting right.
Department leaders of the bank whose work is related to preserving financial stability will join the meetings but will have no voting rights, the central bank said on Wednesday, unveiling the group.
The committee will look to develop strategies and guidelines for the central bank in an attempt to maintain financial stability.
It will also provide the influential regulatory committee, Coremec, with "useful information" about maintaining financial stability, the bank said.
Coremec is a committee sat on by the country's central bank, Securities and Exchange Commission and the pensions and insurance regulators.
While the Financial Stability Committee will have no powers it will act as an advisory group, also tasked with coordinating and integrating regulatory actions to reduce systemic risk in the country's financial system.
Sotrce: http://www.gfsnews.com
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