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PRESENTATION TO THE PARLIAMENTARY COMMITTEE ON FINANCE (PCOF). Presentation by Mr M Belle - Head: International Relations & CCBG Secretariat, South African Reserve Bank 8 May 2007 Parliament, Cape Town. Overview of the Presentation. Background information on the CCBG Structures - PowerPoint PPT Presentation
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PRESENTATION TO THE PRESENTATION TO THE PARLIAMENTARY PARLIAMENTARY
COMMITTEE ON FINANCE COMMITTEE ON FINANCE (PCOF)(PCOF)
Presentation by Mr M Belle - Head: International Relations &
CCBG Secretariat, South African Reserve Bank
8 May 2007Parliament, Cape Town
Overview of the Presentation
Background information on the CCBG Structures Sub committees Role of CCBG in developing annexes of the
FIP Future Challenges
Committee of Central Bank Governors in SADC (CCBG)
CCBG was established in August 1995 to promote and achieve closer co‑operation among central banks
Deals with the development of well‑managed financial institutions and markets, co‑operation regarding international and regional financial relations, and monetary, investment and foreign exchange policies
The CCBG reports to the SADC Ministers responsible for national financial matters
Structure of the CCBG
Committee of Central Bank Governors
- Chairman Mr. TT Mboweni
- Meets 2 times per year (April and September) CCBG Secretariat (located at the SARB) Working Group
- Representative of three central banks (Angola, Botswana & Zimbabwe) and SADC & CCBG Secretariats
CCBO - all central banks are represented by two officials & meets twice a year
Subcommittees of the CCBG
- - Subcommittee on Exchange Control (now dissolved)
- - Payment System Country Leaders & Project Team
- - IT Forum & Forum Co-ordinating Team
- - SADC Subcommittee of Banking Supervisors & Steering Committee
- - Macroeconomic Subcommittee
- - Legal & Operational Frameworks Steering Committee
- - T&D Forum & Steering Committee
Co-operation and Co-ordination of Exchange Control Policies
- Signed by CCBG in September 2005
- Article 6 of the FIP
Objective
- Establish a framework for cooperation and coordination of exchange controls
- Review exchange control policies to ensure convergence as countries move towards liberalisation
-Implement exchange control policies aimed at achieving currency convertibility
Harmonisation of Legal and Operational Frameworks of SADC
Central Banks
- Discussed intensively with MOF and approved in 2005
- Article 7 of the FIP
Objective
- Establish principles that will facilitate the creation of a coherent and convergent status in the legal and operational frameworks of Central Banks
Legal annex continued
- Promote the adoption of principles that will facilitate operational independence of Central Banks
- Create best practices in legal and operational frameworks
- Create a framework for the creation of a Model Central Bank
-Model Central Bank Bill is currently under discussion
Payment, Clearing and Settlement Systems
-Signed by CCBG in September 2005
- Article 8 of FIP
Objective
-Establish a framework for co-operation and coordination on payment, clearing and settlement systems in order to:
-Define and implement a safe and efficient payment system based on internationally accepted principles
Co-operation in the Area of Information and Communication
Technology
- Signed by CCBG in September 2005- Article 9 of the FIP
Objective
- Establish a framework that will encourage the use of ICT solutions in supporting and enabling modern business functions and operations within SADC Central Banks
Co-operation & Co-ordination in the Area of Banking Regulatory &
Supervisory Matters
- Approved 2006 by MOF
- Article 10 of the FIP
Objective- To promote regionally efficient and
effective banking regulatory and supervisory system based on internationally accepted principles
- To harmonise banking regulatory and supervisory policies and practices
Co-operation among Member Stock Exchanges
- Signed by COSSE in February 2006- Annex 11 of FIP
Objective- Establish an integrated real time network
of national securities markets- To encourage cross border listings,
trading and investments - To encourage the development of a
harmonised securities market
SADC Banking Association
- a draft MOU framework has been developed in March 2006
Objective - To promote cooperation and cooperation
within the banks- To encourage a harmonised banking
system
Outstanding Annexes
Anti-money laundering
Accounting and Auditing Standards
Project Preparation and Development Fund
SADC Banking Association
Challenges
SADC Structure (CCBG reporting) Co-ordination at national level Need for regular interdepartmental
discussions Buy in nationally Allocation of task for implementation
according to expertise and capacity Committee reporting to President or
Parliament on developments in implementation of FIP
EndEnd