FINANCIAL system regulators comprising the Financial Stability Coordination Council (FSCC) recently signed a memorandum of agreement (MOA) to bolster its ability to manage risks to the country’s financial stability.
The MOA enhances the FSCC arrangements by designating one senior official from each member-agency to join the agency heads in the executive committee; streamlining the FSCC working groups; and creating a communications and capacity-building unit.
Created on Jan. 29, 2014, the FSCC is an interagency council established by agreement of the members. Its key objective is to identify, manage and mitigate the buildup of systemic risks. PR