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South Africa: Financial Sector Assessment Program-Detailed Assessment of Compliance on the Basel Core Principles for Effective Banking Supervision
Author:
International Monetary Fund. Monetary and Capital Markets Department
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2015: Issue 055
Language:
English
Publication Date:
03 Mar 2015
DOI:
https://doi.org/10.5089/9781484309773.002
ISBN:
9781484309773
ISSN:
1934-7685
Pages:
196
Keywords:
ISCR; CR; risk management; banking group; senior management; board of directors; risk profile; internal audit; External audit; Market risk; Credit risk; Internal audit; Auditing; Africa; Global; Southern Africa; bank Supervision department; due diligence; banking book; management committee; staff team of the International Monetary Fund; banking assets; Operational risk
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This paper discusses key findings of the Detailed Assessment of Compliance on the Basel Core Principles for Effective Banking Supervision in South Africa. The South African banking system is highly concentrated with more than 90 percent of banking assets being controlled by the five largest banks. A suitable legal framework for banking supervision is in place to provide each responsible authority with the necessary legal powers to authorize banks, conduct ongoing supervision, address compliance with laws, and undertake timely corrective actions to address safety and soundness concerns. The responsibilities and objectives of each of the authorities involved in banking supervision are clearly defined in legislation and publicly disclosed.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund