South Africa : Financial Sector Assessment Program-Detailed Assessment of Compliance on the Basel Core Principles for Effective Banking Supervision

Author/Editor:

International Monetary Fund. Monetary and Capital Markets Department

Publication Date:

March 3, 2015

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

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.

Series:

Country Report No. 15/55

Subject:

English

Publication Date:

March 3, 2015

ISBN/ISSN:

9781484309773/1934-7685

Stock No:

1ZAFEA2015005

Format:

Paper

Pages:

196

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