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Financial System Stability
Financial System Stability Committee

The Financial System Stability Committee (FSSC) was set up in 2002 when financial system stability became one of the core objectives of the Central Bank, to co-ordinate efforts to ensure that the overall system is robust and secure and that threats to the system are identified and reduced.
The main tasks of the FSSC are to :
  • Assess the risks and vulnerabilities that may lead to financial system instabilities or imbalances and to recommend measures and policies to mitigate them, to the Governor and the Monetary Board.
  • Monitor the financial system and to submit periodic reports to the Governor and the Monetary Board, recommending policies necessary to promote financial system stability.
  • Prepare the Financial System Stability Review.

The FSSC consists of the following CBSL officials
Chairman
  • Deputy Governor in charge of Financial System Stability

Members
  • Deputy Governor, in charge of Price Stability
  • Assistant Governor, in charge of Financial System Stability (Deputy Chairman)
  • Assistant Governor, in charge of Price Stability
  • Assistant Governor, in charge of Payments and Settlements
  • Director of Financial Stability Studies
  • Director of Economic Research
  • Director of Bank Supervision
  • Director of Supervision of Non-Bank Financial Institutions
  • Director of Payments and Settlements
  • Director of Information Technology
  • Director of Domestic Operations
  • Director of International Operations
  • Superintendent of Public Debt.
  • Director of Statistics
  • Controller of Exchange
  • Director of Financial Intelligence Unit

Observer
  • Director of Policy Review & Monitoring

Secretary to the FSSC
  • Deputy Director, Financial Stability Studies

The FSSC meets once a month and at these meetings, members analyse reports prepared by relevant departments on issues and concerns relating to the stability of the financial system. Risks to the financial system are detected and measured through surveillance, which include the monitoring of financial sector stability indicators, such as macro-prudential and micro-prudential indicators. The FSSC submits periodic reports to the Governor and the Monetary Board on the risks that could affect financial system stability and makes recommendations on the measures and policies required to reduce these risks and to maintain financial system stability.

The FSSC is also responsible for the preparation of the Financial System Stability Review (FSSR). The purpose of the FSR is to inform all stakeholders, including the general public of the Central Bank's overall assessment of financial system stability and potential risks and ways to mitigate them and to encourage informed debate on financial stability issues in Sri Lanka.

In addition, the FSSC has released a number of publications namely a brochure on the "Objectives, Functions and Organization of the Central Bank", a "Guide to Foreign Exchange Transactions" and a series of pamphlets on "Price Stability", "Financial System Stability", "The Exchange Rate", "Danger Posed By Pyramid Schemes and Multi-level Marketing Programs", "Institutions Authorised To Accept Deposits" , "Preventing Money Laundering & Combating the Financing of Terrorism" and "LankaSecure System" towards enhancing public awareness on issues relating to financial system stability.

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Financial System Stability
About the Financial System
 
Financial System Stability
  Structure of the Financial System
  Components of the Financial System
Regulation and Supervision
 
Regulation and Supervision of Banks
  Regulation and Supervision of Finance Companies
  Regulation and Monitoring of Finance Leasing Establishments
  Regulation and Supervision of Primary Dealers
Monitoring and Surveillance
 
Maintaining Stability in Money and Foreign Exchange Markets
  Overseeing the Payment and Settlement System
  Surveillance of Financial Conglomerates
  Lender of Last Resort
Financial System Stability Committee
   
 
 
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