New members appointed to BNM Financial Stability Exec panel
Published on: Tuesday, November 29, 2016
Kuala Lumpur: Bank Negara Malaysia has appointed Deputy Governor Abdul Rasheed Ghaffour, Datuk Johan Idris and Yoong Sin Min as members of the bank's Financial Stability Executive Committee.Johan and Yoong will serve as external experts for a three-year term, effective Nov 3, 2016, following the resignation and expiry of membership of the previous experts.These appointments are in accordance with Section 37(2) of the Central Bank of Malaysia Act 2009 (CBA), said Bank Negara in a statement today.
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The Executive Committee consisted of seven members, a majority of whom are non-executive members who are independent of the bank's management, said the central bank.It served to strengthen the accountability framework for the exercise of expanded financial stability powers accorded to the bank under the CBA and to ensure that proposed measures within its purview are appropriate to address identified risks to financial stability.With the appointments, Abdul Rasheed, Johan and Yoong would join Governor Muhammad Ibrahim (Chairman), Tan Sri Dr Mohd Irwan Serigar Abdullah (Treasury Secretary-General), Tan Sri Ranjit Ajit Singh (Securities Commission Malaysia Chairman) and Jean Pierre Sabourin (Malaysia Deposit Insurance Corporation Chief Executive Officer).Stay up-to-date by following Daily Express’s Telegram channel.
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These measures include any order to take specific measures which is issued to a person or financial institution that is not supervised by the bank; the extension of liquidity assistance to overseas operations of a licenced financial institution in Malaysia; and the provision of capital support to a non-viable licenced financial institution in Malaysia. – Bernama
