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Bank Negara Appoints New Members To Its Financial Stability Executive Committee

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PETALING JAYA: Bank Negara has announced the appointments of deputy governor Abdul Rasheed Ghaffour, Datuk Johan Idris and Yoong Sin Min as members of its Financial Stability Executive Committee.

Johan and Yoong would serve as external experts for a three-year term with effect from November 3, 2016, following the resignation and expiry of membership of the previous external experts. These appointments are in accordance with Section 37(2) of the Central Bank of Malaysia Act 2009 (CBA).

The Executive Committee is empowered under the CBA to decide on specific measures that can be taken by the bank to avert or reduce risks to financial stability.

These measures are: 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 licensed financial institution in Malaysia; and the provision of capital support to a non-viable licensed financial institution in Malaysia.

The Executive Committee consists of seven members, a majority of whom are non-executive members who are independent of the bank’s management.

It also serves to strengthen the accountability framework for the exercise of expanded financial stability powers accorded to the bank under the CBA. It acts to ensure that proposed measures within its purview are appropriate to address identified risks to financial stability.

With these new appointments, the current members of the Executive Committee are: Governor Muhammad Ibrahim (Chairman), Tan Sri Dr.Mohd Irwan Serigar Abdullah ( Treasury secretary-general), Tan Sri Ranjit Ajit Singh (chairman of Securities Commission), Jean Pierre Sabourin (CEO of Perbadanan Insurans Deposit Malaysia), deputy governor Abdul Rasheed Ghaffour, Datuk Johan Idris and Yoong Sin Min.

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