Financial Stability Committee
The Financial Stability Committee (AFS) was set up at the Federal Ministry of Finance in 2013 on the basis of Section 2 of the Financial Stability Act (FinStabG) and has the particular task of regularly discussing issues relevant to financial stability and warning of any identified dangers.
Members
The committee is set up at the Federal Ministry of Finance. It includes:
- three representatives of the Deutsche Bundesbank ,
- three representatives of the Federal Ministry of Finance ,
- three representatives of the Federal Financial Supervisory Authority (BaFin),
- as well as the member of the board of directors of BaFin who is responsible for the resolution division - without voting rights.
This means that those public institutions are represented on the committee that deal with the supervision of the financial system at national level.
tasks
“The central task of the Financial Stability Committee is to regularly discuss the issues relevant to financial stability and, if any dangers are identified, to warn of these and to issue recommendations on how to counter them. The analyzes of the Deutsche Bundesbank serve as the basis for this. The committee also advises on how to deal with warnings and recommendations from the ESRB . It was also set up with the aim of strengthening cooperation between the institutions represented in it in the event of a financial crisis. "
The AFS meets once every quarter. The chairman of the management committee of the FMSA (which belongs to the AFS) informs the steering committee within the meaning of Section 4 (1) sentence 2 of the Financial Market Stabilization Fund Act (FMStFG); in particular, it informs the steering committee regularly about the development of financial stability and about the resolutions and other decisions of the AFS ( Section 2 (8) FinStabG). In addition, the AFS reports once a year to the German Bundestag on the situation and development of financial stability and on its activities in accordance with the FinStabG (Section 2 (9)). He can issue warnings and recommendations to the federal government, the FMSA or another public body in Germany ( Section 3 FinStabG).
The AFS works closely with the European Systemic Risk Board (ESRB) and, if necessary, with the authorities in the other EU member states responsible for maintaining financial stability ( Section 4 FinStabG).
See also
Individual evidence
- ↑ In the version of the announcement of November 28, 2012 ( Federal Law Gazette I p. 2369 ), amended by Article 21 of the Act for the Implementation of Directive 2011/61 / EU on the Managers of Alternative Investment Funds (AIFM Implementation Act – AIFM-UmsG) of July 4, 2013 ( Federal Law Gazette I, p. 1981 ).
- ↑ Financial Stability Committee. Retrieved August 6, 2019 .
- ↑ BAFIN website. Retrieved April 2, 2014.
