Lesetja Kganyago named to steer reform of global finance
The financial sector reforms committee will oversee rules to safeguard world from banking crises
Reserve Bank governor Lesetja Kganyago is to chair a global committee overseeing the implementation of financial sector reforms that leading economies have agreed on to prevent a repeat of the global financial crisis. The committee will also identify what more needs to be done and how the new rules need to be tweaked. Kganyago’s appointment as chairman of the Financial Stability Board’s (FSB’s) Standing Committee on Standards Implementation was announced as the FSB concluded a two-day plenary meeting in Cape Town on Tuesday. He will serve a two-year term beginning on April 1. The Basel-based FSB, which was formed in 2008 in the wake of the London summit of the Group of 20, has 24 members, including SA, which account for more than 90% of the world’s financial assets, and through its regional consultative groups reaches about 90 countries. Bank of England governor Mark Carney, who chairs the FSB, said the reforms were by and large being implemented, with a tenfold increase in the capi...
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