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Central Bank ranks mandated by EU regulations - Videoblog 20

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Post-financial crisis regulation has led to the establishment of an EU-wide Systemic Risk Board (ESRB) within the European Central Bank's (ECB) financial infrastructure, and whose remit is financial stability. One of the repercussions of the financial crisis was that National Central Banks, especially those in eurozone countries, have been mandated to establish appropriate institutions in their respective countries in order to link with the ESRB. Scicluna explained that, given its size, Malta opted not to establish a new institution, but instead to set-up a joint Financial Stability Board. This board would bring together the Central Bank of Malta, the Malta Financial Services Authority, and a Deputy-Governor within the Central Bank of Malta - a post which the proposed amendment to the Central Bank Act would bring about, and which would be solely focused on financial stability. Such posts may indeed be found in other financial institutions across Europe, such as the United Kingdom's Bank of England, France's Banque de France, and others. "The need for an additional director within the Central Bank of Malta Board arose in order to ensure that the Board's composition is not disrupted," the finance minister explained, adding that the board must be composed of an odd number of members. Visit Website: http://www.edwardscicluna.com Like on Facebook: http://www.fb.com/EdwardSciclunaMEP Follow on Twitter: https://twitter.com/edward_scicluna Subscribe for Newsletter: http://eepurl.com/mpDJj Maltatoday Thursday 3 October 2013
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