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Posts Tagged ‘Council of Financial System Stability’

A day after its creation, the Council of Financial System Stability perform its functions only with the resources authorized by each of its authorities, prescribed in the agreement published by the Ministry of Finance in the Official Journal of the Federation (DOF).

Given these guidelines, the council will not have additional budget allocations, the structure will consist of nine members, among which are: the Secretary of the Ministry of Finance, Undersecretary of the same unit, the Chairs of the National Banking and Securities the National Insurance and Finance and the National System for Retirement Savings.

In this way, the board will be chaired by Ernesto Cordero, Secretary of the Treasury, and in his absence will be Agustin Carstens, Governor of the Bank of Mexico (Banxico).

Meetings should be quarterly, although special meetings may be convened only by the president or three members, also an annual report should be published, which will specify the state of the country’s financial stability and activities in this regard.

The council will have a Technical Committee to prepare proposals and recommendations on risks to financial stability for resolving crisis situations.

At this, the Technical Committee, to obtain economic and financial information required for the analysis and evaluation, it must be sought from the financial authorities. Read the rest of this entry »