Macroprudential Policy Governance

Macroprudential policy discussions take place at the Central Bank’s Financial Stability Committee (FSC). The FSC advises the Governor or the Commission as the relevant decision-maker regarding the Central Bank’s macroprudential policy measures across the three pillars of its macroprudential policy framework (i.e. policies relating to banks, borrowers and non-banks). Previously,this advisory role was undertaken by the Macroprudential Measures Committee (MMC). The MMC was established in August 2016 and operated until June 2023.

The membership of the FSC is:

  • Governor
  • Deputy Governor (Monetary and Financial Stability) 
  • Deputy Governor (Financial Regulation) 
  • Deputy Governor (Consumer and Investor Protection) 
  • Director of Financial Stability 
  • Director of Economics and Statistics 
  • Director of Credit Institutions Supervision 
  • Secretary - Head of Macro-Financial Division 

Terms of reference

Terms of Reference for Financial Stability Committee | pdf 257 KB

Public accounts of macroprudential policy discussions

Taking into account any statutory or internal constraints around publication, the Central Bank publishes an account of the Committee’s macroprudential policy discussions.