BANKING AFFAIRS

Detailed explanation-1: -The Financial Stability Board (FSB) is a global organization that regulates and makes recommendations regarding the global financial system. The FSB promotes and ensures global financial stability by monitoring the global financial scenario and making recommendations for the same.

Detailed explanation-2: -The FSB promotes international financial stability; it does so by coordinating national financial authorities and international standard-setting bodies as they work toward developing strong regulatory, supervisory and other financial sector policies.

Detailed explanation-3: -FSB was established in 2009 under the aegis of G20 by bringing together the national authorities, standard setting bodies and international financial institutions for addressing vulnerabilities and developing and implementing strong regulatory, supervisory and other policies in the interest of financial stability.

Detailed explanation-4: -The Bank of England’s Financial Policy Committee (FPC) identifies, monitors and takes action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system.