INTRODUCTION

ABBREVIATIONS

AACB CAF EIM GFECRA

Association of African Combined Assurance Enterprise Information Gold and Foreign-Exchange
Central Banks Forum Management Contingency Reserve

DELIVERING THE SARB STRATEGY

Account
ABHL CA(SA) EQA
African Bank Holdings Chartered Accountant external quality assurance Hons
Limited South Africa Honours (degree)
ex officio
ABL CCB by virtue of one’s position IAD
African Bank Limited countercyclical capital buffer or status (Latin) Internal Audit Department
AGM CD(SA) FATF IAS
annual Ordinary General Chartered Director Financial Action Task Force International Accounting
Meeting South Africa Standard
fintech
app CEO financial technology IASB
application Chief Executive Officer International Accounting
FMA Standards Board
BA CFO Financial Markets Act 19
Bachelor of Arts Chief Financial Officer of 2012 ICT
information and
BC CIA FMI

SUBSIDIARIES
communications technology
Budget Committee Chief Internal Auditor financial market
infrastructure i.e.
BCBS CIO id est (that is to say) (Latin)
Basel Committee on Chief Information Officer FSB
Banking Supervision Financial Services Board IFRIC
CLF International Financial
BCom committed liquidity facility FSC Reporting Interpretations
Bachelor of Commerce Financial Stability Committee
Companies Act Committee
BCompt Companies Act 73 of 2008 IFRS
Bachelor of Accounting FSCA International Financial
Science Constitution Financial Sector Conduct

GOVERNANCE
Constitution of the Republic Reporting Standards
Authority
BER of South Africa Act 108 IGCC
Bureau for Economic of 1996 FSCF Inter-Governmental Cash
Research Financial Sector Coordination
COO Contingency Forum
BIS Chief Operating Officer IIA
Bank for International FSD Institute of Internal Auditors
Settlements COSO Financial Services
Committee of Sponsoring Department IMF
BProc Organizations of the International Monetary Fund
Baccalaureus Procurationis Treadway Commission FSOC
(law degree to qualify as an Financial Stability Oversight IMFC
CPD
FINANCIALS

attorney in South Africa, Committee International Monetary and

phased out in 2001 and
replaced by an LLB)
BREC
Board Risk and Ethics
Committee
BRICS
An association of five
Corporation for Public Financial Committee
Deposits FSRA
Financial Sector Regulation Inc.
CPD Act Act 9 of 2017 Incorporated
Corporation for Public
Deposits Act 46 of 1984 G-20 Income Tax Act
Group of Twenty Finance Income Tax Act 58 of 1962
CPI Ministers and Central Bank
consumer price index Governors InsureCo
African Insurance Group
ADDITIONAL INFORMATION

major emerging national CSI

economies: Brazil, Russia, GDP Limited
corporate social investment gross domestic product
India, China and ISL
South Africa DCom GEC Investec Securities
Doctor of Commerce Governors’ Executive Proprietary Limited
BSc
Bachelor of Science ECL Committee
expected credit loss

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 ABBREVIATIONS continued

ISO PhD SARB Amendment Act

International Organization Doctor of Philosophy South African Reserve Bank
for Standardization Amendment Act 4 of 2010
Prestige Bullion
IT Prestige Bullion (RF) SARB debentures
information technology Proprietary Limited South African Reserve Bank
debentures
ITSC Pty
Information Technology Proprietary SFA
Steering Committee strategic focus area
PwC
JSE PricewaterhouseCoopers Inc. SIFIs
Johannesburg Stock systemically important
Exchange Limited Rand Refinery financial institutions
Rand Refinery Proprietary
King IV Limited SNG
King Report on Corporate SizweNtsalubaGobodo Inc.
Governance in South Africa Remco
2016 Remuneration Committee SOEs
state-owned enterprises
LCR repo rate
liquidity coverage ratio repurchase rate South African Mint
South African Mint
LLB Resmanco Company (RF) Proprietary
Bachelor of Laws Reserves Management Limited
Committee
LLM SRM
Master of Laws RF systemic risk measure
ring fenced
Ltd S&P
Limited RMC Standard & Poor’s Financial
Risk Management Services LLC
LTIFR Committee
lost time injury the Board
frequency rate RMCD Board of Directors of the
Risk Management and SARB
Manco Compliance Department
Management Committee the Group
SA South African Reserve Bank
MBA South Africa(n) Group, including its
Master of Business subsidiaries and associate,
Administration SABN
South African Bank Note African Holdings Limited,
MCom Company (RF) Proprietary referred to in the
Master of Commerce Limited summarised annual financial
statements
MPC SADC
Monetary Policy Committee Southern African UK
Development Community United Kingdom
MSc
Master of Science SAM Unisa
Solvency Asset University of South Africa
Nedcom Management
Non-executive Directors’ USA
Committee SARB United States of America
South African Reserve Bank VAT
NPS
National Payment System SARB Academy value-added tax
South African Reserve Bank Wits
OPEC Academy
Organization of the University of the
Petroleum Exporting SARB Act Witwatersrand
Countries South African Reserve Bank
Act 90 of 1989, as
Pension Funds Act amended
Pension Funds Act 24
of 1956

132 SOUTH AFRICAN RESERVE BANK ANNUAL REPORT 2017/18