Reserve Bank says finance sector forum is working on blackout contingency plan

📆 21/02/2023 17:05:00
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While it said the forum existed to test the financial system's resilience to risks such as a blackout, the bank considered a national grid failure “unlikely”.

“The FSCF has since 2015 been preparing plans to respond to a national or regional electricity grid failure. As part of these preparations, it has been in regular contact with Eskom, the petroleum industry and the telecommunications industry,” the statement said.

“Crisis management plans are typically based on a range of likely but low probability scenarios and that a crisis management plan exists should not be interpreted as a signal that the bank is anticipating any specific scenario to materialise,” it said. Bank deputy governor Kuben Naidoo chairs the FSCF which includes members from the National Treasury, the Financial Sector Conduct Authority, the Association for Savings and Investment South Africa, Banking Association South Africa and the Financial Intelligence Centre.

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