system as a whole. Macro prudential regulation is aimed to minimize systemic risks. Central Bank policies addressed to maintaining financial stability Central Bank policies to maintain financial stability fall into three types. When the financial system is characterized as stable, or in other words the fluctuations of main indicators are within allowable band, a preventive policy will need to be implemented. Implementation of such a policy implies monitoring a number of macro-prudential indicators on an ongoing basis. It is necessary to capture the financial sector's direct and indirect international exposures in both quantitative and qualitative terms. Preventive policy is addressed to financial stability by using available supervisory and regulatory tools. When financial system fluctuations are within the target band yet tend to infringe it, which might cause high volatilities in certain financial or non-financial sectors, then corrective policy will be applied. Actions arising out of the above policy cover activities such as examining new financial market instruments and risk analysis methods, studying loan loss provisioning practices, discussing new capital adequacy requirements and adopting international reforms and implementing appropriate supplements. This in fact provides for an opportunity to extend available instruments and improve regulatory framework. In case the fluctuations of financial system are beyond the level allowed and the system is not able to perform its key functions, a recovering policy will be implemented. Recovering measures commonly include an extended variety of anti-crisis measures. Extraordinary anti-crisis measures taken by the Central Bank are: extended opportunities for banks to borrow from the central bank, policy of quantitative easing, emergency liquidity assistance under its function of lender of last resort, etc. Financial Stability Committee In 2011 the Central Bank established a consultative body that is the Financial Stability Committee. The main task of the Committee is assessment of financial stability. The Committee identifies probable risks that threaten the financial stability and the main channels of its influence, debates the main measures addressed to the providing of financial stability, suggests the scope of further policy directions and other necessary actions. The committee sessions take place every quarter. In extraordinary situations a special session is convened on the basis of chairman's verbal decision. The Committee is available with the structure as mentioned below: Committee chairman Chairman of Central bank Committee deputy chairman Deputy Chairman of Central Bank Committee members Head of Financial system stability and development department Head of Monetary policy department Head of Financial