EDITORIAL: Transforming the banks
The industry’s worst fear — that this was an invitation to a mugging — has not been realised
Parliament’s finance committee has held two full days of public hearings on the banks and plans a third in May. The industry’s worst fear — that this was an invitation to a mugging — has not been realised. While there was a chance, and perhaps there still is a small one, that the process could get so noisy and uncontrollable it could damage investor confidence in the banks and economy, the tone of the hearings was, by and large, constructive. What is still not clear is what the committee, in particular its ANC contingent, hopes to achieve through the process. Chairman Yunus Carrim says the motivation for the hearing came most directly from the overhaul of financial regulation in which the committee is involved to implement the new Twin Peaks framework. He says the committee has realised that if it were to develop a point of view on regulation, which took into consideration the country’s wider political and developmental goals, it needed to better appraise itself of the state of the ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.