What Judge Davis said about the Absa 'lifeboat' - Executive Summary
REPORT OF THE GOVERNOR’S PANEL OF EXPERTS TO INVESTIGATE THE S A RESERVE BANK’S ROLE WITH REGARD TO THE FINANCIAL ASSISTANCE PACKAGE TO BANKORP LIMITED EXECUTIVE SUMMARYFrom 1985 to 1992 the South African Reserve Bank provided assistance to Bankorp and, for the period 1992 to 1995, to its new owner, ABSA. After the existence of that assistance belatedly became public knowledge, its nature and validity became the subject of controversy which was not resolved. Consequently, on 15 June 2000 the Governor of the S A Reserve Bank appointed a Panel of experts to investigate the S A Reserve Bank’s role with regard to the financial assistance package to Bankorp (“the Panel”) and instructed it to determine:1. Whether the S A Reserve Bank, in providing financial assistance to Bankorp, has contravened the provisions of the S A Reserve Bank Act, No 90 of 1989, or any other Act;2. Whether the financial policies and procedures of the S A Reserve Bank with regard to financial assistance have been a...
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