State-owned banks Bill ready for final vote
A proposed law allowing SOEs to establish banks passed the penultimate hurdle yesterday before being sent to President Cyril Ramaphosa for signature and promulgation, says Business Day. The National Council of Provinces (NCOP) Select Committee on Finance adopted the Financial Matters Amendment Bill, which contains the enabling provision for state-owned banks.
The Bill, along with a number of other Bills including the Copyright Amendment Bill (see TODAY's ANALYSES section, below), will now go before the final plenary session of the NCOP today for final adoption. The NCOP will then close down for business ahead of the 8 May election.
The DA opposed the Bill because it opposes the establishment of state-owned banks.
The party has long argued that no economic rationale has been presented for them, the creation of which has long been on the agenda of the ruling ANC and was included among the resolutions adopted by the party at its December national congress.
The EFF supports the creation of state-owned banks, as previously reported, with its chief whip Floyd Shivambu having submitted a private member’s Bill to provide for this option.
The Finance Committee of the National Assembly, however, opted for the Treasury’s Bill, which includes more conditions and checks and balances.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
