Hon Chair, hon members, this Bill proposes that state-owned companies must first obtain approval from the Minister of Finance, acting with the concurrence of the minister responsible for state-owned companies, to apply for authorisation to establish a bank. The Bill further addresses the long outstanding issues of transformation and the financial sector and the licensing of the Post Office as the bank.
This is in line the ANC's 53rd Mangaung conference which resolved that the ANC must take urgent and practical steps to build the capacity of the democratic state within the context of the National Development Plan, NDP. Ladies and gentlemen the economic function of a commercial bank constitutes an aspect of a country's financial system with the specific focus on keeping people's savings, allocating savings to borrowers, in the form of loans and other instruments. Managing the risk of