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Finance Standing Committee
Role of Cooperative Banks
23 Aug 2017
The South African Reserve Bank (SARB) said that a cooperative bank was defined as a cooperative registered as a cooperative bank whose members had a common bond. It was mandated by the Cooperative Banks Act. The SARB registered and regularly assessed cooperative banks, and ensured the protection of depositor’s savings. ...
Finance Standing Committee
Insurance Bill: National Treasury & FSB briefing on proposed amendments
22 Aug 2017
National Treasury took the Committee through amendments to the Insurance Bill, 2016. The Bill was built on the Twin Peaks model of financial regulation envisaged in the Financial Sector Regulation Bill (FSRB) in respect of prudential supervision. It provided a consolidated legal framework for the prudential supervision of insurers as ...
Standing Committee on Appropriations
DPME Medium Term Strategic Framework (MTSF) outcomes progress: briefing by Minister
15 Aug 2017
The Minister of Performance Monitoring and Evaluation presented the Department’s mid-term review of the implementation of the National Development Plan (NDP), outlining the government’s progress in the implementation of its strategic objectives, identifying programmes that were most at risk in terms of spending, as well as the key challenges and ...
Finance Standing Committee
South African Airways (SAA) on its Quarter 1 performance, with Minister
4 Aug 2017
The South African Airways (SAA) presented its quarterly report in the presence of the Minister of Finance, Mr Malusi Gigaba.
Minister Gigaba indicated that Mr Vuyani Jarana, an Executive at Vodacom, had been appointed as SAA CEO. The newly appointed CEO would need to be fully supported as he was ...
Finance Standing Committee
Money Bills Amendment Procedure and Related Matters Amendment Bill: public hearings
2 Aug 2017
The committees heard public submissions on the Money Bills Amendment Procedure and Related Matters Bill.
Dr Sean Muller, Senior Lecturer: School of Economics & Public and Environmental Research Centre, University of Johannesburg, in submitting, queried the timing of the oversight process stipulated by the Act. The Money Bills Act was ...
Finance Standing Committee
South African Reserve Bank briefing
1 Aug 2017
The South African Reserve Bank (SARB) presented its annual report, and indicated that financial stability and prudential monetary policymaking were key aspects of its mandate. Ensuring price stability or low inflation was a traditional function of central banks, but monetary policy could not entirely determine the long term growth potential ...
Finance Standing Committee
Money Bills Amendment Procedure and Related Matters Act
28 Jun 2017
The Constitutional and Legal Services Office took the joint committees through changes to the Money Bills Amendment Procedure and Related Matters Act, which were made after instructions received from the Joint Workshop held on 13 June 2017.
The main highlights of the input by Members were the Democratic Alliance’s concern ...
Finance Standing Committee
South African Airways (SAA) Quarterly Performance: briefing postponed
27 Jun 2017
The South African Airways (SAA) was expected to present its fourth quarter report before the Committee. However, the majority of Members expressed concern about the absence of SAA board members. Also, the Committee was dismayed by the quality of the SAA quarterly report which it could not process.
The majority ...
Health
National Public Health Institute of South Africa: Department of Health briefing
21 Jun 2017
The Department of Health (DoH) appeared before the Committee to present a proposal for a Bill which will empower the creation of a National Public Health Institute of South Africa (NAPHISA). The Bill was proposed for the Institute to coordinate, conduct disease and injury surveillance, provide specialised public health services, ...
Finance Standing Committee
Mandatory Rotation of Auditors & Transformation of Auditing Profession
21 Jun 2017
The Committee heard submissions on Mandatory Audit Firm Rotation (MAFR).
The South African Institute of Chartered Accountants (SAICA) did not believe MAFR was an answer to the challenges of transformation and audit independence. More investment in skills development was paramount. SAICA was convening a multi-stakeholder forum- a single reference point ...