Hon Chair, I would make it very clear that the DA supports amendments to the Insolvency Act as well as amendments to the Military Pensions Act of 1976. These amendments are necessary to recognise that
all types of relationships including life partnerships to qualify for benefits and also to ensure gender neutrality in accordance with our Constitution.
The DA further supports amendments to the Government Employees Pension Law. These amendments address the prejudices that have been suffered by the divorced public servants through the current debt approach. The reduction of pensionable service is the approach then adopted by most pension funds in the country currently and results in a more predictable outcome for the member that is going on pension or retiring.
The Amendments to the Bank Act is where we have a problem. It provides for state-owned companies meeting the prudential and other requirements of the Banks Act to apply for authorisation to establish a bank. If you listen and apply your mind you will be able to digest. [Interjections.] This amendment was prompted by the view that the post bank should be registered and licensed as a bank. I point out that if there was a case to be made for the post bank then a Bill dealing only with a post bank should have been introduced in order to prevent the possibility of a plethora of state banks being established. The DA in conclusion is opposed to state-owned banks in principle and this amendment will allow any state-owned company to apply for the permission of the Minister
concerned in concurrence with the Minister of Finance to establish a bank. Therefore, the DA opposes this Bill. Thank you, Chairperson.
IsiXhosa: