Madam Chair, yes, that is a fair question. Mr Durr should know that there are a number of areas where one finds that regulation in South Africa is actually scattered over a number of different departments. This creates a problem. One of the debates that are going on at the moment is about how we can try to consolidate regulation. Of course, one of the debates that are taking place is whether we should not establish what one can call a super-regulator! In other words, establish a comprehensive and consolidated regulatory board or authority, which will resort under one department.
Currently we have some regulatory bodies accountable to the Department of Trade and Industry and the Department of Finance, and others to the Reserve Bank. So there is a debate that is going on around consolidation. It is an ongoing debate amongst Finance, Trade and Industry, the FSB and the SA Reserve Bank, and I am sure that in due course, that is once we have taken those discussions to a certain point, we will be able to inform the House as to the direction in which we are moving.
This was really to make the point that the question of microlenders is a matter of great concern, and we hope that we can, at least, remove some of the negative aspects of the microlending industry.
Of course, Mr Durr is correct when he says that banks are actually moving into the microlending sector. I think Absa was the first, and I hear that Standard Bank has also done the same. We would simply hope that this would actually go some way in ensuring that banks themselves extend services which previously they did not extend to certain sectors of the community.
I would like to thank all members. [Applause.]
Debate concluded.
Bill agreed to in accordance with section 75 of the Constitution.
Business suspended at 11:23 and resumed at 14:01.
Afternoon sitting