Chairperson, this Bill brings about regulatory framework. It defines certain expressions of the Bank Act of 1990 and other related matters of controlling and consolidating the banking industry through various statutory bodies and individually controlled bodies, an accord implementation forum, the regulatory framework subcommittee, the register, managers, supervisors, as well as, organised sharing of valuable information and technology.
The Bill, if passed, will facilitate the implementation of a capital framework for banks, the International Convergence of Capital Measurement and Capital Standards, a revised framework known as Basel II. As stated in the Bill, this will strengthen the soundness and stability of international banking systems by the adoption of stronger risk management practices by the banking industry.
The PAC of Azania has taken a principled position, as far as the total liberation of the Africans is concerned. It will support all measures that are intended to develop a full potential human being. The PAC of Azania will devise all reasonable security measures in protecting the economic treasure of the Africans and the human kingdom all over the globe.
The PAC welcomes this Bill and gives it a thumbs up for other processes to be put in place with the full roll-out of Basel II in January 2008. The PAC firmly believes in equitable distribution of wealth, which must be state driven. The PAC supports the Bill.