Last minute interventions by Reserve Bank governor Lesetja Kganyago and the Banking Association SA succeeded in persuading parliamentary authorities to give the go-ahead for the processing of amendments to the Insolvency Act, which are regarded as vital for the stability of the financial system.
Also approved were amendments to the Banks Act to allow for the establishment of a state bank by a state-owned entity; amendments related to equality of payments of military pensions; and amendments to the Government Employees Pension Law. Basa MD Cas Coovadia said in his letter that US banks have already indicated they would have to terminate current agreements with SA banks if the Insolvency Act remained as is.
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