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Finance bill finally adopted by National Assembly

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Bill includes amendments to various pieces of legislation, including a provision to allow for the establishment of state-owned banks

Finance committee chair Yunus Carrim said the provision for the establishment of state-owned banks would facilitate the licensing of Post Bank. Picture: SUNDAY TIMES

This followed the failure of the assembly to adopt the bill on Tuesday night because it was one vote short of a quorum of 201 MPs. Most members of the DA, which opposes one of the bill’s provisions to allow for the establishment of state-owned banks, were intentionally absent from the National Assembly when the vote was taken in order to break the quorum. They did the same on Wednesday night.

The bill also includes amendments to the Banks Act to allow for the establishment of state-owned banks by state-owned enterprises on certain conditions. The minister of finance in concurrence with the minister responsible for the SOE must approve the application for a banking licence.

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