Hon Chairperson, amendments to the Bill were unanimously agreed upon in the Select Committee on Finance meeting, and the ANC supports this Bill.
There is still an urgent need to address the gaps within the financial sector legislation and mitigate existing risks in the financial system. This Bill therefore addresses several urgent short-term and long-term issues. Why? To facilitate the best option with respect to the curatorship of African Bank because there are shareholders; to remedy some gaps identified by the financial sector assessment programme and adhere to international standards for financial sector regulation; and to align the provisions of the Banks Act with the appropriate sections of the Companies Act.
So, I think the hon Mtileni in the EFF must go and do some more reading. We can also ask Prof Jahed from the Budget Office to assist in explaining the banking system in South Africa and how the whole network fits together. We can all learn from that.
The ANC supports the Bill. Thank you.
Question put: That the Bill be agreed to.
Bill agreed to in accordance with section 75 of the Constitution.