Reserve Bank to continue with Absa report review
The South African Reserve Bank (SARB) says it will proceed with its application for the review of the Public Protector's remedial action directing Parliament to effect a constitutional amendment to the Reserve Bank's powers.
Public Protector Busisiwe Mkhwebane has indicated that she will no longer oppose the review.
Mkhwebane was informed that the wording of her recommendations suggested the remedial action was mandatory, whereas she meant to merely "recommend a review of the constitutional mandate of the central bank".
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Last month, she released her latest report on the apartheid-era bailout given to Absa's predecessor Bankorp.
She found both the Reserve Bank and government failed to recover the R1.12 billion lifeboat.
The SARB says it has noted Mkhwebane's decision.
"As announced in a media statement of the 20th of June, the SARB will proceed with a separate application for the review of the Public Protector's report and evidential factual inaccuracies therein," it says in a statement.
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