SA revamps processes for managing distressed banks.
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South Africa is revamping its processes for placing troubled financial institutions under administration, with the central bank playing a pivotal role.
Under an amendment to financial sector legislation, which was signed into law in January, the South African Reserve Bank assumes overarching authority over failing financial institutions, and has the power to transfer their assets and liabilities, assume control of their management and restructure banks.
Under an amendment to financial sector legislation, which was signed into law in January, the South African Reserve Bank assumes overarching authority over failing financial institutions, and has the power to transfer their assets and liabilities, assume control of their management and restructure banks.
