Draft “Bank Resolution” Bill is vague and violates the rule of law – GARY MOORE

The draft Bill aimed at shoring up struggling banks violates the rule of law by authorising unequal treatment without identifying objective differences to justify it. In addition, in dispensing with equal treatment merely because someone at the SA Reserve Bank, without objective criteria, determines that such action is necessary.

This Bill envisages a specialised kind of business rescue just for banks called “resolution”. It plans to give the Finance Minister and Reserve Bank power to keep weak financial institutions alive to avoid having them wound up.

The wide discretionary powers the Bill would entrust to the Minister and Reserve Bank will affect depositors and other creditors of an ailing bank, all in the name of keeping the bank alive.

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