EFF tables Banks Amendment Bill so state can own one

EFF leader Julius Malema told journalists and editors this morning that his party had tabled a Banks Amendment Bill in the National Assembly to allow for a state-owned bank.

Malema was speaking at the EFF political editor’s breakfast this morning, where he said the bill aimed to amend the definition of a bank to allow government or the state to own one.

“There is a vacuum that exists, especially for black people. We think this intervention will help our people have access to the necessary credit. Our Bill, therefore, seeks to make the law allow the state to own and run bank businesses. This is in view of the fact that we need a state-owned bank,” the EFF leader said.

During President Cyril Ramaphosa’s question and answer session in parliament on Tuesday, EFF deputy president Floyd Shivambu questioned the state leader on whether he supported the creation of state-owned banks as recognised by the Bank Act.

[Watch]: DP @FloydShivambu in #RamaphosaQandA yesterday. He reminds President Ramaphosa that we advised him to create a state owned vehicle which is going to attract investment. Also questioning if he supports the creation of state-owned banks as recognized by the bank act. pic.twitter.com/gP4bLdPtyW

— Economic Freedom Fighters (@EFFSouthAfrica) May 9, 2018

“A state-owned bank is a resolution taken by the ANC, so if you ever wanted the originator of this concept you would do well to work with the governing party,” the president responded at the time.

He added the banking sector needed to be transformed and that there was a need for more players catering to diverse needs of the citizenry to be part of the industry.

Earlier this year, the ANC withdrew its motion that the South African Reserve Bank (Sarb) should become a public-owned entity.

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