Coovadia says that in his opinion, the major achievements of
the organisation have been numerous in its 21 years of history.
He lists examples that have transformed the sector, such the
as establishment of an independent Ombudsman, volunteering
the Financial Sector Charter and its impact on transformation,
establishing FinmarkTrust and enabling its independent growth,
establishing the South African Banking Risk Information Centre
(SABRIC) as an independent anti-crime body, positioning sector
vis-à-vis government and other stakeholders, becoming the only
African banking association on International Banking Federation
and its role in the establishment of SADC Banking Association.
Banks have and continue to benefit from the establishment of
appropriate regulation and legislative framework, co-ordination
at industry level to achieve “optimal scale and cost efficiencies”,
pushing the envelope and enabling a sustainable way of doing
business and establishing sound relationships with relevant
government departments, ministers and Parliament.
Another important achievement of the Association has been its
role in assisting National Treasury to devise relevant and suitable
regulations for the banking sector, Coovadia says.
These regulations include implementing the Basel rules on capital
and liquidity ratios for banks, as well as the introduction of the
twin-peaks regulatory framework under which National Treasury
has decided to place prudential regulations and supervision under
the SARB and market conduct under a strengthened Financial
Services Board (FSB).
SADC BANKING
ASSOCIATION
The Southern African Development Community (SADC) region
is in the throes of a process of integration in critical areas of
the economy. The financial sector is critical in this process
because it provides the oil for the economic engine of the
region, and The Banking Association South Africa is playing )