and was included among the resolutions adopted by the party at its December national congress. The EFF supports the creation of state-owned banks with its chief whip Floyd Shivambu having submitted a private member’s bill to provide for this option.
The finance committee of the National Assembly, however, opted for the Treasury’s bill, which has more conditions and checks and balances than Shivambu’s. The Treasury’s Financial Matters Amendment Bill includes conditions that will have to be met before a bank can be established by an SOE. The assets of the SOE must exceed its liabilities and its application for a banking licence must be approved by the finance minister in concurrence with the relevant minister responsible for the SOE.