It is my honour to present to you the overview of the work of the group of Entities reporting to National Treasury, whose activities are a key pillar of our political economy. In this address we will attempt to demonstrate the strategic work National Treasury and its entities do.
We will focus on the South African Revenue Services (SARS), the Development Bank of Southern Africa (DBSA), the Public Investment Corporation (PIC), the Financial Intelligence Centre (FIC), the Financial Services Board (FSB), and the Government Pensions Administration Agency (GPAA).
A well-functioning and stable financial sector is the lifeblood of a modern economy like ours. The Ministry oversees a range of institutions – the Finance Family – that are critical and strategic to the regulation, functioning and stability of the financial sector. The global financial crisis of 2008/09 demonstrated how regulatory failure could cripple economies.
While the effectiveness of our regulators was tested and found to be among the best during the recent crisis, we cannot afford to be complacent. We will continue to work very hard to review and strengthen the regulatory frameworks that are the basis for the supervision of our financial sector. We will be approaching this House with a few pieces of legislation that are aimed at establishing the “Twin Peaks”. These and other reforms will ensure that our financial institutions remain credible and sustainable so that they can support a vibrant and fast growing economy as the NDP envisages.
SOURCE: SOUTH AFRICAN OFFICIAL NEWS