BANKING ENQUIRY
Private Bag x23, Lynwood Ridge, 0040
The DTI Campus, Mulayo(Block C), Tel: 012 394 3250
77 Meintjies Street, Fax 012 394 3493
Sunnyside, E-mail:
Pretoria Website:
PRESS RELEASE
22nd AUGUST 2006
Banking Enquiry’s Programme of Action
and
Guidelines on Submissions
The enquiry into competition in certain aspects of banking established by the Competition Commission continues its work with:
1.The release of the Enquiry’s Programme of Action for the duration of the enquiry.
2.The publication of the Guidelines on Submissions, and
3.The holding of a series of meetings and interchanges with stakeholders.
1.Enquiry Programme and Guidelines
The enquiry’s Programme of Action gives an indication of how the enquiry sees the process unfolding over the year ahead while the Guidelines provide all stakeholders with directions as to how the panel requires submissions to be prepared before being lodged with the enquiry.
For full details of the Programme of Action and the Guidelines, please refer to the attached documents which will be posted on the enquiry’s website
2.Meetings with Stakeholders
The enquiry intends having meetings with the major banks, other banks, regulators, consumer groups and members of the public.
2.1Major Banks
Arrangements for the meetings with the senior officials of four of the five major retail banks, namely, Nedcor, First National Bank, Standard and ABSA have now been finalised. These meetings will be held separately and have been scheduled for 23rd and 24th August 2006.
2.2Other Banks and Regulators
The enquiry secretariat is currently engaged in the process of making contact with and arranging similar meetings and/or briefing meetings with the other banks and the regulatory authorities.
2.3Consumer Groups and Other Stakeholders
The enquiry will also ensure that consumer groups and all other stakeholders are fully included in the enquiry process. In this regard, correspondence will be sent to consumer groups and other identified stakeholders to invite them to participate in the process. Members of the public will also be encouraged to come forward and make submissions to the panel. If the response justifies it, the panel will arrange further briefing sessions with such stakeholders.
The enquiry plans to have completed this introductory process by no later than 15th September 2006.
2.4Technical & Research Teams
As at the beginning of August 2006, the enquiry has appointed a research team with economic, legal and actuarial expertise to provide technical support to the panel. Further appointments of technical staff can be expected as the enquiry process gathers momentum.
2.5Public Hearings
Two sets of public hearings have been scheduled by the enquiry. The first will be held in November 2006 and the second during March and April 2007. Further details of these hearings are contained in the enquiry’s Programme of Action which is available on the website
Charles Frank
Enquiry Manager
Tel No: 012 39 43291