Marcus defends Reserve Bank Amendment Bill

Reserve Bank Governor Gill Marcus has come out guns blazing in defence of the Reserve Bank Amendment Bill. She's accused a group of private shareholders of the bank of improper conduct in their bid to wield greater influence in the bank. Marcus was responding to submissions made in Parliament during public hearings regarding changes to the Reserve Bank Amendment Bill.

It seeks to preserve the independence of the bank by preventing the formation of shareholder voting blocks, among others. The Bill seeks to limit the number of shares each individual shareholder can own to no more than 10 000. Shareholders have called the Bill outrageous, unconstitutional and nonsensical.

Marcus was scathing in her response, accusing shareholders of offering others money in order to be voted onto the Reserve Bank board. This was made public in a letter she read out today. Marcus said, "Is this fit and proper... is this something you want to have? You are offering money to vote for me, really in a central bank with this kind of responsibility (sic). I think this is wholly inappropriate."

Last Friday was the last day of the public hearings, but it will take some time before the Bill is finalised, as the chamber goes on a month long recess.

Source: SABC News