GEN - Competition Commission releases the Technical Report of the Banking
JSE
GEN
GEN - Competition Commission releases the Technical Report of the Banking
Enquiry
12th December 2008
Competition Commission releases the Technical Report of the Banking Enquiry
Following the release of the Executive Overview of the Banking Enquiry in June
2008, the Competition Commission today released the full Technical Report which
supports the findings of the Enquiry Panel. The full report will enable
stakeholders to understand in greater detail the analysis and conclusions drawn
by the Panel, and formulate preliminary responses to them.
During the course of the Enquiry, which has now drawn to a close, participants
submitted sensitive information which proved invaluable to the Panel.
Stakeholders have claimed confidentiality over some of this information; these
sections have consequently been blackened out of the Report. It is the view of
the Competition Commission that the affected sections do not materially harm the
Report`s legibility or the reader`s comprehension.
The recommendations contained in the Technical Report reflect the views of the
Panel, not necessarily those of the Competition Commission or any other
government stakeholder. Nevertheless the Commission firmly endorses the Enquiry
process and the work of the Enquiry Panel, which has contributed positively to
competition policy dialogue in South Africa`s retail banking sector.
Many of the Enquiry`s recommendations may require a coordinated policy response.
The Competition Commission will meet with the Department of Trade and Industry,
National Treasury and the South African Reserve Bank early in 2009 to facilitate
government`s response to the Enquiry`s report. Where possible, the Commission
seeks a consensual, collaborative approach to the review of the Enquiry`s
recommendations.
The Competition Commission appreciates that industry participants will take the
lead in implementing certain reforms and they are encouraged to do so
voluntarily. The Competition Commission will advocate the implementation of
reforms that promote competition and empower consumers.
The Minister of Trade and Industry, Mandisi Mpahlwa, has expressed his support
for any initiative designed to foster competition and protect consumers.
The full non-confidential version of the report is available for download.
http://www.compcom.co.za/banking/technical%20report.htm.
Alternatively, copies are available on CD-ROM from the Competition Commission
offices.
ENDS
Prepared by: FD Beachhead
Jennifer Cohen
011 214 2400/ 082 468 6469 / jennifer.cohen@fd.com
Dani Cohen
021 487 9000 / 082 897 0443 / dani.cohen@fd.com
On behalf of: The Competition Commission
Further info:
Shan Ramburuth, Commissioner
012 394 3332 / 083 357 1685 / shanr@compcom.co.za
Date: 12/12/2008 14:00:20 Produced by the JSE SENS Department.
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