The Registrar of Banks wishes to make the following public announcement in respect of New Republic Bank Limited (under curatorship) ("NRB"):The Durban and Coastal Local Division of the High Court of South Africa sanctioned a scheme of arrangement proposed by Saambou Bank Limited between NRB and its creditors, depositors and employees, in terms of section 311 of the Companies Act, 1973 (Act No. 61 of 1973), on 23 November 1999.Salient features of the above-mentioned scheme of arrangement include the following:All depositors and trade creditors of NRB, as defined in the scheme of arrangement, become entitled to a maximum initial payment of R50 000 ( FIFTY THOUSAND RAND) per individual account of depositor or per trade creditor.It is estimated that, subject to the successful collection of NRB’s assets by the receivers appointed in terms of the scheme of arrangement, depositors and trade creditors of NRB will become entitled to a distribution (inclusive of the distribution of the initial payment mentioned above) of an amount of approximately 102,39 cents in the rand, in respect of their current claims.The Minister of Finance will be requested to withdraw the appointment of the curator, Mr Pieter Strydom of the firm of auditors Ernst & Young, appointed in respect of NRB.Application will be made for the withdrawal by the Registrar of Banks of the pending appeal in respect of NRB. Registrar of Banks ​