1999-01-29: Press Release by the Office for Banks: Appointment of a Curator to New Republic Bank Limited
Last Modified Date:
2020-10-08, 08:16 PM
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Recent events pertaining to New Republic Bank Limited ("NRB") have evidently led to large-scale withdrawals, by depositors, of their deposits held with NRB. The concomitant outflow of funds has apparently resulted in NRB experiencing difficulties in maintaining its required levels of liquidity. Based, however, upon the information with regard to NRB rendered in terms of the provisions of the Banks Act, 1990 (Act No. 94 of 1990 - "the Act"), this Office has no reason to believe that NRB is insolvent.Consequently, the Minister of Finance has deemed it desirable, in the public interest, with the written consent of the chief executive officer of NRB, in terms of section 69 of the Act, with effect from 29 January 1999, to appoint a curator to NRB. The head office of NRB is situated at 8th Floor, 110 Field Street, DURBAN, 4001. An important reason for the appointment of the curator to NRB is to facilitate the orderly management of the bank, including the management of the bank=s liquidity situation having regard to the bank's liquidity problems.Upon the appointment of the curator, the management of NRB vests in the curator, subject to the supervision of the Registrar of Banks, and any other person vested with the management of the affairs of NRB shall be divested thereof. The curator also is required to recover and take possession of all of the assets of NRB.The designated curator of NRB is Mr P J Strydom of Ernst & Young, Chartered Accountants (SA) of 13th Floor, Ernst & Young House, 4 Pritchard Street, JOHANNESBURG.