The Governor of the South African Reserve Bank, Mr TT Mboweni, today announced the appointment of Mr Errol Kruger, the former Deputy Registrar of Banks, as Registrar of Banks with effect from 1 October 2003.The appointment was made with the approval of the Minister of Finance, Mr TA Manuel, in terms of section 4 of the Banks Act, 1990. The position is a statutory appointment in terms of the Banks Act. As Registrar, Mr Kruger's primary responsibility will be to ensure and promote the safety and soundness of banks and banking groups registered in South Africa through the effective application of international regulatory and supervisory standards. This entails, among other things, ensuring the existence of sound risk management practices, sound corporate governance structures, fit-and-proper management and financial stability. Furthermore, the Registrar is responsible for the registration and deregistration of banks and handling litigation by and against the Office of Banks. Mr Kruger has worked in the Bank Supervision Department for almost 17 years and has been an employee of the South African Reserve Bank for 25 years. He was appointed Deputy Registrar of Banks on 1 September 2001. The position was advertised internally and externally and arose after the previous incumbent retired. Interviews were conducted by a panel consisting of Ms Gill Marcus, Deputy Governor; Dr XP Guma, Deputy Governor; Mr Ian Plenderleith, Deputy Governor; Mr Dominique Romain, SARB Bank Supervision Department consultant; Mr Lesetja Kanyago, Deputy Director General of the National Treasury and Mr Karabo Moloabi, SARB Human Resources Department manager.