To ensure that mutual banks and auditors of mutual banks are in no doubt as to which previously issued circulars remain effective, the Prudential Authority (PA) will annually confirm their status. Addressees should note that contrary to the process whereby the status of circulars are annually confirmed, directives issued in terms of section 4(6) of the Mutual Banks Act, 1993 (Act No. 124 of 1993) (Mutual Banks Act) remain effective until such time that they are withdrawn in writing by the PA in terms of section 4(7) of the Mutual Banks Act.