TABLE OF CONTENTS (see PDFs for detail)  EXECUTIVE SUMMARY 1 CHAPTER 1: INTRODUCTION1.1 Terms of reference1.2 Work programme1.3 Structure of the Report1.4 Words of thanks 2 CHAPTER 2: BACKGROUND INFORMATION2.1 Synopsis of the political, institutional and economic environmentat the time of the S A Reserve Bank’s assistance to Bankorp 3 CHAPTER 3: CHRONOLOGY OF EVENTS3.1 Synopsis of the growth of and assistance to Bankorp 4 CHAPTER 4 (FIRST TERM OF REFERENCE): LEGALITY OF THE ASSISTANCE TO BANKORP4.1 Enquiry into the lawfulness of the S A Reserve Bank/Bankorp/ABSA assistance agreement 5 CHAPTER 5 (SECOND TERM OF REFERENCE): REVIEW AGAINST FINANCIAL POLICIES AND PROCEDURES OF THE S A RESERVE BANK5.1 Introduction5.2 Local comparison of assistance at the time5.3 Comparison with principles stated by Dr Stals5.4 Conclusion 6 CHAPTER 6 (THIRD TERM OF REFERENCE): ANALYSIS OF INTERNATIONALLY ACCEPTED PRINCIPLES OF BEST PRACTICE IN ASSISTING BANKS IN DISTRESS AT THE TIME OF BANKORP’S ASSISTANCE6.1 Introduction6.2 International policies towards distressed banks from 1973 to 19936.3 Evaluation of the S A Reserve Bank’s assistance packages for Bankorp/ABSA in relation to central bank principles6.4 Questions of motivation6.5 Conclusions 7 CHAPTER 7 (FIFTH TERM OF REFERENCE): CONSIDERATION OF RESTITUTION7.1 Possible action by the S A Reserve Bank7.2 Quantification of benefits 8 CHAPTER 8 (FOURTH TERM OF REFERENCE): BEST PRACTICE FOR FUTURE CONDUCT8.1 Lender-of-last-resort facilities – current best practice8.2 Current South African practice8.3 Consistency of South African current practice with international best practice8.4 The context of central bank assistance: the regulatory and financial policy architecture8.5 Transparency8.6 Central bank assistance, financial architecture and South African transformation8.7 Conclusions 9 CHAPTER 9: CONCLUSIONS 10 ANNEXURES10.1 Chronology of events10.2 Definitions10.3 Legal opinion on restitution10.4 Documents considered by the Panel10.5 References  ​