13 September 2004
The South African Communist Party (SACP) is infuriated by the decision of the Banking Council of South Africa to proceed unilaterally to implement a National Bank Account without consultation with the NEDLAC social partners.
The National Bank Account for low-income groups is a direct outcome of the struggles of the workers and the poor for banks to serve the people. Such an account cannot and must not be implemented without their meaningful input. Without this, the account becomes a publicity stunt and yet another profit-making opoortunity, without any real benefits for poor and working people.
This Banking Council decision is typical of how the industry has conducted itself in elite boardroom processes excluding the very workers and poor people who are exploited by the financial sector as a whole. This has been the case with the Financial Sector Charter as if there is no extensive agreement on the transformation of the financial sector which was agreed to through inclusive discussion and consensus by all NEDLAC social partners.
The SACP believes that this arrogance of the banking industry must be challenged with ongoing mass mobilisation and decisive government action.
As Minister Trevor Manuel warned, the big commercial banks are using the National Bank Account as a form of collusion at the expense of transparent accountability to the public. The SACP reiterates its stand for meaningful access to financial services by workers and the poor including a National Bank Account determined through a consultative process.
The SACP calls on the Banking Council not to proceed with any aspect of the Financial Sector Charter without the input and consent of the NEDLAC social partners. We call on the Minister of Finance to gazette the Financial Sector Charter for public discussion, and to ensure that the National Bank Account is implemented as a part of a package to transform the financial sector as a whole.
We call on parliament to convene public hearings on the implementation of the NEDLAC Financial Sector Agreement and on the positions of the NEDLAC Community Constituencies on the Financial Sector Charter.
CONTACT Mazibuko K. Jara Head of the Office of the General Secretary South African Communist Party Tel - 011 339 3621 Cell - 083 651 0271 Email - mazibuko@sacp.org.za