South Africa leads Basel preparations in Africa
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"We are committed to Basel II, and we support it wholeheartedly. We have been active in the implementation group of Basel II of the BIS in so far as accord-implementation committee meetings go. We have been attending the meetings," the registrar of banks at the South African Reserve Bank, Errol Kruger, told Operational Risk. "The top five banks (in terms of asset size) are our own, registered here, and represent about 88% of the total assets in the industry. All of them have to adopt Basel II."
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