Published On: Fri, Aug 22nd, 2014

South African Bank Governor Gill Marcus Says African Bank Failure Not her Fault



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South African Reserve Bank (SARB) governor Gill Marcus told SABC news that banks together with government are looking at strengthening the regulatory environment on banking supervision, following the failure of African Bank (Abil).

Gill Marcus is the ninth Governor of SARB and the first woman to hold the position. She is not married. Her grandparents were Jewish immigrants from Lithuania. A member of the African National Congress (ANC), Marcus was elected to Parliament in 1994 and became Deputy Minister of Finance in the Government of National Unity of Nelson Mandela from 1996 to 1999, serving under Trevor Manuel. In 1999 she became Deputy Governor of the Reserve Bank under Tito Mboweni, and held the post for 5 years. She left due to a personality clash with Mboweni.

In 2009, President Jacob Zuma announced that Marcus would replace Mboweni at the helm of the Reserve Bank.

Now the African Bank has failed, and on August 10 it has been placed under SARB curatorship.

SABC quoted analysts who have blamed the central bank for being too pssive in dealing with problems at African Bank. But Marcus says the Reserve Bank did all it could.

Meanwhile, Marcus says gross domestic product (GDP) numbers due next week could surprise skeptics.

Then she whistled in the dark a little bit and asked for some warm milk and her blankie.

Marcus expects the South African economy to grow higher than most anticipate in the second quarter.

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