| The introduction of the Co-operative Banks Act, Act No 40 of 2007 (the Act), seeks to create a development strategy and a regulatory environment for deposit-taking financial services co-operatives. The supervisor within the South African Reserve Bank has the authority to exercise the powers and perform the functions conferred on the supervisor by or in terms of the Act in respect of primary co-operative banks that hold deposits in excess of 20 million Rand, secondary co-operative banks and tertiary co-operative banks. |