Economic Freedom Fighter leader Julius Malema says his party will propose legislation that would give effect to the nationalisation of banks without compensation. He says the EFF will submit a Private Members Bill. Malema was speaking in the National Assembly during a debate on an EFF motion on the issue.

“The manner in which the nationalisation of banks should happen should be through passing of legislation by Parliament, which should be called Banks Ownership Act. The Banks Ownerships Act will stipulate that all banks should have a minimum of  51-percent state ownership. The remaining shares will be owned by institutions such as pension funds institutions, co-operatives and private individuals with a guarantee that no single individual or single investor will own more than 10 percent in a single bank.”

The Democratic Alliance made it clear the party won’t support the EFF’s call for nationalisation of banks.  DA finance spokesperson David Maynier was speaking in the debate on the EFF’s motion in the National Assembly

“The fact is that the nationalisation of the banks without compensation is not just a bad idea it is a mad idea that will crush the hopes of 9.4 million people who do not have jobs or who have given up looking for jobs in South Africa. In the end to give hope to the 9.4 million people who do not have jobs, we need to boost economic growth by announcing a package of structural reforms to build business confidence and stimulate private sector investment.”