Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)RegulationsDeposit Insurance Regulations, 2024Chapter III: Application of Fund when reimbursing covered deposits in accordance with Section 166AA(1)(b) of Act11. Currency of reimbursement |
| (1) | The Corporation must reimburse a covered deposit in South African Rand. |
| (2) | For purposes of subregulation (1), a bank in resolution must convert a foreign currency balance to South African Rand using close of business market exchange rates at the date the Minister made a determination placing the bank in resolution in accordance with section 166J(2) of the Act. |
| (3) | If the date on which a bank is placed in resolution, referred to in subregulation (2), falls on a Saturday, Sunday, or a public holiday, the bank in resolution must convert a foreign currency balance to South African Rand using the rate published by the Reserve Bank on the immediately preceding business day. |