SARB announces early retirement of Mr Errol Kruger
Mr Errol Kruger, the Registrar of Banks, will go on early retirement with effect from 31 July 2011, after 34 years of uninterrupted service at the South African Reserve Bank.
Mr Kruger joined the bank as a clerk and progressed through the ranks to the level of Registrar, a position he has held for the past eight years. He serves on the Governors' Executive Committee, the Risk Committee, the Financial Stability Committee and also presents to the Monetary Policy Committee.
Mr Kruger played a significant role in the resolution of the banking crisis that South Africa experienced in 2001/2002. From 2003 he sat on the Core Principles Liaison Group, a sub-committee of the Basel Committee on Banking Supervision. Since 2009 he represented South Africa as a full member on the Basel Committee on Banking Supervision. He has been instrumental in ensuring South Africa's early adoption and full implementation of the revised 25 Basel Core Principles for Effective Banking Supervision, as well as Basel II.
Under Mr Kruger's guidance the Bank Supervision Department has, over the past two years, undergone four successful international reviews by global standard-setting bodies. In October 2010 he received the 2010 Risk Manager of the Year Award from the South African Institute of Risk Management.
On behalf of the Board, management and staff of the South African Reserve Bank, I wish Mr Kruger the very best in his future endeavours. I warmly thank him for the sterling work done and leadership provided. In this regard sound, regulation and supervision was crucial in ensuring that South Africa did not experience a banking crisis during the recent global financial meltdown.
The process of filling the position of Registrar of Banks will commence immediately. The position is a statutory appointment in terms of the Banks Act and requires Ministerial approval.
Statement issued by Gill Marcus, Governor of the SA Reserve Bank, April 15 2011
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