Since such a trend could not be supported, the South African Reserve Bank entered into consultations with the National Treasury, which ultimately issued a guarantee to all depositors that the government would fund their withdrawals. This action sent a signal to the market that the authorities were serious about maintaining the stability of the banking sector.
Several lessons have been learnt from the small to mid-sized banking crises. First, owing to the special nature of banks, all key players, including, for example, external auditors, analysts, the media and rating agencies, should appreciate the nature of banking and act responsibly when dealing with the banking sector.