Additionally,  the  orderly  intervention  and  revocation of these licences and the purchase and assumption transactions that ensued minimized the potential adverse impacts by ensuring that about 70 percent of the 5,000 jobs in the affected banks were saved. This would be contrasted to what could have been the imploding of these banks and the contagion that could have resulted.
10. Madam President, lessons learnt so far from the resolution  experiences within the past two years have helped shape the reforms that are being introduced in the sector. What has become very clear is the need for more regulatory and supervisory vigilance to properly safeguard the new banking system after the reforms. 11.