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Regulation 43 of the revised regulations of the Banks Act, 1990 (Act no. 94 of 1990) requires that a bank shall disclose in its annual financial statements and other disclosures to the public, reliable, relevant and timely qualitative and quantitative information that enables users of that information, amongst other things, to make an accurate assessment of the bank’s financial condition, including its capital adequacy position, financial performance, business activities, risk profile and risk management practice. This disclosure requirement is commonly known as Pillar 3 of the Basel II Accord. The FirstRand risk and capital management report, which forms part of the Group’s annual integrated report complies with the disclosure requirements of Basel II Pillar 3.
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