The three banks were to be made a statutory body according to the 2014 budget announced in Parliament in October under a proclamation citing the Banking Act 7 of 2007 and the Repeal and Consequential Provisions Act.

The reason given for the hold-up is that the Gazette notification to implement the ruling cannot be passed without the Finance Minister's signature.

According to procedure there is only a two-month period left for a ruling to be implemented after it has been endorsed and passed by the Speaker of Parliament with his signature.

December 21 will mark two months that Parliament had passed the amalgamation of the banks.