If shareholders do not agree to sell their shares in the South African Reserve Bank (SARB) to the State, a process of regulated "expropriation" should follow, the Young Communist League of South Africa (YCLSA) said on Tuesday.

"If none of the shareholders agree to sell to the State their shares, we call on regulated 'expropriation' for purposes of nationalisation," the league said in a statement.

It said it supported the call for opening a discussion on the nationalisation of the SARB. It also urged the African National Congress (ANC)-led alliance to discuss the issue as part of its forthcoming Alliance Summit scheduled for February.

"This is consistent with the Freedom Charter, the RDP and the recent Alliance Economic Summit held mid 2009," the YCLSA said.

"The nationalisation of the SARB will lead to a re-orientation of the Monetary Policy Review Committee (MPRC) in composition and approach, especially the nonsensical notion 'independence' of the SARB," it said.

The league said the call for discussion reinforced its long-held view of the democratisation of the SARB, consistent with many developing and developed economies.

"We cannot have the future of millions dictated by a few 'profit-oriented shareholders', some of whom do not share the developmental priorities of the ANC-led alliance government," it said.

The nationalisation of the bank would mean the Constitution should be amended and the league said it would support such a move.

"We are also aware that the call for nationalisation can be dismissed as a means of enriching the shareholders, but we believe that this is in the best interest of the country.

Last weekend, both The Sunday Times and The Sunday Independent reported that ANC secretary-general Gwede Mantashe had presented a paper to the party's top decision-making committee asking why the SARB was still in private hands.