JOHANNESBURG - The South African Reserve Bank (Sarb) has announced that it has secured a guarantee from National Treasury for retail deposits up to R100 000 per depositor for VBS Mutual Bank retail depositors.
The Sarb said it would announce details on the repayment of retail deposits on 9 July.
“On 11 March 2018, the Sarb announced that all retail deposits up to the amount of R50 000 per depositor will be guaranteed. With concurrence of the Minister of Finance, the guarantee has been increased to R100 000 per retail depositor, in line with the proposals in the discussion paper on the deposit insurance scheme published in May 2017,” the Sarb said in a statement.
The statement further continued, “The curator will continue to collect on loans due to VBS Mutual Bank. Individuals and entities with loans at VBS Mutual Bank are expected to continue to make payments on these loans. We ask retail depositors to remain patient and know that the Sarb continues to prioritise their best interests.”
- BUSINESS REPORT ONLINE