BUSINESS DAY TV: New rules of engagement needed between the private and public sector
Banking Association of SA MD Cas Coovadia explains how the Moody’s downgrade will affect the country’s banks
BUSINESS DAY TV: As expected Moody’s has downgraded the ratings of SA’s banks in line with its cut in the sovereign rating on Friday night. It says weakening growth will put pressure on earnings despite their resilience so far. Following the most recent downgrade, the Banking Association of SA (BASA) and Association for Savings and Investments met the ANC yesterday, that’s ahead of its policy conference later this month. Joining us with more is BASA MD Cas Coovadia. Cas, so you have been quoted as saying that the rules of engagement between business and government are going to have to change, but they are ongoing because you have been meeting with the ANC, is this still fruitful? CAS COOVADIA: Yes, I believe so. We need to continue to talk, we need to continue to engage to see how we can address some of the issues facing our country and so it’s got to be useful, and we will continue to engage. But we do need to understand that significant trust and confidence was broken because of w...
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