Banks need to get creative with Covid-19 relief, says FNB’s Jacques Celliers
SA’s banks began introducing relief measures, including three-month payment breaks and rescheduled loans, as the lockdown started
15 July 2020 - 13:20
UPDATED 15 July 2020 - 17:54
After coming up with range debt relief measures, such as payment holidays and low-interest loans for recession-hit consumers, banks will need to draw up alternative measures to stave off a tidal wave of looming credit defaults, Jacques Celliers, CEO of FNB has said.
“We are now going into a phase where we need to activate the alternative mechanisms, longer term solutions. You can’t solve some of these problems with just another loan, they only serve the purpose [of a] a short-term activity that we started off with.” ..
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.