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.” 

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now