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.” ..

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