Reserve Bank’s deposit insurance fund to cap cover at R100,000
The ceiling means 90% of depositors are covered, but only 23% of the total rand value of all deposits will be insured
SA’s first deposit insurance body, which was set up by the Reserve Bank last month, is expected to provide just R100,000 in cover for each depositor whether they be retail banking clients or large corporates.
The Corporation for Deposit Insurance (Codi) became a legal entity on March 24, as set out in the commencement schedule published by finance minister Enoch Godongwana. Its primary responsibility will be to establish and administer a deposit insurance fund to protect depositors in the event that a bank is placed into resolution. ..
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