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
05 April 2023 - 14:42
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. ..
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.