Reserve Bank bails out CPD as Land Bank defaults on loans
The Bank has issued a R3.45bn guarantee to bail out the Corporation for Public Deposits, putting further pressure on the state coffers
03 July 2020 - 18:48
The Reserve Bank has issued a R3.45bn guarantee to bail out the Corporation for Public Deposits (CPD), a government investment arm hit by surging defaults at state agricultural lender Land Bank.
The issue adds a further strain on state finances as the government props up its main power utility Eskom, and SAA, which were already struggling before the coronavirus crisis, and now faces rising defaults at Land Bank...
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