Financial sector plans for grid collapse
The Reserve Bank has been preparing for a failure since 2015 that it says may necessitate an orderly closing and reopening of markets
SA’s financial services sector is panicking over the impact that a potential collapse of the national electricity grid could have on the country’s financial and monetary system.
Business Day understands that companies in the asset management, insurance and banking sector have been scenario planning how an Eskom grid collapse could disrupt everything from the execution and settlement of trades on the JSE to money transfers and salary payments. The main fears appear to centre on potential social unrest and a likely plunge in financial market asset prices due to panic selling once the power grid is up and running again after the failure...
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