POLITICS

SARB should look into allegations surrounding Capitec – David Maynier

DA MP says we need to be absolutely certain there is no risk to depositors

SARB should look into allegations surrounding Capitec Bank

31 January 2018

The South African Reserve Bank (SARB) is satisfied, on the information currently available to them, that Capitec Bank is well capitalized, has adequate liquidity and meets all prudential requirements (see below). However, the allegations made by Viceroy Research, which Capitec Bank have dismissed as factually incorrect, are serious and should be investigated by the SARB. We have to be absolutely certain that there is no risk to depositors and that the banking system is safe and sound in South Africa.

Issued by David MaynierDA Shadow Minister of Finance, 31 January 2018

Text of the SARB statement:

Media statement

Tuesday, 30 January 2018

The South African Reserve Bank (SARB) notes a report by a US based fund manager. As part of our mandate, we monitor the safety and soundness of all banks, including Capitec Bank Limited (Capitec). According to all the information available, Capitec is solvent, well capitalised and has adequate liquidity. The bank meets all prudential requirements.

Issued by SARB Media Relations, 30 January 2018