Sarb confirms Treasury guarantee of up to R100k for VBS retail depositors
The SA Reserve Banks says it will announce the details on the repayment of retail deposits on Monday. In March, the central bank announced it would guarantee R50,000 per depositor.
JOHANNESBURG - The South African Reserve Bank (Sarb) has confirmed it has secured a guarantee from National Treasury for retail deposits of up to R100,000 per depositor, for VBS Mutual Bank retail depositors.
The Sarb says it will announce the details on the repayment of retail deposits on Monday.
Retail depositors refer to individuals, funeral schemes, burial societies, savings clubs and stokvels. In March, the central bank announced it would guarantee R50,000 per depositor.
Now in a statement, it has doubled that amount with the concurrence of the finance minister.
“The curator will continue to collect on loans due to VBS Mutual Bank. Individuals and entities with loans at VBS Mutual Bank are expected to continue to make payments on these loans. We ask retail depositors to remain patient and know that the SARB continues to prioritise their best interests.”