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VBS retail depositors will have access to funds from Friday

The South African Reserve Bank (Sarb) has announced mechanisms to repay depositors after VBS was placed under curatorship amid allegations of financial mismanagement.

FILE: South African Reserve Bank governor Lesetja Kganyago. Picture: AFP.

JOHANNESBURG - VBS retail depositors will have access to their funds of up to R100,000 from Friday.

The South African Reserve Bank (Sarb) has announced mechanisms to repay depositors after VBS was placed under curatorship amid allegations of financial mismanagement.

Reserve Bank Governor Lesetja Kganyago says it is estimated that about 97% of the 22,700 VBS retail depositors will receive all their money.

"We are mindful that some retail depositors have larger amounts deposited in VBS"

WATCH LIVE: Sarb briefs media on VBS Mutual Bank

Depositors have been urged to be patient and to refrain from rushing en mass to claim their funds, with an assurance from the Central Bank that their money is secure for the next three years.

VBS retail depositors can visit any Nedbank branch from this Friday where an account will be opened.

This Nedbank account will be loaded with a balance equivalent to the amount of the guaranteed deposit at VBS Bank.

Kganyago says the R100,000 a day limitation will no longer apply.

“Once the retail depositors have attained their new bank accounts, they can choose to leave their money in their new Nedbank account, withdraw all or parts of the funds at any ATM or Nedbank branch, or move the money to another bank account with any bank in South Africa.”

Kganyago says his responsibility is to protect VBS depositors and not municipalities.

He adds municipalities and other large businesses will not receive their funds at this stage, as these are not guaranteed.

“Many municipalities had no business placing deposits with VBS. They knew they are breaking the law.”

Amounts in excess of R100,000 will continue to be held as deposits at VBS, and depositors may receive a portion of their funds depending on successes in recovering loans and other assets due to VBS Bank.

(Edited by Shimoney Regter)