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SA's financial sector still credible despite VBS saga - Gungubele

Deputy Finance Minister Mondli Gungubele has told Parliament the bank 's collapse is an isolated incident and the sector has always had tight security measures in place.

FILE: Deputy Finance Minister Mondli Gungubele. Picture: @TreasuryRSA/Twitter.

CAPE TOWN - Deputy Finance Minister Mondli Gungubele says despite the collapse of VBS Mutual Bank, South Africa still has a credible financial sector.

The South African Reserve Bank this week applied for VBS bank to be liquidated.

Gungubele has on Wednesday told Parliament the bank 's collapse is an isolated incident and the sector has always had measures to ensure it remains credible to both local and foreign investors.

Gungubele says the liquidation of VBS bank is not in anyone’s interest.

“We will never take pleasure or get excited when any of our institutions collapse because it doesn’t serve the good message of our country.”

The Economic Freedom Fighters still believes the bank should be saved, and there’s too much of a rush to wind it up.

However, Gungubele says despite the bank’s noble intentions, it has to operate within the law.

“This bank was in the hands of qualified people... not a bank that was in the wilderness. It was in the proper hands of people who can be trusted to take care of it.”

The Reserve Bank report on the looting that left the bank in a liquidity crisis, is due to be discussed by Parliament’s finance committee next week.

(Edited by Mihlali Ntsabo)

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