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Thursday, May 28, 2009

Drop in Repo Rate May 09

The Reserve Bank's Monetary Policy Committee (MPC) cut the repo rate by 100 basis points down to 7,5% this week.

In response all four major South African retail banking groups - Standard Bank, First National Bank, Nedbank and ABSA announced that they would be reducing prime and home loan rates by 100 basis points from 12% to 11% with effect from Friday.

Good news for consumers in debt.

Problems in debt counselling paradise

Reports are coming in that some major banks are deliberately obstructing the debt review process. This is according to various web sources as well as comments made by the National Credit Regulator during May.

"This could affect up to 1.8 million consumers", said Gabriel Davel
(the regulator's chief executive). He said the banks were "not sticking to their end of the deal".

"We are well into the credit crisis with an Act that it is not being implemented because of obstruction ... the four mainstream banks signed a code ... but these banks now refuse to abide by the rules," said Davel.

What exactly he has in mind we are unsure but it seems as if the NCR are aware of the problem and are pursuing these major banks to rectify the situation.