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 said they will announce the details on the repayment of retail deposits next Monday.
The retail depositors refer to individuals, funeral schemes, burial societies, savings clubs and stokvels. In March, VBS announced it would guarantee R50,000 per depositor.
In the announcement it stated that SARB will doubled that amount with the advice from 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.”
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