SA’s big banks say up to a fifth of borrowers may not qualify for coronavirus relief
JOHANNESBURG – South Africa’s biggest retail banks say that around 15-20% of their lending books do not definitely qualify for coronavirus relief measures announced by the banks last week, though more could be done if the government were to provide fiscal support.
Banks contacted by Reuters on Monday said customers who would not qualify were those whose loans were already impaired prior to the outbreak. Others who had fallen behind on payments, for instance, may be able to access support, but this was not guaranteed.
The sector announced industry-wide parameters for support last week, saying it will, on a case-by-case basis, help customers who were in good standing and up to date on their payments prior to the virus outbreak, with options including payment deferral, debt restructuring or bridging loans.
Source: iol.co.za
