Sarb buys the “bad” book. Hello!! This would not by any chance involve Taxpayers money Ms. Marcus?? Break out the champagne, we have all become shareholders of a failed business for a mere R7 billion. For Jacob Zuma that is 7 point oh oh oh oh oh point oh no another screw up! Part of African Bank’s rescue involves the purchase by the Sarb of a substantial portion of the non- and under-performing assets and other high-risk loans from African Bank in order to separate them from the “good” bank. The “bad” book currently has a book value net of specific impairments of R17 billion, for which the Sarb would pay R7 billion. “Collection against the bad book will be continued, and indeed strengthened: there is no payment holiday for anyone owing on a loan from African Bank,” Marcus said.
Posted on: Mon, 11 Aug 2014 06:05:25 +0000
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