Last updated: 24 April 2020
Last updated: 24 April 2020
The evening of 23 March 2020 will be etched in every South African’s memory for years to come. This was the evening on which the president of South Africa declared a 21-day national lockdown, which will start from midnight on the 26 of March 2020.
The first blog in this series, titled “Maybe a holiday is just the medicine we need?”, looked at what the world was doing to soften the impact of the pandemic on the mortgages market. This blog was posted on the 20th of March 2020. Over the past few days however, things have changed at lightning speed as the South African Government and Banks now introduce a raft of policies to protect the credit market during this unprecedented time. We intend to track these in this rolling blog during the coming weeks.
The aim of this blog post is to give a brief overview of what interventions are being formulated not just for the mortgage market but the whole South African credit sector.
Figure 1: Timeline of credit sector interventions in South Africa
Authors: Abri de Beer
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Bussiness Day, 2020. EDITORIAL: Reserve Bank’s proposal could keep credit flowing [WWW Document]. Bussiness Day. URL https://www.businesslive.co.za/bd/opinion/editorials/2020-03-30-editorial-reserve-banks-proposal-could-keep-credit-flowing/ (accessed 4.2.20).
Cronje, J., 2020. Standard Bank unveils 90 day payment holiday for small businesses to soften coronavirus impact [WWW Document]. Fin24. URL https://www.fin24.com/Companies/Financial-Services/standard-bank-unveils-90-day-payment-holiday-for-small-businesses-to-soften-coronavirus-impact-20200322 (accessed 3.24.20).
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de Villiers, J., 2020a. Coronavirus: Standard Bank extends payment holidays to personal accounts too [WWW Document]. Business Insider SA. URL https://www.businessinsider.co.za/coronavirus-standard-bank-extends-payment-holidays-to-personal-account-customers-2020-3 (accessed 3.30.20).
de Villiers, J., 2020b. Edgars and Jet account holders offered a payment holiday [WWW Document]. Business Insider SA. URL https://www.businessinsider.co.za/edgars-and-jet-account-holders-dont-have-to-make-payments-during-the-corona-crisis-2020-4 (accessed 4.24.20).
de Villiers, J., de Wet, P., 2020. Absa customers (in good standing) are about to be invited to a 3-month Covid-19 debt holiday [WWW Document]. Business Insider SA. URL https://www.businessinsider.co.za/absa-introduces-3-month-payment-holiday-for-customers-due-to-covid-19-2020-3 (accessed 3.30.20).
de Wet, P., 2020. FNB may offer a Covid-19 debt break – if you prove loss of income and have good credit [WWW Document]. Business Insider SA. URL https://www.businessinsider.co.za/fnb-covid-19-relief-measures-include-three-month-debt-holiday-2020-3 (accessed 3.31.20).
Magubane, K., 2020. Coronavirus | Debt relief lifeline for taxi operators hit by lockdown [WWW Document]. Fin24. URL https://www.fin24.com/Companies/TravelAndLeisure/coronavirus-debt-relief-lifeline-for-taxi-operators-hit-by-lockdown-20200326 (accessed 3.27.20).
Naidoo, S., 2020. Repo rate slashed by 1% [WWW Document]. Moneyweb. URL https://www.moneyweb.co.za/news/south-africa/live-repo-rate-decision/ (accessed 3.24.20).
Paton, L., Donnelly, C., 2020. Banks step up to help customers take coronavirus hit [WWW Document]. Business Day. URL https://www.businesslive.co.za/bd/companies/financial-services/2020-03-23-banks-step-up-to-help-customers-take-coronavirus-hit/ (accessed 3.26.20).
Ramaphosa, C., 2020. SA on coronavirus lockdown: Read President Cyril Ramaphosa’s full speech [WWW Document]. IOL. URL https://www.iol.co.za/news/politics/sa-on-coronavirus-lockdown-read-president-cyril-ramaphosas-full-speech-45429127 (accessed 3.24.20).
Staff Writer, 2020a. Nedbank announces payment holidays and other measures to help South Africans hit by coronavirus [WWW Document]. BusinessTech. URL https://businesstech.co.za/news/banking/383841/nedbank-announces-payment-holidays-and-other-measures-to-help-south-africans-hit-by-coronavirus/ (accessed 3.24.20).
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