Is your money in the bank safe? Banking Association on S&P's downgrade of banks…

Depositors don’t have anything to worry about.

Cas Coovadia, Banking Association of South Africa

S&P Global Ratings has downgraded its rating of South Africa’s banks, as it does not rate financial institutions above a country’s rating.

Since President Jacob Zuma's Cabinet reshuffle, when Finance Minister Pravin Gordhan and his deputy Mcebisi Jonas were removed, the country's banks have lost around R61 billion.

Arabile Gumede (in for Bruce Whitfield on The Money Show) interviewed Banking Association of South Africa Managing Director Cas Coovadia.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

Our banks are pretty well capitalised. We conduct business in a fairly conservative way.

Cas Coovadia, Banking Association of South Africa

Banks will remain profitable.

Cas Coovadia, Banking Association of South Africa

The cost in borrowing goes up.

Cas Coovadia, Banking Association of South Africa

We met the Minister of Finance yesterday… I’ve got to give him the benefit of the doubt… he indicated he’ll stay the course…

Cas Coovadia, Banking Association of South Africa

The ANC needs to put national interest first.

Cas Coovadia, Banking Association of South Africa

Banking is still one of the strongest sectors of the economy.

Cas Coovadia, Banking Association of South Africa

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Article brought to us by Old Mutual.


This article first appeared on 702 : Is your money in the bank safe? Banking Association on S&P's downgrade of banks…


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