Stals opens up on Bankorp bailout

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Former Reserve Bank governor Chris Stals. (Netwerk24)
Former Reserve Bank governor Chris Stals. (Netwerk24)

Johannesburg – Cancelling Bankorp’s licence would have led to “serious implications” for the South African banking system, said former Reserve Bank governor Dr Chris Stals.

In a telephonic interview, Stals explained to Fin24 the Reserve Bank’s reasoning for extending the controversial R1.5bn bailout to Bankorp in 1985. He served as Reserve Bank governor between 1989 and 1999 and was director-general of the Department of Finance between 1985 and 1989. 

READ: Absa decries leak of public protector report on apartheid billions

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