23 March 2020 – Exempted banks from competition laws to enable coordinated debt relief

This item is sourced from COVID-19 Policy Watch co-ordinated by Policy. We are in the process of gathering further information and aligning taxonomies for these items.

Type of Intervention: Business support
Sectors Involved: Wage and income support
Level of Jurisdiction: National
Lead People/Agency:

Overview: The Government of South Africa has exempted commercial banks from ordinary competition laws.

The measure is aimed at enabling banks to coordinate approaches to debt relief and similar measures for businesses and people experiencing financial stress.

In particular, banks will be able to coordinate approaches to payment holidays and debt relief, limitations on asset repossessions, and the extension of credit lines.
Full details here: https://www.gov.za/speeches/president-cyril-ramaphosa-escalation-measures-combat-coronavirus-covid-19-pandemic-23-mar