A costly state bank is the last thing the ANC needs

Ideas

A costly state bank is the last thing the ANC needs

The party passes fantasy resolutions without telling us how its mega ideas will be funded

Executive editor: opinions and analysis

There’s something about dealing with banks that gets us worked up. We have an emotional relationship with them because of the role they play in our lives. If you are unemployed and don’t have access to any form of income, a bank becomes almost a foreign institution — a place for those who have means. If you run a legitimate business or are employed, you develop an almost daily relationship with your bank. For the employed, your salary gets deposited into your bank account each month. For a legit business owner, your transactions run through the banking system.

If you need cash, an ATM operated by a bank is your go-to destination. With electronic transactions dominating trade, payment for your crucial needs requires some form of interaction with a bank-issued card. Banks finance our homes, our vehicles, our businesses; they lend us money and lock us into repayment obligations that can last up to 20 years, if not longer.

In SA, the main criticism levelled at banks is they have created such onerous requirements for access to credit that millions have been shut out as a result...

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