As the regulator of banks, the Bank Supervision Department of the South African Reserve Bank will continue to ensure that banks’ risk-management processes are appropriate for monitoring these activities in the light of increasing household sector indebtedness and the increasing cost of credit. This high rate of credit extension has become a major cause for concern for the Bank.
The protests reflected the angst of the youth at the efforts of government to contain European sovereign debt crisis through bailouts of banks responsible for the crisis while continuing to announce cutbacks in social programmes. 14. The protests attracted wide reactions from political parties and earned broad support from the public at large and many famous personalities.