BIS central bankers’ speeches  5  A lot has been said about the growth of unsecured lending in South Africa. Of course, as regulators we are concerned about the growth in unsecured lending, but South Africans, do we really know what we want. Two years ago we said to the banks, you only want to lend money to people who have security.
So the banks have come around and said well it looks like South Africans want us to lend to people who don’t have security, unsecured. Then we turn around and we say that well there is problem here, you are lending money to people who are unsecured, so I’m not sure what we are actually looking for.