The South African Government raised a total amount of approximately R11.3 billion in seven public loan issues made in international capital markets since December 1994. At the same time, many South African public and private sector borrowers also made use of the foreign financial markets to fund the expansion of their activities in South Africa, and in the rest of the world.
High costs, which are above the European average and almost a quarter higher than in 2015, continue to contribute to weaker profits. And a sustainable reduction in NPLs remains a priority as they are still above international averages. Substantial investment is also required to strengthen operational resilience. We think about these issues holistically.