c. My third snapshot of diversity concerns the rapidity with which relative changes in cost and price competitiveness are occurring. These movements mainly reflect changes in relative unit labour costs and inflation differentials.
These trends are not out of line with what would be expected in the current stage of the domestic economic cycle, and impaired loans are adequately provided for. The foreclosure procedures in South Africa are also different from those in the US, for example, allowing banks to recover a greater portion of their non-performing loans.