IFP MEDIA STATEMENT RELEASE BY:
MR HENNIE BEKKER MP
IFP SPOKESPERSON ON FINANCE

20 June 2007

The Inkatha Freedom Party's Spokesperson on Finance, Mr Hennie Bekker MP, today welcomed the results of a new study into international banking costs, which has revealed that South Africans are paying more than double the global average in bank charges. 

"We are very happy that the study has revealed what we have known for a very long time, and that is that banks in South Africa are overcharging on bank costs," said Mr Bekker. 

"We reject the banks' reaction that the study's findings, by Capgemini, are not accurate. It has once again highlighted the fact that there is a lack of healthy competition in the banking sector. Furthermore, we believe that banks collude to keep banking costs at exuberant levels. 

"The IFP therefore applauds the investigation by the Jali-Commission into South Africa's bank charges and we hope that the findings will signal good news for South African consumers," concluded Mr Bekker.

 
FOR MORE INFORMATION:
Mr Hennie Bekker MP: 083 255 4520
Liezl van der Merwe: 083 611 7470