Speech by Mr Hennie Bekker MP
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National Assembly Cape Town: 21 June 2007 Madam Speaker:The Inkatha Freedom Party welcomes 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. The results have confirmed what we have known for a very long and that is that banks in South Africa are overcharging on bank costs. Furthermore, 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. We also believe that banks collude to keep banking costs at exuberant levels. The IFP therefore applauds the investigation by the Competition Commission and the Jali-Commission into South Africa's bank charges and we hope that the findings will signal good news for South African consumers I thank you. |