Two reasons were given for the rating action: a lower likelihood of sovereign systemic support based on decisions recently taken in relation to
"The SARB notes the decision by
"With regard to the first point, it is important to reiterate that the approach taken by the SARB to any resolution to address systemic risk will always be based on the circumstances and merits of the particular prevailing situation.
"Decisions will also be informed, as was the case with
Earlier this month, the
Abil will receive a R10-billion capital injection by a range of banks such as
In the case of
"In fact, substantial support was provided, not reduced. Moreover, all retail depositors were kept whole and are able to access their accounts fully.
"The Moody's statement justifies the rating action further on the basis that Capitec follows a similar business model to
The central bank reiterated that the South African banking sector remains healthy and robust.
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