Building costs for poor households have increased by 25% year-on-year, mainly due to the cost of serviced sites going up, the Banking Association of South Africa said on Tuesday. The increase was primarity due to the increase in the cost of serviced sites, said managing director Cas Coovadia.
Legislation providing for formal regulation and supervision of cooperative banks was adopted by the National Assembly on Tuesday. Introducing debate on the Cooperative Banks Bill, Finance Minister Trevor Manuel said it seeks to create an appropriate regulatory framework for member-based deposit-taking, financial services cooperatives.
The Banking Association of South Africa is trying to have money it accidentally paid to a lobby group led by South African Communist Party head Blade Nzimande returned. The managing director of the Banking Association of South Africa, Cas Coovadia, confirmed that the industry body had accidentally paid its quarterly fees of R360Â 000 in June last year to the Financial Sector Campaign Coalition.