TITLE

In a sweat over PIPS

AUTHOR(S)
Whitreld, Bruce
PUB. DATE
September 2004
SOURCE
Finance Week;9/13/2004, p14
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article reports that surging demand for residential property in South Africa has not only had the effect of doubling house values in affluent areas over five years, it has also allowed the country's banks to substantially lower their exposure to their cumbersome portfolios of properties in possession (PIPS). These are an overhang of the Nineties when bank repossessions reached record highs but a range of legacy issues means banks are still grappling with challenges in townships. While First National Bank has succeeded in removing PIPS from its balance sheet, and Standard Bank has minimised its exposure. Absa and Nedcor sit with a bigger problem.
ACCESSION #
15593326

 

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics