DEAR Editor,-
Banks have delved into private investments and taken (stolen?) about 0.3 percent out of everyone’s money market account!
Ask any bank clerk why the bank is allowed to do this and the standard reply is “It is not our bank but the Reserve Bank that has instructed us.”
What a load of cock and bull! Any clerk who says this may be perjuring themselves because, according to information received, this is incorrect – but it was the line they were instructed to use for clients.
What is the truth? Fund managers invested clients’ money in African Bank Investments Limited (ABIL) through the money market. Without a doubt it is these managers who are responsible for the loss in this investment.
Normally when a bank loses money via a bad investment such as a home loan, they ‘write-off’ the difference and this is what should have happened in this instance. What a bunch I tell you!
PAS QUINADE
Margate
