News

Dr Ivan Meyer, Confirms That No Western Cape Municipality Invested with VBS Bank

11 July 2018

Recent media reports of municipalities that have invested tax payers hard earned money in VBS Bank is and should be a matter of great concern.

The Municipal Finance Management requires that MEC’s of Finance do financial monitoring and oversight over municipal financial governance.  In addition, it is also the responsibility of municipal committees to exercise oversight over all investments of their respective municipalities.

I therefore in my capacity as Western Cape MEC of Finance, immediately investigated whether any of the Western Cape Municipalities have any investments with VBS Bank and if so, to what extent.   

It is with much gratitude to the leadership of Western Cape municipalities that I can now confirm not a single one of the 30 municipalities located in the Western Cape has invested taxpayer’s money with VBS Bank.

Good governance for people starts by respecting taxpayers’ money and by creating public value. Our regard for the people we serve is reflected in our single-minded focus on the promotion of sound municipal financial governance and the improvement of service delivery in very corner of our Province.

Together with municipalities the Western Cape Government will continue to improve municipal financial governance maturity as per our municipal annual audit performance outcomes.

Media Enquiries: 

Daniel Johnson
Media Liaison Officer/Spokesperson to Dr Ivan Meyer Minister of Finance
Cell: 079 990 4231
E-mail: daniel.johnson@westerncape.gov.za