SACP issues red alert to banks over high interest
The SACP wants workers to pull out their money from the big four retail banks in order to set up a co-operative bank.
The Sunday Times understands this proposal was adopted at the party's national congress last week.
Those who took part in discussions said the idea behind a "workers' bank" was to create a financial institution that would provide cheaper mortgages and vehicle financing, and other affordable financial products.
The SACP has agreed to start a campaign to force financial institutions to do away with 20-year mortgages. The party has also questioned the rationale of vastly different repayment periods for houses and cars that cost the same.
Insiders said the party would start a campaign to educate workers that "there are other people out there who are thriving with your money".
The party reached agreement on such a campaign during discussions about its report on structural economic transformation, which dealt with issues relating to transformation in the financial services sector, which was the subject of hearings recently in parliament about the state of redress...
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