6 June 2003
The South African Communist Party (SACP) calls on poor and working people, its members and supporters, members of trade unions, civic organisations, community based and other organisations to join a picket to be held tomorrow at the Growth and Development Summit as detailed below.
DATE - Saturday, 7 June 2003
TIME - 09h00 - 10h30
VENUE - Gallagher Estate, 19 Richards Drive, Midrand
This picket will be in support of the GDS and it will highlight the problem of redlining as practised by South African banks.
Through this picket the SACP will reiterate its condemnation of the Banking Council of South Africa for wanting to further delay the Community Reinvestment Bill. This Bill is in line with the aims and objectives of the GDS. The SACP believes that any community reinvestment legislation is essential to the GDS process.
In line with the 2002 August NEDLAC Financial Sector Summit, the SACP calls on the Banking Council to support the Bill and engage with the Minister and other social partners towards the finalisation of the Bill. Essentially, the Banking Council's argument is tantamount to arguing for financial institutions to remain not contributing to socio-economic development. Any delay in the Bill could allow financial institutions to repeat their failure to provide finance for housing development. The continuing practice of redlining reflects continuing discrimination practised by banks including HIV/AIDS discrimination despite often repeated claims by the banking industry.
CONTACT
Mazibuko K. Jara (surname Jara)
Dept of Media, Information and Publicity
South African Communist Party (SACP)
Tel - 011 3393621; Cell - 072 275 4723 (temporary)
Email - mazibuko@sacp.org.za