"Economic growth is expected to come under increasing pressure as uncertainties continue to impact on financial markets and the banking environment in 2008."
Dr Steve Booysen, Group Chief Executive, Absa Group Limited - extract from 2007 annual report
"During 2007 the operations of South African banks remained largely unaffected by the volatility and risk aversion that have characterised international financial markets. Our domestic environment was impacted by increasing interest rates, a deteriorating currency, rising household debt and ongoing pressure on margins. The general banking environment will be much tougher in the year ahead."
Tom Boardman, Chief Executive, Nedbank Group – extract from 2007 annual report