FirstRand in fact were the first bank to warn of the slowdown in June, June 10 to be exact: "As expected, revenue from banking activities remained under pressure. Net interest income in particular continued to be subdued as a result of low levels of borrowing due to the continued high indebtedness levels amongst retail customers. Corporate lending also remained at relatively low levels. Although decreasing interest rates have provided some relief to households, the negative endowment
income on deposits and capital has been significant."