WesBank wilts

Financial services group FirstRand blamed the non-performance of its vehicle finance arm, WesBank, on a rise in household debt; interest rate hikes and the drop in used car prices. WesBank chief executive Brian Riley said new car prices had not risen in the past three years, from 2004 until December 2006, and as a result used vehicle prices had been adjusted downward. FirstRand's share price was down more than 2percent in morning trade. - Lihle Z Mtshali

Financial services group FirstRand blamed the non-performance of its vehicle finance arm, WesBank, on a rise in household debt; interest rate hikes and the drop in used car prices. WesBank chief executive Brian Riley said new car prices had not risen in the past three years, from 2004 until December 2006, and as a result used vehicle prices had been adjusted downward. FirstRand's share price was down more than 2percent in morning trade. - Lihle Z Mtshali

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