 News
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Two financial Bills in House this week
Two important financial Bills, one to recover non-performing assets of state banks and another to revive the failed Pramuka Bank will be presented to Parliament this week. The Bills titled Non-Performing Assets (Recovery) Bill and the other as an amendment to the Banking Act will be presented for this purpose. An asset management authority will be set up under the new Bill to assist in maximizing the recovery of non-performing loans as well as provide debt recovery services to the state banks. The amendment to the Banking Act is to vest power of the defaulting bank with an acquiring bank, enabling to take control of all its assets. The liability of the acquiring bank to meet the claims and demands of creditors and depositories on liabilities of the defaulting bank will be done in accordance with a scheme to be formulated by the Monetary Board after a review of the defaulting bank. The scheme will, among others, specify the manner of settling liabilities including the amounts payable and the times at which payments are made and the order of priority of settlement of the different classes of liabilities. |
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