Independent Commission on Banking and Financial Policy

May 16th 2005

The change in banking policy currently underway is eroding the role of the banking sector as a means for more rapid and broad-based development. The change also seems to be worsening the difficulties being faced by domestic banks and creating new ones, leading to an increase in fragility. Above all, there is a danger that banking ''reform'' is paving the way for a decline of domestic control over banking operations as a result of international takeovers, with attendant adverse implications for economic sovereignty. Taking note of these dangers, The Independent Commission on Banking and Financial Policy in its Interim Report makes a series of recommendations relating to:

(a) the ownership issues; (b) the perils of consolidation of financial institutions (c) the regulatory mechanisms; and (d) the revival of development and social banking to ensure broad-based credit delivery in the rural areas.

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