Vision1 FM                       Light FM                         Light TV

Finalizing report on UT, Capital banks collapse-BoG

The Bank of Ghana (BoG) has stated that it is finalizing a report that will explain the causes of the collapse of UT Bank and Capital Bank.



The central bank closed down UT Bank and Capital Bank in August last year to protect the banking system from collapsing due to the distress nature of the two banks.

The BoG at the time assured that it will come out with comprehensive reasons for the collapse to guide banks in the future.

But seven months after the assurance, the central bank is yet to make public its findings.

Speaking on the Citi Breakfast Show, the Second Deputy Governor of the Bank of Ghana Mrs. Elsie Awadzie assured that the report will soon be made public.

She explained that the circumstances surrounding the UT Bank and the Capital Bank are quite different from the challenges faced by uniBank which required rehabilitation.

“In the case of UT Bank and Capital Bank we were winding up those banks and the first order of business was to immediately lay hands on assets to be able to recover value and take them back,” she said.

“The management of the Bank of Ghana stands by its word to complete the investigation. We will definitely get all other institutions involved in following up the result of the investigation and there is no doubt about our commitment to that,” she added.

Mrs. Awadzie pointed out that “The last phase of the BoG’s action would involve a thorough investigation of operations of UT Bank and Capital Bank”

She disclosed that the central bank will take appropriate actions against Directors and key management personnel of the defunct banks in if found culpable.



Source:Citibusinessnews.com/Ghana

More Lifestyle..

How Boxer Emmanuel Tagoe got to know his 14-year-old son is not his child How Boxer Emmanuel Tagoe got to know his 14-year-old son is not his child 2018-09-14 - YEN reported earlier the story of popular local boxer, Emmanuel...
Bank crisis: Your deposits are safe – UniCredit assures customers Bank crisis: Your deposits are safe – UniCredit assures customers 2018-09-13 - The management of uniCredit has called on its customers to remain...
Apple iPhone XS unveiled alongside fall-detecting Watch Apple iPhone XS unveiled alongside fall-detecting Watch 2018-09-13 - Apple has updated its iPhone X handset with three more powerful...
Kofi Amoah heads FIFA Normalization C’ttee to run Ghana football Kofi Amoah heads FIFA Normalization C’ttee to run Ghana football 2018-09-13 - FIFA has named Dr. Kofi Amoah as chairperson of a four-person...
Former England captain Terry turns down move to Russia Former England captain Terry turns down move to Russia 2018-09-13 - John Terry won 78 caps for England between 2003 and 2012 Former...