ISLAMABAD – The National Assembly on Thursday unanimously passed two bills including the Banking Companies (Amendment) Bill, 2010, to provide matching tools to the bank regulators for cooperative measures with a view to maintain financial stability.
PPP MNA Yasmin Rehman, in absence of NA speaker and her deputy, was officiating as the chairperson. Minister of State for Foreign Affairs Hina Rabbani Khar, introduced the bill on behalf of the finance minister that was unanimously passed by the House. Zahid Hamid of the PML-N withdrew his amendments, saying the bill was unanimously passed by the Senate.
The bill aims at providing matching tools to bank regulators for cooperative measures as the ever changing dimensions of global banking business continue to create newer challenges and risks for bank depositors, regulators and financial system as a whole. The proposed amendments in the Banking Companies Ordinance, 1962, are in the context of strengthening necessary tools of bank regulation and supervision to safeguard the industry against various risks.
The amendments would enable the State Bank of Pakistan to change management in banks, impose losses on shareholders by writing down their capital, intervene and take control of banks, appoint administrators to manage banks and restructure banks when symptoms of crises are determined, it said.
The National Assembly also unanimously approved the Federal Board of Revenue (Amendment) Bill, 2010, as passed by the Senate with an aim to empower the Federal Board of Revenue (FBR) to establish a Welfare Foundation and fund for its retired and serving regular employees.
