Financial Sector. 1. The Borrower has offered for sale Banca Comerciala Romana in accordance with applicable management, capital, ownership, legal and regulatory requirements of the National Bank of Romania, and has taken all necessary steps for completing the sale of the said bank.
Financial Sector. Reduction, to a level agreed upon with the Bank, of outstanding overdrafts issued by the State-Owned Commercial Banks to their customers, other than the Borrower.
Financial Sector. Submission to the Recipient’s Parliament of a micro-finance law, satisfactory to the Association.
Financial Sector. The Recipient has raised the net worth of the three banks under restructuring (BTCI, BIA Togo and UTB) to the WAEMU prudential ratio (Xxxxx ratio of 8 percent) by exchanging the banks’ non-performing loans with government-issued bonds.
Financial Sector. 178. The Government called upon pension funds, insurers and other institutional investors to work together with stakeholders to draft an agreement on international responsible business conduct. The RBC Agreement of the insurance sector was signed in July 2018 and the RBC Agreement of the pension sector in December 2018.
Financial Sector. 1. Completion by each of ICB, BIDV, VBARD and VCB of the 2002 loan loss provisioning target indicated in the respective restructuring plan approved by SBV, such target established in accordance with the IAS audit completed for 2000.
Financial Sector. The Parties shall promote the development of projects presented by entrepreneurs and/or cooperatives in the social economy framework, of Venezuelan and/or Argentine origin. To achieve the above, the Parties shall specify mechanisms establishing the corre- sponding financial instrument and conditions.
Financial Sector. 3. Provision of adequate funding for Fiscal Year 2008, as reflected in the 2008 Recipient’s Budget Law and in an amount satisfactory to the Association, to the Micro-finance Supervision Unit.
Financial Sector. Rationalized system for issuing treasury bills established by December 31, 2005.” Annex III “Modifications to the General Conditions For the purpose of this Agreement, the provisions of the General Conditions are modified as follows:
Financial Sector. The banking sector in Namibia consists of four commercial banks, an investment bank and a savings bank. As it is common with other SACU countries, the banking industry in Namibia is dominated by South African Banks. In addition to the South African Banks, there were two fully Namibian-owned banks, City Savings & Investment Bank and SWABOU Building Society, which merged in April 2002 and became known as SWABOU Bank. However, this institution again merged with First National Bank (FNB) and is now known as FNB SWABOU Holdings. Currently, there is no fully Namibian-owned bank in the country. Recent studies indicate that there is very little price or product competition in the banking sector. Furthermore, FNB and the Standard Bank dominate the market holding, with about 62 percent of total assets and accounting for 60 percent of total deposits and loans. These two institutions are the price leaders, and competition is limited to non- price issues like services. Thus, there is high market concentration with little effective competition. However, the size of the Namibian market limits the number of players in the banking sector. Therefore, effective competition is very difficult. The regulation of non-banking financial institutions is done by NAMFISA (Namibia Financial Institution Supervisory Authority), which was established in 2000. Non-bank financial institutions include Contractual Savings Institution (pension funds, long and short-term Insurance), Unit trusts, Cooperatives and Microfinance. With about five companies, the long-term insurance industry is dominated by two companies, owning about 90 percent of total assets. On the other hand, the short-term insurance industry, which has 10 companies, is dominated by five companies, owning about 80 percent of total assets. Unit trusts and cooperatives are new and still developing. Other government initiatives include the Namibian Development Cooperation, the National Housing Enterprise Development Fund of Namibia, Namibian Development Bank, etc. Consumer Protection There is no law that cuts clear on issues that protect consumers in Namibia, and hence, it is quite often that one hears dissatisfied consumers crying of poor service and lack of customer care. At present, consumers may be able to take the seller to court, but the process is long, expensive and cumbersome The Ministry of Trade and Industry has already set in motion the process of drafting the Consumer Protection Act. A consultant has been appointed and...
