But I will be happier when no bank is forwarded for liquidation,'' the KDIC
chief officer said.
CBK and KDIC
are grateful to depositors and creditors for their patience since Chase Bank Ltd was put under receivership," the CBK said in a statement.
Second, they may lose some interest because KDIC
does not protect interest that exceeds some level KDIC
designates based on commercial banks' interest level, which is substantially lower than that of savings banks.
MOFE was given the task of preparing and coordinating economic policies, drafting tax and customs legislation, and formulating policies for the financial system; FSC/FSS was charged with supervising financial institutions; BOK was responsible for maintaining monetary stability and keeping an oversight of the financial system; and KDIC
was assigned to protect depositors.
The defendant banks argued that once it is determined that KDIC
is an organ of the Korean government, they automatically become agencies or instrumentalities by virtue of the KDIC
CBK governor Patrick Njoroge and KDIC
chief executive officer Mahmoud Mohamed in a joint briefing Friday last week, announced that Chase Bank customers will access 75 per cent of the Sh76 billion deposits locked in the troubled lender in staggered phases over a period of three years.
An official at KDIC
said: "Those meetings were done in a smooth way and employees are positive about the system.
, the Bank of Korea, and the Korean Financial Intelligence Unit all have limited authority to conduct special examinations of Korean financial institutions.
In a class action suit filed at the High Court in Nairobi against the Central Bank of Kenya and the Kenya Depositors Insurance Corporation (KDIC
), the depositors contend that the actions of the CBK and KDIC
have violated their right to property as protected under Article 40 of the Constitution and the right to fair administrative action.
also said that it will sign a final agreement with the selected bidders after discussing details such as how the assets and debts of the savings banks will be transferred to the bidders.
The firm said the CBK and KDIC
violated depositors' right to property against constitutional provisions and the right to fair administrative action and consumer protection.
Global Banking News-July 6, 2011--Korea's KDIC
to sell three savings banks(C)2011 ENPublishing - http://www.