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Momodou
Denmark
11712 Posts |
 Posted - 20 May 2006 : 14:37:50
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Foroyaa Editorial :
SETTLEMENT OF CONTINENT BANK DEPOSITORS 20 MILLION FROM NATIONAL BUDGET!!
The Continent Bank became the bank of teachers, nurses, middle level managers and countless numbers of people who were engaged in small scale businesses.
The Central Bank was supposed to exercise supervision over the bank so that it will not be mismanaged to the detriment of the depositors. This supervision was not done properly. Consequently, the bank became mismanaged to the point of being liquidated.
The opposition members of the National Assembly spared no effort in sensitizing the nation on how the collapse of the bank could have been avoided and why it was necessary to protect the depositors. For years many depositors who made savings from funds provided by their children abroad and who utilized it to run small businesses became so impoverished that they had to contact newspapers to explain their state of despair. What is interesting in this year's estimate is that a sum of 2o million dalasis have been allocated from public funds to settle continent bank depositors .Foroyaa would want to know from the depositors whether they have received their money and how much they have received. It is important for such schemes to be checked to find out whether they are operating accordingly to expectations.
The readers will be kept informed of all developments.
The Continent Bank is an institution for investment. Banks operate by lending the money of the depositors at higher interest rates than the interest they pay to their depositors. How on earth can a bank come to a point where it cannot pay interest to its depositors or pay back their money. This is the height of mismanagement.
This however is a lesson for the Central Bank and all the other banks. The tremendous hardship experienced by the depositors of the Continent Bank should not repeat itself again.
However only vigilance can help us to avoid further mistakes.
Source: Foroyaa Newspaper Burning Issue
Issue No. 38/2006, 18-21 May, 2006
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A clear conscience fears no accusation - proverb from Sierra Leone |
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kondorong
Gambia
4380 Posts |
Posted - 22 May 2006 : 23:46:11
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| I am happy that this is being done. It is rumourded that a large chunk of the loans of the bank went to National Assembly memebrs who provided no collateral agaisnt the collosal sums loaned out to them. |
“When I despair, I remember that all through history the way of truth and love have always won. There have been tyrants and murderers, and for a time, they can seem invincible, but in the end, they always fall. Think of it--always.” |
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