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DAWN News: Bill empowers SBP to change bank management
Tuesday, 09 Feb, 2010
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The State Bank of Pakistan has been given sweeping regulatory powers in order to effectively and pre-emptively avert any crises that emerge from the banking sector such as the liquidity crunch of 2008. - File photo
ISLAMABAD: The National Assembly adopted a bill on Monday which drastically amends the Banking Companies Ordinance, 1962, and empowers the State Bank to change management of banks, impose losses on shareholders by writing down their capital, intervene and take control of banks and appoint administrators to manage banks or restructure banks when symptoms of crisis are determined.
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Why ?