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Joint meet on credit recovery sought

Star Economic Report
Trade and industry circles have suggested a Joint meeting of the officials of Ministries of Finance and Industries and Bangladesh Bank with the representatives of the private sector to discuss the 'knotty' credit recovery problem and find out a "realistic solution ".
Proposals for the meeting have been mooted with Minis ter of Finance M Saifur Rahman in his recent meetings with the representatives of the chamber bodies. Available indications suggest that the meeting would be held on return of the Finance Minister to Dhaka after attending the annual meeting of the Aid Club in Paris. The minister leaves for Paris tomorrow.
In another inter-related development on credit recovery
problem, a number of commercial banks have sought clarification from Bangladesh Bank on the letter's latest cir-cular. debarring the defaulters' from obtaining any fresh credit support.
The circular, according to banking circles, is vague on some points and needs further elaboration. Bankers feel themselves quite uncomfortable In this situation, because violation of any of Its directive, in the even of any misinterpretation. will involve penal actions under the recently-enacted Banking Companies law
Bangladesh Bank, tn Its circular issued on March 20 to the banks, directed that any defaulter Included in the pub lished list must not be given any new credit facility whatsoever. Such restrictions will be effective for all defaulters including directions of any bank and will also cover working capital funds.
The banking circles pointed out that the full list of defaulters was not yet available with them. Bangladesh Bank published so far the names of 170 defaulters' with overdue credit liabilities exceeding Taka 2.5 crore in each case The list Is not yet complete and the commercial banks and other development financing institutions have not also published the full lists of "defaulters"
And again, another question. as some bankers pointed out. remains yet unresolved. Should restrictions on credits be applied to all the units under the ownership or sponsorship of any listed Individual defaulter. irrespective of recovery performance of each unit ?
Meanwhile, the chamber bodies have decided to Jointly take up issue about the credit recovery problem with the concerned authorities. Individual chamber bodies declined to comment on the Issue and would like to watch the next course of developments after the publication of the full list of defaulters
The pubheation of the lists of "defaulters" however caused Jitters in trade and industry circles. While none denied the need for restoring discipline tn the financial sector in view of the huge amount of outstanding bank credits or funds lying "overdue", some pointed out that the amount, showed as overdue loans or credits, did not represent the correct and updated statements of accounts. "Overdues" have not been properly classified and cases, involving failures in repayment of a few instalments, have been taken as defaulters . some others alleged.
The head of a chamber body said. on condition of anonymity, that even rolling or revolving credits In the nature of working capital have been
Included as overdues
Meanwhile, blanket or ■cross the-board restrictions on credits for working capita) to any units, owned or oper a ted by any listed defaulters will lead to closure of a large number of operational Industrial or other concerns, many operators feared. Even some public sector corporations will face severe operational trou bles as a result, they pointed out
Banking circles said the amount of overdues would be over Taka 10 billion In the overall outstanding loan or credit portfolio of about Taka 22 billion tn the country's banking and financial sector. The amount Included all kinds of credits — industrial or other term loans, working capital, trading credits (Imports, ex-Crts and domestic trade), ins for services sector and agricultural loans. The share of public sector in the total amount of overdue credits will be about Taka three billion. Overdues in the agricultural sector will be over Taka four billion. The rest of the over-dues are in the private sector and not necessarily all of It are in the category of industrial term loans, the sources added.