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Execute Basel II accord to guard against financial risks

Star Business Report
Leasing and finance companies have to implement Basel II accord to guard against the financial and operational risks they face, suggested Bangladesh Bank Deputy Governor Murshid Kuli Khan yesterday.
A committee has been formed to work on how the accord can be implemented, Khan told a seminar on 'Prospects and Problems of Financial Institutions,' organised by the Bangladesh Leasing and Finance Companies Association (BLFCA) at Dhaka Sheraton Hotel.
Basel II is an accord agreed and signed by many nations to ensure capital and risk management in financial institutions. Currently, banks have obligations to execute the accord.
Basel 11 uses a three-pillar' concept — minimum capital requirements (addressing risk), supervisory review and market discipline to promote greater stability in the financial system.
BLFCA Chairman Anis A Khan and Vice Chairman Mafizuddin Sarker also spoke on the occasion.
Non-bank financial institutions (NBFIs) have been playing an important role in mobilising funds for the economy.
Presently, 29 NBFIs are in operation in Bangladesh. Of these, one is government-owned, 15 from the local private sector, while the rest 13 are joint ventures.
Out of the total institutions 22 are specialised in lease and long term financing and two in house financing.
Up to June 2007, the total
investment by the financial institutions was Tk 9,197 crore, according to a Bangladesh Bank report. The investment was Tk 7,314 crore in June 2006.
The central bank deputy governor asked the leasing companies to diversify their products by utilising the talents they have.
Murshid Kuli Khan believes the leasing companies have bright growth prospects. In this context, he also stressed changing people's perception on such companies.
Anis A Khan said, “We are not badly affected by the ongoing global financial meltdown, thanks to the central bank's proper regulations for the NBFIs. ”
Some senior officials attending the seminar demanded initial and normal depreciation on leased asset.