State Bank of Pakistan (SBP), clarifying a press report about written off loans, on Monday said the SBP report submitted to the Supreme Court of Pakistan contained details of written-off loans under BPD Circular No 29 of 2002, only from the year 2003 onward.
While the National Assembly has requested for details of all written-off loans, irrespective of amount involved since 1999, this data is not instantly available with the State Bank. Therefore, it has sought some time to collect the complete data of written-off loans from the banks. As soon as the relevant data is received from the concerned banks, the Central Bank will submit the detailed report to the National Assembly, said SBP statement here.
It also explained that any significant financial relief involving Rs 500,000 and above in the form of write-off / waiver provided to any individual / company is already a public record and fully disclosed alongwith their names and ID card numbers in the annual audited accounts of banks. A report appearing in a section of the press today created an impression that the State Bank officials are showing reluctance in tabling the 1400-page report, pertaining to written-off loans of 60,000 influential persons which amounted to Rs 54 billion, before the National Assembly.
The news item also says that the State Bank has recently submitted this report to the Supreme Court of Pakistan, but it (SBP) is reluctant to present the same report to the National Assembly using delay tactics. The State Bank described the report as incorrect, highly misleading and malicious.-PR