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SBP to give loan defaulters' list to ECP by Monday

22 February, 2013

ISLAMABAD: State Bank of Pakistan (SBP) Governor Yasim Anwar has said that the central bank would submit the list of loan defaulters to the Election Commission of Pakistan (ECP) by Monday.

The Credit Information Bureau (CIB) report on defaulted loans has already been updated till Monday last. However, the SBP governor clarified that the loans defaulted and restructured owing to natural calamities, economic recessions would not be treated as defaulted and the names of their borrowers would not form part of the list of defaulters. The Senate Standing Committee on Finance Committee Chairperson Senator Begum Nasreen Jalil and Senator Sughra Imam asked the SBP governor to inform the committee about the details of his meeting with the ECP regarding loan defaulters and what mechanism was finalised in this regard.

When Senator Haji Adeel asked the status of those people who defaulted on their loans due to the earthquakes or floods and subsequently availed the incentives like waiver from markup and reduced interest rates, the SBP governor said that federal government has time and again announced incentive packages for retiring loans due to such kinds of calamities and those who availed such incentives and restructured and repaid their loans would not be termed as defaulters.

Similarly, when asked about those who defaulted on loans due to recession in economy and failed to make payments due to the reduced repayment capacity, Governor Anwar said that the State Bank of Pakistan had allowed complete liberty to banks to restructure such loans as per prevailing conditions so that these could be repaid. He added that those who availed restructuring of their loans and made repayments on incentivised terms would also not be termed as defaulters.

When the Senate members asked whether obtaining no-objection certificates (NOC) from banks would be the responsibility of the election candidates, the SBP governor informed them that they would not be asked to obtain NOCs from each bank. The Election Commission of Pakistan would provide the names of the election candidates and the SBP would verify their names from CIB and send a reply to the ECP to complete its verification process. However, he said that verification of the tax payment issues is a bit complex issue.

Yasin Anwar also informed the Senate that talks with banks were underway for the last one year for improvement in the terms and conditions for the settlement of the loan dues and those who would be settling their dues before filing of their nomination papers would not be termed as loan defaulters. The SBP has the loan defaulters' list updated till last Monday and will provide the names to the ECP, Anwar said.

"We are going to provide the names of the persons who have failed to honour their financial obligation regarding loans," he stated. In reply to a question about the process followed by the banks regarding loan defaulters, the SBP chief said when anybody fails to honour his financial commitment he is given a specific period of time to clear dues before being classified as loan defaulter.

Yaseen Anwar said the SBP's role is very simple and straightforward and it would simply forward the names of loan defaulters to the ECP.


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