“Over 20 banks have met [the minimum capital requirement] or are already there and we have 30 banks, so, the rest, we are meeting them on a daily basis to say: ‘Tell [us] where you are on your capital raising plans’.
“We are confident that they are going to meet [it] but if for some reason they cannot meet and will not merge, well, then that is another matter altogether, but we cannot allow banks that are not well-capitalised to remain in the system after 1 January”.
Banks who fail to meet the new capital requirement will be downgraded to Savings & Loans or Microfinance institutions.
Since August 2017, seven local banks have gone under.
Two of them, UT Bank and Capital Bank, were swallowed by the state-owned GCB Bank.
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