Financial oversight council meets
A council headed by Finance Minister S.Bayartsogt met on Tuesday and discussed several issues, including plans to liquidate the defunct Anod and Zoos banks, and to speed repayment of Government bonds.
Mongol Bank Deputy President B.Javkhlan said banking data kept by the ministry should be merged with other data, such as loan data, to make it easier to determine a bank’s financial stability. By merging the data, B.Javkhlan said, the stability of the banking sector would be ensured.
The council decided to establish a working group comprising the Finance, Justice, and Internal Affairs Ministries; Mongol Bank; SME Board of the Ministry of Food, Agriculture and Light Industry; Economic Regulatory Authority; and General Office for Enforcing Court Decisions. Finance Minister S.Bayartsogt asked that the working group’s report be issued by the end of December.
The council also decided to revise the financial information reports that organizations must file with the Ministry of Finance.
Mongol Bank Deputy President B.Javkhlan said banking data kept by the ministry should be merged with other data, such as loan data, to make it easier to determine a bank’s financial stability. By merging the data, B.Javkhlan said, the stability of the banking sector would be ensured.
The council decided to establish a working group comprising the Finance, Justice, and Internal Affairs Ministries; Mongol Bank; SME Board of the Ministry of Food, Agriculture and Light Industry; Economic Regulatory Authority; and General Office for Enforcing Court Decisions. Finance Minister S.Bayartsogt asked that the working group’s report be issued by the end of December.
The council also decided to revise the financial information reports that organizations must file with the Ministry of Finance.
We that live in the united states live in a nation where the type of type of financial shenanigans occuring on a daily basis would only be thought of as happening in third world countries maybe south america. But now their happening here. I don"t believe that we are seeing so much of a big increase in the financial shenanigans today but less enforcment of violations of securities laws by the SEC. I can remember back in the nineteen eighities when almost two thirds of all the savings and loans were taken over by the FDIC the arm of the federal government that is suppose to regulate banks and other financial institutions. Their were thousands of persons charged with all sorts of crimes during and after the savings and loan debacle. I cannot believe that not anyone on wall street has been charged with any sort of crime whatsoever after the financial crisis of two thousand eight and two thousand nine that almost brought down the whole financial system.
ReplyDelete