Source: Ardiin Erkh                  Date: 21 July, 2010

The head of the Inspection Department at the Central Bank, Mr. B.Lhagvasuren, has said banks that have not revealed their shareholding pattern, names of directors, and other information as demanded by provisions of the new Banking Law will have to explain their failure. The Central Bank has all the information but it cannot reveal them. The legal onus to do so is on the banks themselves. Some banks have said they are waiting for a final provision relating to the election of one independent member to the representative administrative board to take effect, but the Central Bank has told them that they must reveal the name of the other directors without delay.