Parliament resolves on TIB Bank sustainability

DODOMA: THE National Assembly has resolved that the government should conduct assessment on the sustainability of the TIB Development Bank and take timely measures.

The Parliamentary Public Investment Committee (PIC) Chairman, Deus Sangu, said the move follows the bank’s financial instability which is beyond the intended mission, vision and objective of establishing the facility.

“TIB’s current capital cannot meet its objective to empower public institutions and entities,” he said.

Adding: “Therefore, the Parliament wants the government to conduct thorough assessment of the bank sustainability and keep a close monitoring to ensure that it remains within its core function and not otherwise”.

Moreover, the Parliament resolved that the government should keep a close monitoring and control of the bank debtors so that they honour their debts to increase its liquidity.

Mr Sangu also said the government must also ensure the deposits of the debtors both private clients and public institutions, are remitted in payment of the loans. He said the bank has been tasked to be the premier development financier in Tanzania and to provide affordable development financing for an inclusive, diversified, vibrant and competitive national economy.

The main purpose of financing development was emphasised on industrialisation of the country.

The Committee Chairman said after thorough consultation with relevant authorities, it realized that according to BOT guidelines on bank operations, TIB Development Bank must have capital of more than 200bn/-.

TIB so far has 24bn/- running capital, the challenge which has caused the bank fail to pay Fixed Deposit Receipts (FDR) worth 206.85bn/- deposited by public institutions and customers who have matured deposits. In the past two years, the bank incurred a loss of 195.91bn/- which is a result of bad debts.

The loss 20 per cent which is against the five per cent BOT ceiling “In short the bank is in bad shape, it is the committee recommendation that concentrated efforts are needed to facilitate the bank to regain capital alongside a strong management and operation especially on loan processing handling,” he insisted.

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