banking

New powers sought for banking chief

Amendments to banking law would give the Superintendencia de Bancos increased powers.

Banking business assets have grown by more than 30 billion dollars in the past four years.

LA PRENSA

changes: Superintendent Olegario Barrelier submits changes to the banking law during a meeting with the Organo Ejecutivo. 967321

There are four main points contained in the draft amendments to banking Law 9 of Feb. 26, 1998, which were submitted yesterday to the president of the Republic Martin Torrijos.

The changes seek to give greater scope, power, autonomy and independence to the office of the superintendent of banks, in order to respond more effectively to changes in the banking business, whose assets have grown by more than 30 billion dollars in the past four years. In a meeting that lasted nearly two hours, the Superintendent of Banks, Olegario Barrelier, presented details of the reforms, the final wording of which could be ready within a month for debate and approval by the Consejo de Gabinete.

The document gives greater supervisory and regulatory powers to the office of the superintendent of banks as well as greater capacity to attend to the growing international banking business developing in Panama, which includes financial conglomerates whose activities range geographically from Ecuador to Miami. It also enables the Superintendent to act more quickly in cases of insolvency.