Bank of Uganda Governor, Prof. Emmanuel Mutebile who initially claimed ignorance of critically wanted documents on the closure of commercial banks, has made an about-turn and delivered them to Parliament.
Mutebile in a letter written on November 23rd to Parliament’s committee on Commissions, Statutory Authorities and State Enterprises chairperson, Abdu Katundu, handed over 40 State of Financial Sector reports made by former Supervision Executive Director, Justin Bagyenda with accompanying minutes of approval by the BOU Board of Directors chaired by the Governor himself.
The Governor’s letter which this website has seen is titled; “Report on the State of the Financial Sector and Minutes for the Period July 1996-March 2018”.
He revealed that BOU Board of Directors sit on a quarterly basis to among others receive, discuss and approve reports from the Director of Supervision.
“One of the items on the agenda considered during the Board meetings is the Report on the State of the Financial Sector presented by the office of the Executive Director Supervision,” said Mutebile.
Mutebile confirmed that the reports of the Executive Director Supervision, quarterly tendered to him and the Board for the last 22 years contains the financial standings of all the closed banks.
“Some of the reports contain high level presentation on the state of affairs of the closed banks,” said Mutebile.
Adding; “We have compiled all the reports on the State of the Financial Sector for the period July 1996 – March 2018 in their original form, as presented by the office of the Executive Director Supervision.”
The reports are accompanied by corresponding minutes.
“We have also compiled a file of Minutes of the Board meetings that considered these reports for the same period.”
The Governor emphasized that contents are sensitive and should be treated with utmost confidentiality.
“Because of the sensitivity of the contents of these reports and minutes, we are submitting one copy of each for your reference. We appeal to you that these reports and minutes should be treated with utmost confidentiality.”
Early this week, Mutebile told COSASE committee that he had not seen some of the reports being mentioned by his juniors.