The Parliament’s committee on Commissions, Statutory Authorities and State Enterprises (COSASE) has honored a request made by the Bank of Uganda on the safety of sensitive confidential documents.
On Monday last week, BOU Governor Emmanuel Mutebile attached an empathetic letter to documents delivered to Parliament concerning the closure of 7 banks between 1993 and 2016.
In the letter he asked the Committee to regard some of the documents as confidential and explicitly cautioned that making them public would risk adverse ramifications on the banking and financial sector.
The committee chairperson, Abdu Katuntu, in appreciation of Mutebile’s request, set up a three man committee to study it and make appropriate recommendations.
Katuntu made the revelation on Monday while meeting officials from BOU led by Mutebile.
“I am going to set up a three man committee to study this file amongst ourselves because of the concerns raised by the Governor,” said Katuntu.
The documents contain details of the closure of Teefe Bank (1993), International Credit Bank Ltd (1998), Greenland Bank (1999), Co-operative Bank (1999), National Bank of Commerce (2012), Global Trust Bank (2014) and Crane Bank Ltd (2016).
The probe had delayed over the safety of confidential documents that BOU had withheld from MPs.
According to Mutebile some scrupulous persons can decide to use the documents for ulterior motives.
“Disclosure of some confidential information may end in the hands of self-seeking parties that can misuse them to harm the independence of the Central Bank for political and industrial pressures which would compromise supervisory independence and the pursuit of financial stability,” said Mutebile.