SBP identifies shortfall in collateral obtained by Silkbank

SBP identifies shortfall in collateral obtained by Silkbank

KARACHI: State Bank of Pakistan (SBP) has identified shoartfall in collateral against financial facilities granted by Silkbank Limited.

According to information share with Pakistan Stock Exchange (PSX) on Thursday, Silkbank said that the SBP in its latest inspection of the bank, identified a shortfall in collateral against certain financial facilities granted by the bank.

“In compliance with the SBP requirements, the bank has obtained additional collateral, equivalent to identified shoartfall, details of which have been provided to SBP,” the bank said.

The central bank has required the bank to assess the value of the additional collateral obtained, the bank added.

Silkbank informed that in order to fulfill the valuation requirement, SBP had further given the option to delay the quarterly financial statements, as of September 30, 2019, of the bank, till the conclusion of the said valuation process so that the financial statements reflect the full impact of additional collateral obtained.

“The bank has therefore, sought time from SBP, till December 15, 2019, for the conclusion of the evaluation process and publishing of the quarterly financial statements, as of September 30, 2019, of the bank.”

The 170th meeting of the Board of Directors being in session on October 30, 2019, for review and approval of third quarterly accounts for the period ended September 30, 2019, has therefore, been concluded accordingly.

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