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The full statement is reproduced below:-
Strengthening Finance Companies and Banks
The Central Bank notes the several measures proposed in the Budget 2014 to strengthen the licensed finance companies, where, with a view to encouraging consolidation in the financial sector, tax incentives have been offered for the strengthening of finance companies.
In this regard, in keeping with the proposal articulated by the Hon.
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Minister of Finance, the Central Bank would issue guidelines in relation to the merger and consolidation of finance companies, at the time of the release of the Central Bank Road Map 2014 and Beyond, on 2nd January 2014.
These new measures would be in addition to the series of measures taken by the Central Bank since 2009, where finance companies that were facing liquidity constraints have undergone restructuring processes under the supervision of the Central Bank. Such restructuring schemes included the appointment of Managing Agents, Restructuring