The
new Banking Law has taken effect on July 1^st. According to the new
law, commercial banks must openly announce the names of shareholders, directors
and other administration. As for today, only Khaan, Khas and Golomt banks have
revealed the necessary information. Director of Mongolbank’s Inspection
Department B.Lhagvasuren said the banks must be given responsibility for not following
the laws.

Did the Central Bank
check which banks placed the information in the website?

As
the Central Bank of Mongolia, we have all the information about commercial
banks. But we must not reveal it to third party. Commercial banks must show it openly
as indicated in the law. We of course sent the demand.

But not all banks
revealed the names of their directors.

The
banks are giving some explanation. When the law was amended in January, the
representative administrative board must elect one independent member. The
procedures of that member must be made. We have readied the draft. The
Financial Stability Council must discuss it and we hope it will be ready soon. The
commercial banks are saying they will announce the names after that regulation
is approved. Thus, we are demanding them to reveal the names of rest of the
directors except the independent member.

Since
Mongolbank is not a legal institution to submit law to Parliament, MPs
B.Tsengel and Ya.Batsuuri will submit the law.