Stock Refinancing Scheme
BB to release Tk 300cr 1st tranche Sunday
Bangladesh Bank, Bangladesh Securities and Exchange Commission and Investment Corporation of Bangladesh on Thursday signed a memorandum of understanding to release Tk 900 crore refinancing scheme for stock investors. BB executive director SM Moniruzzaman, ICB managing director Md Fayekuzzaman and BSEC executive director Saifur Rahman signed the MoU at the central bank headquarters in the capital.
At a press briefing on the occasion, Fayekuzzaman told reporters that the ICB would take initiative on Sunday to get the first Tk 300 crore instalment of the scheme from the BB.
The affected investors, who invested in the capital market up to Tk 10 lakh between January 1, 2009 and November 1, 2011, will be able to get the fund through brokerage houses and merchant banks from the ICB.
Speaking on the occasion, Moniruzzaman said that the BB would provide the fund on behalf of the government and the time-duration of the fund would be three years till December 2016.
The fund will be returned to the government after investing the refinance scheme in the next three years, he said.
The BSEC will scrutinise the fund on a regular-basis, the BB executive director said.
Saifur Rahman said that the merchant banks and brokerage houses would apply for the refinance scheme loans to a loan approval committee which will be formed by the ICB.
The merchant banks and brokerage houses will be able to apply for loans only against the investors’ accounts which have already got 50 per cent interest waiver on margin loans as per the compensation package adopted by the government, he said.
The brokerage houses
and the merchant banks will have to transfer the rest of 50 per cent interest along with the loans to transfer to a ‘block account’ in a bid to apply to the refinance scheme, he said.
The BDEC MD said that the loan approval committee of the ICB would scrutinise the proposals before sanctioning the loan, he said.
According to the MoU, the Investment Corporation of Bangladesh will get the fund of Tk 900 crore at 5 per cent interest from Bangladesh Bank and the ICB will disburse it to the merchant banks and brokerage houses at 7 per cent interest.
The merchant banks and the brokerage houses will disburse the fund to the investors at 9 per cent interest rate.
-With New Age input
