NRB not happy with the Irish management

July 30, 2003
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Kathmandu: At a time when the act of handing over of the affairs of the Nepal Bank Limited on contract to the Irish management were being scathingly criticized by the nation’s intellectuals and the business community as well, the Nepal Rastra Bank, NRB, which brought in this foreign management in the country itself, has sought clarifications from the Irish managers to furnish plausible and justifiable reasons behind the dismal performance of the said management.

Clearly, the NRB did so under tremendous pressure from the people from different walks of life and also presumably assessing that the foreign management did little in giving a new lease of life to the ailing banking institution.

Sources in the NRB opine that the Nepal Bank Limited under the Irish people instead of making progress financially, the lopsided management has done more harm than good to the Bank as the foreigners appear least interested in improving the financial health of the financial institution.

“Whether there is improvement or not, it is immaterial to the Irish management. What is of tremendous interest to them is that they were regularly enjoying their hefty perks and salaries thus further dampening the prospects of the bank to improve”, said a NRB official on conditions of anonymity.

To recall, a writ petition is already in the Supreme Court where some shareholders of the Nepal Bank have demanded that the court made null and void the contract with the Irish people.

The fresh clarifications sought by the NRB from the Irish people does indicate that the NRB as the country’;s apext Banking institution is not that happy with its own choice.

A belated repentance is not that bad.