Tag: Ethiopian banking law

Swedes Schibbye and Persson ‘pardoned’ by Ethiopia

BBC News – Swedes Schibbye and Persson ‘pardoned’ by Ethiopia.

Ethiopia has pardoned two Swedish journalists jailed last year for supporting terrorism, an official has said, adding they would be freed soon.

Martin Schibbye and Johan Persson are serving an 11-year jail term after they were captured in July 2011 with rebels in eastern Ethiopia.

Prime Minister Meles Zenawi pardoned the journalists before his death last month, the official said.

They have always argued they were in Ethiopia just to do their job.

Schibbye and Persson appealed for clemency following their conviction in December 2011 for supporting the Ogaden National Liberation Front (ONLF), which Ethiopia regards as a terrorist group.

The official, who spoke on condition of anonymity, said they would be freed this week along with about 1,900 other prisoners.

“It was never the intention of the government to see them languish in jail,” he is quoted by AP news agency as saying.

The Ethiopian New Year – when prisoners are often released – will be celebrated on Tuesday.

‘Weapons training’

Mr Meles, who was in power for 21 years, died last month after a long illness.

The government said his deputy, Hailemariam Desalegn, would be sworn in to serve as prime minister until the next election, due in 2015.

But this has not yet happened, fuelling speculation of a power struggle.

Schibbye and Persson were captured by Ethiopian troops during a clash with ONLF fighters in July 2011.

The men acknowledged during their trial that they had held talks with ONLF leaders in London and Nairobi, before entering Ethiopia from Somalia and meeting about 20 members of the group 40km (25 miles) from the border.

They said their contacts with the ONLF were intended to help them to get into a region the Ethiopian authorities would not allow journalists to enter.

They said they wanted to report on the activities of a Swedish oil company, Lundin Petroleum, in the Ogaden.

Both men denied terrorism charges, including claims that they had been given weapons training.

Rebels in the Ogaden region have been fighting for independence since the 1970s, and the ONLF has been at the forefront of the fight since it was founded in 1984.

The Ogaden is an ethnic Somali part of Ethiopia.

One ONLF faction has signed a peace deal with the government, but another splinter group has continued to fight the army.

Rights groups accuse Ethiopia of trying to cover up abuses by troops in the region.

ASSET CLASSIFICATION AND PROVISIONING FOR DEVELOPMENT FINANCE INSTITUTIONS Directives No. SBB/ 48/2010

LICENSING AND SUPERVISION OF BANKING BUSINESS

Directives No. SBB/ 48/2010     DOWNLOAD (PDF)

ASSET CLASSIFICATION AND PROVISIONING FOR DEVELOPMENT FINANCE INSTITUTIONS

1. Issuing Authority

These Directives are issued by the National Bank of Ethiopia pursuant to the authority vested in it by articles 21 and 22 of Banking Business Proclamation No. 592/2008.

2. Short Title

These Directives may be cited as “Asset Classification and Provisioning for

Development Finance Institutions Directives No. SBB/ 48/2010”.

3. Purpose

The purpose of these Directives is to provide guidelines to development finance institutions to assure that:

3.1loans are regularly reviewed and prudently classified in a manner that appropriately reflect credit risk;

3.2loans which are not performing in accordance with contractual repayment terms are timely recognized and reported as past due ;

3.3accrued but uncollected interest on loans is properly accounted for; and

3.4timely and adequate provisions are made to the “Provisions for Loan Losses Account” in order to ensure that disclosed capital and earnings performance are accurately stated. Continue reading “ASSET CLASSIFICATION AND PROVISIONING FOR DEVELOPMENT FINANCE INSTITUTIONS Directives No. SBB/ 48/2010”

Proclamation No. 216 /2000 A PROCLAMATION TO AMEND THE PROPERTY MORTGAGED OR PLEDGED WITH BANKS PROCLAMATION

Proclamation No. 216 /2000

A PROCLAMATION TO AMEND THE PROPERTY

MORTGAGED OR PLEDGED WITH BANKS PROCLAMATION

WHEREAS it has become necessary to amend the Property Mortgaged or Pledged with Banks Proclamation No. 97/1998;

NOW, THEREFORE, in accordance with Article 55/1/ of the Constitution of the Federal Democratic Republic of Ethiopia, it is hereby proclaimed as follows:

1. Short Title

This Proclamation may be cited as the “Property Mortgaged or Pledged with Banks (Amendment) Proclamation No. 216/2000”.

          2. Amendment

The Property Mortgaged or Pledged with Banks Proclamation No.

97/1998 is hereby amended as follows:

1/ The correction made to Article 3 of the Proclamation under paragraph (1) of Corrigendum No. 1/1998 is hereby deleted and the phrase “or if no buyer appears at the second auction, to acquire the property at the floor price set for the first auction and have the ownership of the property transferred to it” is inserted after the word ” buyer” on the eighth line of the Article.

2/ The correction made to Article 4 of the Proclamation under paragraph (2) of Corrigendum No. 1/1998 is hereby deleted and the phrase ” or if no buyer appears at the second auction, it may acquire the property at the floor price set for the first auction and have the ownership of the property transferred to it ” is added after the word “buyer” at the end of the Article.

2. Effective Date

This Proclamation shall come into force as of the 6th day of July, 2000.

Done at Addis Ababa, this 6th day of July,2000.

NEGASO GIDADA (DR.)

PRESIDENT OF THE FEDERAL

DEMOCRATIC REPUBLIC OF ETHIOPIA