ISLAMABAD, May 14: Apropos a news item published in Dawn titled “Rules bar AGP from auditing NBP accounts” dated May 13, the National Bank of Pakistan and MNA Qurban Ali Shah have clarified as under:

The MNA said the only issue on the agenda was National Development Finance Corporation (NDFC), Industrial Development Bank of Pakistan (IDBP) and the Banker’s Equity Limited.

The members of the committee were of the opinion that the government shall enact such laws which will bring all government institutions like the NBP, etc., under the ambit of the Auditor General of Pakistan for their smooth functioning.

He said anything else stated in the report and attributed to him was incorrect.

The National Bank of Pakistan clarified that the situation arose due to the government’s rules and not because of any hesitancy or hindrance on part of the NBP.

It said loans written off by the NBP were strictly in conformity with the policy and procedures of the SBP and their transparency was ensured through both internal and external auditors as well as review by the SBP inspection department.

All write-offs of loans exceeding Rs500,000 are a matter of public record and duly reported in the bank’s annual accounts, it added.