GRi BEF News 20 – 01 – 2000 

Official liquidator gives details on where depositors of failed banks should go

Accra (Greater Accra), 20^th January 2000

The official liquidator of Bank for Housing and Construction and the Ghana Cooperative Bank on Thursday gave details of specific banks where accounts of depositors have been transferred.

A statement issued by the liquidator’s office said the government, recognising the adverse impact of the liquidation of the two banks on depositors, has put in place arrangements to adequately protect their interests.

The government will underwrite the losses that depositors would "otherwise have suffered in their capacity as unsecured creditors of the failed banks."

It said government will arrange for funds to be deposited to the credit of each depositor at the branch of either Agricultural Development Bank (ADB) or Ghana Commercial Bank (GCB) that is near to the branches of the failed banks at which depositors had their counts.

Depositors will be requested to complete account opening procedures and other formalities only at the banks their accounts have been transferred to.

The statement said depositors will be expected to bring with them proof of identity such as their voter's identity cards, passports, driver's licence or an employer's identity card with the photograph of the holder.

"Funds being credited to each depositor will be equal to the verified balances of the date of liquidation inclusive of accrued interest due to the depositor and adjusted by any loans or advances owed to BHC or to Cooperative Bank by the depositor."

The liquidator said efforts are being made by "a large team of professional staff" with selected members of the accounting staff of the banks to complete the processing of the transfer of these deposits as quickly as possible.

"By the end of this week, the first batches of deposit transfers will have been completed in each branch and the depositors will be able to have immediate access to their deposits."

GRi