MP: Banks given too much face, making them hard to control

  • Nation
  • Tuesday, 11 Oct 2005

THE Government has given too much “face” to commercial banks and consequently, Bank Negara cannot control them, the Dewan was told. 

Debating the Budget, Mohd Said Yusof (BN – Jasin) said Bank Negara appeared to be in a position where it could not tell the banks off for many actions that they had carried out. 

He said: “Bank Negara acquiesced to many matters done by the banks but they, on the other hand, do not want to do what Bank Negara tells them to.”  

Datuk Seri Tiong King Sing (BN – Bintulu) also said banks had become more powerful than the central bank because they had been given too much “face”. 

The MPs also spoke about the recent plan by petrol station owners to not accept credit cards for fuel purchases after Hari Raya next month. 

Tiong urged the Finance Ministry to intervene as the move victimised the public. 

Teresa Kok (DAP – Seputeh) complained about the rise in theft cases involving valuables kept in safe deposit boxes. 

In one case involving a bank in Kajang, a police report was made, but no action was taken, she claimed, adding that the claimant had to file a civil suit instead.  

“Bank Negara did not take action against the bank officer.” 

Kok also said that two years ago when banks wanted to impose a 50 sen charge after the fourth ATM withdrawal, MPs protested and were told the fees would not be imposed. 

“But it is being implemented,” she said.  

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