At the press conference for the first quarter of 2024 held on the morning of April 19, Mr. Dao Minh Tu, Deputy Governor of the State Bank, shared solutions to restructure SCB bank.
When Saigon Commercial Joint Stock Bank (SCB) fell into a difficult situation, even considered a "crisis", the function of the central bank was to have timely solutions to intervene, ensuring that the bank did not collapse and did not affect the national financial system and the safety of the commercial banking system. Therefore, the State Bank had to have timely solutions.
When SCB suffered a liquidity crisis in October 2023, the State Bank of Vietnam had the authority and the law also stipulated a provision requiring the central bank to take measures to stabilize the bank.
According to Mr. Tu, SCB is not the first bank to have problems. In the past 10 years, there have been weak banks and banks that have been put under special control. For example, 8-9 years ago, 3 commercial banks were put under special control and had to be dealt with.
The State Bank leader said that SCB is one of the large-scale banks with large total assets, so the solutions to handle it also require large procedures and support scale.
"Up to now, SCB Bank is still operating stably and the State Bank will continue to build a roadmap to gradually restructure this bank," the Deputy Governor added.
In the State Bank's support measures to ensure the stability of SCB, including the Central Bank's loans to weak banks, all were implemented in accordance with the law. These measures were very detailed, contributing to ensuring immediate stability of the system.
According to Mr. Tu, lending or money supply, whether used a lot or a little, will have regulating tools. "When we see a lot of money in the economy , the State Bank will also have measures to issue credit notes to withdraw money like recently," the State Bank leader added.
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