Saturday , July 2 2022

‘Regulations making Nigerian banks resilient in COVID-19’

THE Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation, Mr Bello Hassan, has said that regulatory policies have continued to make Nigerian banks resilient by being safe, stable and sound in spite of COVID-19 pandemic.

Hassan spoke at the 2022 NDIC retreat for members of the House Of Representatives Committee on Insurance and Actuarial Matters with the theme, ‘Deposit insurance in Nigeria: Restrategising for tomorrow’, in Lagos, on Thursday

He said, “A resilient financial system has the capacity to respond to a range of shocks. The macroeconomic shock and stress brought about by COVID-19 is unprecedented. It has been recognised as the ultimate test of resilience so far to financial systems.

“As evidenced by the financial soundness indicators, Nigerian banks have remained resilient, by being safe, stable and sound in spite of the challenges posed by the COVID-19 pandemic. This success was due largely to the proactive policies and support of the regulatory authorities.”

The contribution of the NDIC to financial stability and resilience, he said, could be examined within the context of its activities in the discharge of its mandate of deposit guarantee, bank supervision, distress resolution, and bank liquidation.

The managing director said it was also instructive to indicate that the NDIC was keenly involved in ensuring adherence to corporate governance principles in the banks.

 

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