CBK governor denies deficiency in banks control system

The Governor of the Central Bank of Kuwait (CBK) Mohammad Al-Hashel denied Monday making statement about alleged deficiency in the CBK's control over banks before or after March 2008.  In a statement to KUNA, Al-Hashel stated that the information presented by the CBK to the National Assembly's Economic and Financial Affairs Committee about the measures taken against banks which violated the regulations including forcing them to repay clients, shows the Central Bank's role in dealing with any breach to the regulations.  The discovered breaches and the measures taken should not be seen as loopholes in the regulation or deficiency in the CBK's monitoring and controlling of banks' performance and abidance by regulations, Al-Hashel stressed.  He went on to say that the CBK was continuously developing and updating its control tools to keep abreast with the steadily developing banking market.  The upgrading of control tools does not mean that the previous ones were suffering errors or loopholes, Al-Hashel said.  The CBK Governor described as "unfair" and "baseless" the views blaming the CBK for the loans problems.