More recently, two other legislations were taken on by the Central Bank due to the experiences of poor supervision and regulatory oversight leading to mismanagement of these industries. These are the Superannuation (General Provisions) Act and Life Insurance Act. The new Central Banking Act and Bank and Financial Institutions Act have enabled the Central Bank to undertake major initiatives in the financial sector.
7 Besides the general decline in property values and foregone payments, fees related to foreclosure, such as court costs, maintenance expenses, and others, can amount to 10 to 15 percent of the loan balance; furthermore, the discount in value due to foreclosure status can be an additional 5 to 15 percent.