While there is no doubt that the banks were challenged in the face of these developments, there is no evidence, thus far, that our banking system is facing a crisis as has been reported in some newspapers recently.
All reports purporting to suggest that some named banks are not sound or shaken are unfounded and we urge journalists to exercise caution and show more responsibilities in reporting and quoting unofficial sources. Our view is that there are stress points in banks’ balance sheets (margin loans, proprietary positions, oil marketing names, unsecured large exposures) and these are being dimensioned.