Abdolnasser Hemmati, the Governor of the Central Bank, recently warned banks that they must urgently dispose of their surplus assets. He emphasized, citing Article 8 of the Seventh Development Plan, that banks are only allowed to hold properties, real estate, and shares of companies that are essential for banking activities.
Establishment of Asset Management Company
In this discussion, Hemmati referred to the initiation of the Asset Management Company, which has been established to expedite the disposal of non-banking companies and properties of the banking network. This company has started its operations under the guidance of the Central Bank, and its goal is to assist banks in complying with legal requirements and reducing tax pressure.
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The Governor of the Central Bank stated: "Banks that do not transfer their surplus assets to other parties must transfer these assets to the Asset Management Company at specified prices. The prices for these transfers will include listed shares at market price and properties at a maximum of 85% of their book value. Otherwise, these banks will be subject to the tax stipulated in Article 17 of the Law on Removing Production Barriers. This tax will be applied from the year 2016 or from the time of asset acquisition."
Central Bank's Supervisory Actions
Hemmati also emphasized that the Central Bank will utilize all its legal capacities to supervise banks. He said: "Alongside tax enforcement measures, we will implement supervisory and disciplinary actions against banks that neglect these requirements." This means that banks must respond quickly and accurately to these requirements to avoid financial and legal consequences.
The Governor of the Central Bank announced that all necessary steps to create an information system, develop regulations, and upload information on banks' properties and shares have been completed. After the expiration of legal deadlines, the list of applicable assets will be announced to the National Tax Administration.
This warning from Hemmati reflects the Central Bank's serious determination to supervise banking activities and prevent the accumulation of surplus assets. This action can help improve economic conditions and increase the efficiency of banks, ultimately benefiting customers and depositors.
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