A committee has been organized by the Council of Ministers to settle the debts of Egypt's jailed and fugitive businessmen said a banking source. The committee will concern itself with adjustments to land and property that were allocated by officials under the former regime. The source stressed that the commission will take over the settlement to ensure the recovery of funds lost by the state. In an exclusive statement to Youm7, the source added that the safe limits for bad loans in the banking sector, as a percentage of the loan portfolio of the bank, shall not exceed the range of 5 percent. The source pointed out that the ratio exceeded 50 percent in some public sector banks at the beginning of the banking reform program which was implemented in 2002. The source, who declined to be named, said the banks in all countries of the world are subject to strict control by the central bank of each state, which guarantees the rights of clients and resolves cases of defaulting clients so it does not affect the accounts of other clients.
