Annual Report 2012 - National Savings Bank

80ROOTED IN OUR HERITAGEGOVERNANCE REPORT3 (7) Related Party Transactions3 (7) (v) (a) Where any accommodation has been grantedby a bank to a person or a close relation of aperson or to any concern in which the person has asubstantial interest, and such person is subsequentlyappointed as a Director of the Bank, steps shallbe taken by the Bank to obtain the necessarysecurity as may be approved for that purpose by theMonetary Board, within one year from the date ofappointment of the person as a director.3 (7) (vi) A bank shall not grant any accommodation or‘more favorable treatment’ other than on the basisof a scheme applicable to the employees of suchbank.3 (7) (vii) No accommodation granted by a bank underDirection 3 (7) (v) and 3 (7) (vi) above, nor anypart of such accommodation, nor any interestdue thereon shall be remitted without the priorapproval of the Monetary Board and any remissionwithout such approval shall be void and of noeffect.3 (8) Disclosures3 (8) (i) The Board shall ensure that:(a) annual audited Financial Statements andquarterly Financial Statements are preparedand published in accordance with the formatsprescribed by the supervisory and regulatoryauthorities and applicable accounting standards,and that,(b) such statements are published in the newspapersin an abridged form, in Sinhala, Tamil and English.3 (8) (ii) The Board shall ensure that the following minimumdisclosures are made in the Annual Report:Complied withThere is no accommodation or treatment granted underfavorable basis other than the general scheme applicableto all employees.Complied withComplied withComplied withComplied withNATIONAL SAVINGS BANK . ANNUAL REPORT 2012