the Silver Bank, he will – (a) for the benefit of the House, obtain from the Bank of Mauritius, information…
(No. B/405) Mr P. Venkatasami (Third Member for Quartier Militaire & Moka) asked the Prime Minister, Minister of Defence, Home Affairs and External Communications, Minister of Finance, Minister for Rodrigues and Outer Islands whether, in regard to the Silver Bank, he will – (a) for the benefit of the House, obtain from the Bank of Mauritius, information as to the – (i) conditions under which banking licence was granted thereto, and (ii) reasons for the placing thereof under conservatorship on 13 February 2024, indicating the status thereof, and (b) state the amount of public funds deposited thereat at the time of conservatorship, giving details thereof.
Reply: With regard to part (a)(i) of the question, I am informed by the Bank of Mauritius that Silver Bank Limited was issued a new banking licence on 11 November 2021, following a change of name after the acquisition of BanyanTree Bank Limited. The Bank of Mauritius granted its approval for the acquisition of BanyanTree Bank Limited following its due diligence and the recapitalisation of the bank by the new shareholders. With regard to part (a)(ii) of the question, in view of the fact that there was reasonable cause to believe that the capital of Silver Bank is potentially impaired and its Directors could have been engaged in practices detrimental to the interests of its depositories. According to section 65 of the Bank of Mauritius Act, the Silver Bank was placed under conservatorship on 13 February 2024.
148 Concerning part (b) of the question, I am informed that Government-related entities invested an amount of Rs3.55 billion in Silver Bank Limited as follows – Projects Development Fund Rs3 billion National Insurance Co. Ltd Rs150 million NIC General Insurance Co. Ltd Rs125 million Municipal Council of Curepipe Rs87.7 million Sugar Insurance Fund Board Rs40 million Mauritius Housing Company Ltd Rs100 million City Council of Port Louis Rs45 million MAURITIUS CITIZENSHIP – FOREIGN BENEFICIARIES (2019-2024)