Amendments to CBE and Banking Act could impose mid-term confidence votes on bank board of directors: It’s not just managing directors of banks who should be watching amendments to the CBE and Banking Act with a wary eye, but board members as well. The amendments will include provisions that impose mid-term confidence votes on banking sector board members, a source from the CBE committee drafting the amendments tells Al Borsa. The standard argument of “good governance” and “renewing new blood” is apparently the rationale.

Could there be changes made to articles governing term limits? The source implied that controversial articles which set a term limit to banking sector managing directors are being reviewed “to account for the needs of the banking sector.” While no specifics were given on what that means, the source suggested that governance provisions are being constantly reviewed in light of talks with the banking sector and the IMF. The resulting changes being made means that the bill will not be ready by December as originally planned, and the ball will probably get rolling sometime early next year, the source added.

The draft bill will also introduce regulations on electronic payments, said the source. Drafting these regulations is being conducted in collaboration with the ministries of finance and ICT and the CBE’s payments committee.

No word on: An industry development tax, a measure that is strenuously opposed by both non-government banks as well as folks who understand that an additional tax would chill investment across a range of sectors.