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310SRCrue du MfoudiP.O Box 11991- YaoundeTél. : (237) 222 22 09 11 222233739Fax. : (237) 222 23 38 33FINANCESFUND RECOVERY CORPORATION - SRCCreated by Presidential Decree N0 89/1283 of August 18, 1989, and amended by Decrees N0 91/066 of 23 in 1991 and N0 96/139 of 24 June 1996, the SRC is a financial institution of the first category of credit insti- tutions and a public capital corporation...LES ATOUTS ECONOMIQUES DU CAMEROUNFOR THE STABILIZATION OF BANKING SECTORUnder supervision by the Ministry of Finance, the Fund Recovery Corporation - SRC has a legal personality and a financially independent entity. It came to being primarily to manage the assets and liabilities of the former Société Camerounaise de Banque (SCB), liabilities which the Société Commerciale de Banque- Crédit Lyonnais Cameroon did not wish to take over. Its field of operations has extended, through successive presidential decrees amending the corporate purpose.Regarding their now tasks, the Fund Recovery Corporation – SRC is responsible:• For collecting, for payment, the bad debts, liti- gious and/or disputed receivables, held by public financial institutions on request or approval of the supervisory authority;• Expanding if need be, its activities to all reco- very operations entrusted by the public sector’s non-financial enterprises, or by other enterprises, be they financial or not of the parapublic and private sectors. It currently manages assets and liabilities of 16 financial institutions, including:• 5 banks in liquidation: BCCC (Bank of Credit and Commerce Cameroon); BMBC (Banque Méridien BIAO Cameroon); CAC (Crédit Agricole of Cameroon); BICIC (International Bank for Trade and Industry of Cameroon); FONADER (National Fund for Rural Development).• 5 closed liquidations, which the State of Cameroon, the owner of the residual assets, mandated her to collect: BCD (Cameroon Development Bank); SCB (Société Camerounaise de Banque); CAM-BANK (Cameroon Bank); BIAOC (Banque Internationale pour l’Afrique Occidentale au Cameroun); PARIBAS.• 6 orders for collection given by the State of Cameroon as part of bank restructurings:n BICIC as part of the restructuring process in June 1992;n BICIC, within the framework of the transfer to the State of Cameroon in June 1997;n SGBC, (Société Generale de Banque Cameroon) as part of restructuring process of1992;n SCBC (Standard Chartered Bank of Cameroon);n BMBC (Méridien BIAO Cameroon in 1992 before its liquidation).The State took over the liabilities of HEVECAM when of the company was privatized and entrusted recovery to the Fund Recovery Corporation – SRC, which is also responsible for compensating creditors victims of banks in liquidation whose management has been entrusted her. Since September 1990 she has recovered more than 219 billion CFA francs and redistributed more than 86 billion to creditors of banks in liquidation.OUTLOOKSThe Fund Recovery Corporation - SRC, with an expertise accepted in the CEMAC zone, intends to expand its activities beyond its traditional field of liquidation of banks to become a full partner of financial institutions in business.To do this, it should offer its expertise in recovery. In this respect, a partnership was initiated with Crédit Foncier of Cameroon. One should point out that the company is endowed, by the State of Cameroon, with extraordinary prerogatives of common law, particularly the Treasury privilege. n

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