KARACHI: The Federal Finance Minister, Dr. Mubashir Hasan, said last evening [Jan 1] that the transition of banks from the private to the public sector yesterday was `extremely smooth` and the depositors showed full confidence in the nationalised banks. Addressing a Press conference at the State Bank ... Dr. Hasan noted ... that the operations of the banks were `absolutely normal` and their business went on `smoothly and calmly`.

He said new Managing Directors had been appointed for 13 affected banking institutions. ... He said yesterday`s measures completed `the nationalisation of all the financing institutions, basic industries, the major means of transport and also the major trading activities in the country`. ... In reply to a question he said compensation to be paid to shareholders as a consequence of nationalisation would run into crores of rupees. ...

Earlier addressing the nation over Radio Pakistan, Dr. Hasan said nationalisation of banking institutions would lay a solid basis for the speedy and balanced economic growth of the country. ... Dr. Hasan also assured the people of the safety of their lockers in the banks and said they were free to operate them as usual. Staff reporter