The central bank has drafted two alternative schemes for the problem bank where proposal has been made to distribute a portion of the shares among the depositors, sources said. The schemes were sent for the finance ministry's approval in last week.

The schemes proposed to pay out up to Tk 10 lakh to depositors in instalments within five years after the scheme activation and rest of the amount will be paid out after five years. Under the scheme, only the principal amount (excluding profit) of the liabilities as recorded in the books of accounts of the bank on January 25, 2007 will be payable.

One of the schemes proposed to increase the bank's paid up capital to Tk 700 crore from the existing Tk 57 crore while another scheme proposed to raise it at Tk 450 crore.

The Tk 700 crore scheme says Tk 400 crore will be kept as sponsor shares and rest Tk 300 crore as general shares while the Tk 450 crore proposal says Tk 400 crore will be sponsor shares and rest Tk 50 crore as general shares.

Sponsor shares of the bank will be sold at excess value when its face value of each share will be Tk 1,000.

The sponsor shares would be sold like those of Rupali Bank through open tender and it will bring huge capital for the bank, sources said, adding that investors from Saudi Arabia, United Arab Emirates (UAE) and UK have already expressed interest to buy the sponsor shares.

The bank may earn Tk 700-1000 crore by selling sponsor shares and this will solve the liquidity crisis of the bank, said the sources.

According to the schemes, general shares will be sold through the stock market. One of the schemes has also kept the provision for issuing the general shares among the depositors on the basis of the amount deposited.

The schemes also outlined the ways of paying out liabilities of the bank. As per the draft, if depositors wish the bank will pay first Tk 1,00,000 within six months after two months of activation of the scheme. Further Tk 1,00,000 will be paid out within 12 months after six months of scheme activation, further Tk 1,00,000 within 18 months after 12 months of the scheme activation, further Tk 1,00,000 within 24 months after 18 months of the scheme activation, further Tk 1,00,000 within 30 months after 24 months of scheme activation, further Tk 1,00,000 after 36 months after 30 months of the scheme activation, further Tk 1,00,000 within 42 months after 36 months of the scheme's starting, further Tk 1,00,000 within 48 months after 42 months of scheme activation, further Tk 1,00,000 within 54 months after 48 months of scheme activation, further Tk 1,00,000 within 60 months after 54 months of scheme activation and remaining balance after 60 months of the scheme's starting.

About formation of the board of directors, the proposals say it will consist of 13 members -- 10 from sponsor shareholders and the three others from general shareholders. The BB will approve the first board of directors for three years. The BB will also appoint the first chief executive officer for a three-year term.

The central bank will have the authority to settle any dispute that arises under the new schemes.