WHEREAS, it takes rather too long a time to obtain judgment from courts of law for the sale of property mortgaged or pledged with banks and to subsequently have it executed;

WHEREAS, consequently, banking business thriving on interest payments on loans it provides from public money received by way of saving deposits or acquired from other sources has been adversely affected;

WHEREAS, in order to create a conducive environment for economic development by enabling banks to collect their debts from debtors efficiently and thereby promoting a good business culture, it is necessary to amend the Civil Code concerning the sale of property mortgaged or pledged with banks;

NOW, THEREFORE, in accordance with Article 55 (1) of the Constitution of the Federal Democratic Republic of Ethiopia, it is hereby proclaimed as follows: