DIRECTIVE NO. DO3A-93/CC CREDIT CONCENTRATIONS FOR FINANCIAL INSTITUTIONS
|
|
- Katherine Freeman
- 5 years ago
- Views:
Transcription
1 DIRECTIVE NO. DO3A-93/CC CREDIT CONCENTRATIONS FOR FINANCIAL INSTITUTIONS Arrangement of Sections PART I Preliminary 1. Short Title 2. Authorization 3. Application 4. Interpretations PART II Statement of Policy 1. Objectives 2. Rationale PART III Implementation of Section 30 of the Banking Act of General Limitations on Credit Concentrations 2. Existing Concentrations 3. Prior Approvals by the Reserve Bank of Malawi 4. Computation of Large Exposures and Credit Concentrations PART IV Remedial Measures and Administrative Sanctions
2 1. Remedial Measures 2. Administrative Sanctions PART V Effective Date and Supersedence Effective Date PART I: Sec. 1: SHORT TITLE, AUTHORIZATION, APPLICATION, AND INTERPRETATION Short Title - Credit Concentrations Sec. 2: Authorization - Sections 26 & 30 of the Banking Act of 1989 Sec. 3: Application - Financial Institutions in Malawi Sec. 4: Interpretation - In this directive, unless the context otherwise requires- 1989; 1) "financial institution" is as defined in Section 2 of the Banking Act of 1989; 2) "banking business" is as defined in Section 2 of the Banking Act of 3) "concentration" means a credit facility to a single customer which represents 25% or more of the core capital of a financial institution that is extending such credit; 4) "core capital" is as defined in the Reserve Bank's directive on capital adequacy requirements; 5) "credit facility" is as defined in the Banking Act of 1989, and is also to include direct extensions of credit in the form of loans, overdrafts, and other types of advances;
3 6) "existing concentrations" are concentrations of financial institutions that are in place as at the effective date of this directive; 7) "group of related debtors" is as defined in the Banking Act of 1989; 8) "large exposure" means a credit facility to a single customer which represents 10% or more of the core capital of a credit institution that is extending such credit; 9) "single customer" means a borrowing entity as a person or corporate body to include a group of related debtors, as defined; 10) "total capital" is as defined in the Reserve Bank's directive on capital adequacy requireme nts. PART II: STATEMENT OF POLICY Sec. 1: Objectives 1) To help ensure financial institutions follow the sound practice of credit diversification; 2) To help ensure credit is not concentrated in a small number of borrowers resulting in denial of credit to smaller entities with viable credit needs; 3) To help ensure that losses incurred by any single borrower or group of related debtors are not large enough to impair the soundness of a financial institution; 4) To ensure that no borrower or related group of borrowers becomes large enough to receive favouritism with regard to: credit standards, interest rates, repayment terms or additional advances to protect existing exposures. Sec. 2: Rationale 1) Financial institutions engage in credit risk; when such credit risk is concentrated in a single borrower or group of related borrowers, the risk of default by such large borrowers impairs the viability of the financial institution;
4 2) The risks of large credit concentrations are reduced when credit facilities to such borrowers are syndicated or otherwise shared by two or more financial institutions, and such shared risk is encouraged through credit concentration limits; 3) Banking failures and/or crises in many countries have been attributed, in large part, to excessive credit concentrations where such borrowers have failed to properly service their credit obligations; credit concentration limits prevent such excessive risks from developing; 4) Credit concentration limits have become a widely recognized part of effective bank supervision for developing countries, provided such limits are not arbitrary and reflect the nature of the financial sector. PART III: IMPLEMENTATION OF 30 OF THE BANKING ACT OF 1989 Sec. 1: General Limitation on Credit Concentrations Financial institutions are prohibited from extending and/or maintaining credit facilities, as defined in this directive, to a single customer, as defined, when such credit facility is 25% or more of the financial institution's core capital, as defined, unless: 1) the credit facility is unconditionally guaranteed by the Government of Malawi or the portion in excess of the limitation above is so guaranteed; 2) the credit facility is an existing concentration, as defined, and is in compliance with Part III Section 2 of this directive; 3) the credit facility is granted in respect of exports from Malawi, in such circumstances the limitation will not apply to credit facilities other than direct credit facilities of loans, overdrafts, and advances, thus being credit facilities as defined in the Banking Act of 1989; 4) the credit facility has prior approval, on a temporary basis, of the Reserve Bank following the guidelines of Part III Section 3 of this directive. Sec. 2: Existing Concentrations 1) As of the effective date of this directive, each financial institution shall submit to the Reserve Bank a list of its existing concentrations as defined in this directive, with such list to include: core capital, present balance outstanding, firm commitments to extend additional
5 credit, repayment terms as applicable, and the percentage of core capital represented by the present balance outstanding of each existing concentration. 2) From the first financial year-end date after the effective date of this directive, financial institutions are to reduce each existing concentration, as a percentage of core capital by a minimum of 20% per year, as of financial year-end date, until such existing concentrations are within the limitation of Part III Section 1. Such reductions are to be achieved through an increase in core capital, a reduction on the outstanding balance of the existing concentration through repayment, assumption by another financial institution of part or all of the exposure, or a combination of the above. In cases where a financial institution feels, for pragmatic reasons, the above schedule is not possible for a specific existing concentration, it may apply to the Reserve Bank with an amended schedule of reducing the existing concentration and use such schedule if given prior Reserve Bank permission. 3) Without prior permission of the Reserve Bank, no financial institution may increase its exposure at any one time to an existing concentration, as a percentage of core capital, by more than 5%. 4) With regard to the limitations of this directive for new and existing concentrations, the directive shall not apply to the 1993 tobacco buying season but shall take effect in the 1994 tobacco buying season. Sec. 3: Prior Approvals by the Reserve Bank 1) Within the guidelines set out below, the Reserve Bank may grant prior approval to a financial institution with regards to: a) extending credit on a temporary basis above the limitation of Part III Section 1 as authorized in subsection 4) of that section; b) exempting a financial institution from the reduction requirements for a specific existing concentration in Part III Section 2 (2); c) extending credit to an existing concentration beyond the 5% limitation, as a percentage of core capital, in Part III Section 2 (3). 2) When a financial institution exceeds the limitation for a credit facility of Part III Section 1 when compared to its core capital but is in compliance with the 25% limitation as a percentage of its total capital, it may apply to the Reserve Bank for prior approval, under the circumstances of subsection 1) above, based on its credit facility being within 25% of its total capital, with such approval to be at the discretion of the Reserve Bank.
6 3) In granting prior approvals under the above, the Reserve Bank is to take into account the following guidelines: a) the temporary nature of the request to exceed the limitation or requirement; in no case is such approval to be granted for a credit facility to be in existence beyond the final repayment date in the original terms; b) the quality of the security to be pledged on such credit facility with, at a minimum, such security to meet the criteria of "well secured" as defined in the Reserve Bank's directive on prudential guidelines; c) the financial institution's capital adequacy taking into account capital ratios and compliance with the Reserve Bank's directive on capital adequacy; d) the financial institution's overall asset quality to include compliance with the Reserve Bank's directive on prudential guidelines; e) the quality and quantity of concentrations above the limitation of Part III Section 1 at the time of the request for Reserve Bank approval. 4) When the Reserve Bank denies a request under this section, the financial institution may appeal such decision to the Minister of Finance, with the Reserve Bank presenting its reasons under the above guidelines for such denial to the Minister to be included in his final decision. Sec. 4: Computation of Large Exposures and Credit Concentrations 1) Financial institutions shall at all times maintain adequate records with regard to all credit facilities, including the grouping of related debtors as defined, to enable accurate reporting to the Reserve Bank on all large exposures and concentrations. 2) Each financial institution shall submit to the Reserve Bank on a quarterly basis a return titled "Large Exposures and Credit Concentrations" to be prepared as at the close of business of the month end dates of March, June, September, and December; this return will be used by the Reserve Bank to determine compliance with this directive. 3) In calculating the percentages in the return called for above, the core capital denominator is to agree to line 1.7 of the quarterly capital adequacy computation as at the same reporting date.
7 4) All single customers, as defined in this directive, whose total outstandings of all credit facilities meet or exceed 10% of core capital are to be so reported as "large exposures" in the return called for above. 5) All single customers, as defined in this directive, whose total outstandings of all credit facilities meet or exceed 25% of core capital are to be so reported as "credit concentrations" in the return called for above. 6) The Reserve Bank may use its powers to inspect under Section 22 of the Banking Act of 1989 to verify the accuracy of this return and direct such financial institution to adjust or correct this form based on the findings of such inspection. 7) Each financial institution shall require its auditor, as appointed under Section 20 of the Banking Act, to verify to the Reserve Bank the accuracy of this return as of the financial yearend date and to so alert the Reserve Bank of any errors or adjustments to this return as of any other quarter end period during the financial year under review. PART IV: REMEDIAL MEASURES AND ADMINISTRATIVE SANCTIONS Sec. 1: Remedial Measures 1) When the Reserve Bank determines that a financial institution is not in compliance with this directive, it may impose remedial measures as specified under Section 31 of the Banking Act of ) When the Reserve Bank determines that a financial institution's non-compliance with this directive has resulted in such undue risk that its capital is impaired or solvency is otherwise threatened, it may petition the High Court to sanction procedures as called for under Section 32 of the Banking Act of Sec. 2: Administrative Sanctions In addition to the remedial measures available to it as given above in Part IV Section 1, the Reserve Bank may impose any or all of the following administrative sanctions with regards to a financial institution that fails to comply with this directive: 1) Prohibition from declaring and/or paying dividends;
8 2) Suspension of the establishment of new branches and/or expansion into new banking or financial activities; 3) Suspension of access to Reserve Bank credit facilities; 4) Suspension of lending operations; 5) Suspension of the opening of letters of credit; 6) Suspension of the acceptance of new deposits; 7) Suspension of the acquisition of fixed assets. PART V: EFFECTIVE DATE With effect from 31 December, 1993 Questions relating to this directive should be addressed to the Bank Supervision Department of the Reserve Bank. M.A.P Chikaonda (DR) GOVERNOR
DIRECTIVE NO. DO2A-93/MCR MINIMUM CAPITAL RATIOS FOR FINANCIAL INSTITUTIONS
DIRECTIVE Arrangement of Sections NO. DO2A-93/MCR MINIMUM CAPITAL RATIOS FOR FINANCIAL INSTITUTIONS PART I Preliminary 1. Short Title 2. Authorization 3. Application 4. Interpretations PART II Statement
More informationRESERVE BANK OF MALAWI DIRECTIVE NO.DO2-06/LA EX LARGE EXPOSURES. Arrangement of Sections. PART I Preliminary. PART II Statement of Policy
RESERVE BANK OF MALAWI DIRECTIVE NO.DO2-06/LA EX LARGE EXPOSURES Arrangement of Sections SECTION 1. Short Title 2. Authorization 3. Application 4. Interpretations SECTION 1. Objectives 2. Rationale PART
More informationDIRECTIVE NO.DO2-93/MCR MINIMUM CAPITAL RATIOS FOR BANKS
DIRECTIVE NO.DO2-93/MCR MINIMUM CAPITAL RATIOS FOR BANKS Arrangement of Sections PART I Preliminary 1. Short Title 2. Authorization 3. Application 4. Interpretations PART II Statement of Policy 1. Objectives
More informationSTATUTORY INSTRUMENTS 2005 No. 44.
STATUTORY INSTRUMENTS SUPPLEMENT No. 18 27th May, 2005 STATUTORY INSTRUMENTS SUPPLEMENT to The Uganda Gazette No. 28 Volume XCVIII dated 27th May, 2005 Printed by UPPC, Entebbe, by Order of the Government.
More informationFOREIGN CURRENCY EXPOSURE LIMITS. Arrangement of Sections. PART I Preliminary. PART II Statement of Policy
RESERVE BANK OF MALAWI DIRECTIVE NO. DO1-97/FX FOREIGN CURRENCY EXPOSURE LIMITS Arrangement of Sections 1. Short Title 2. Authorisation 3. Application 4. Definitions Objectives PART I Preliminary PART
More informationRESERVE BANK OF MALAWI DIRECTIVE NO. RI05-08/MC&SRR. MINIMUM CAPITAL AND SOLVENCY REQUIREMENTS FOR REINSURERS Arrangement of Sections
RESERVE BANK OF MALAWI DIRECTIVE NO. RI05-08/MC&SRR MINIMUM CAPITAL AND SOLVENCY REQUIREMENTS FOR REINSURERS Arrangement of Sections SECTION 1. Short Title 2. Authorization 3. Application 4. Interpretations
More informationPOLICY STATEMENT ON THE PRUDENTIAL ASPECTS OF BANK LIQUIDITY POLICY STATEMENT
POLICY STATEMENT ON THE PRUDENTIAL ASPECTS OF BANK LIQUIDITY POLICY STATEMENT PRUDENTIAL ASPECTS OF BANK LIQUIDITY 1) INTRODUCTION 1.1 The Reserve Bank of Malawi (RBM) regards the maintaining of an adequate
More informationSt. Vincent and the Grenadines. International Financial Services Authority. Statement of Guidance. Capital Adequacy
St. Vincent and the Grenadines International Financial Services Authority Statement of Guidance Capital Adequacy 1. Statement of Objectives To provide guidance to international banks on their obligations
More informationStandard RA4.6. Reporting of non-performing and zerointerest. Regulations and guidelines
Standard RA4.6 Reporting of non-performing and zerointerest assets Regulations and guidelines THE FINANCIAL SUPERVISION AUTHORITY until further notice assets J. No. 2/120/2006 2 (2) TABLE OF CONTENTS 1
More informationASSET CLASSIFICATION, PROVISIONING AND SUSPENSION OF INTEREST
FINANCIAL INSTITUTIONS COMMISSION PRUDENTIAL REGULATION FIC-PR-02 ASSET CLASSIFICATION, PROVISIONING AND SUSPENSION OF INTEREST Arrangement of Paragraphs PARAGRAPH 1. Short Title 2. Authorization 3. Application
More informationKINGDOM OF SAUDI ARABIA. Capital Market Authority AUTHORISED PERSONS REGULATIONS
KINGDOM OF SAUDI ARABIA Capital Market Authority AUTHORISED PERSONS REGULATIONS English Translation of the Official Arabic Text Issued by the Board of the Capital Market Authority Pursuant to its Resolution
More informationSTATUTORY INSTRUMENTS 2005 No. 45.
STATUTORY INSTRUMENTS SUPPLEMENT No. 18 27th May, 2005 STATUTORY INSTRUMENTS SUPPLEMENT to The Uganda Gazette No. 28 Volume XCVIII dated 27th May, 2005 Printed by UPPC, Entebbe, by Order of the Government.
More informationBANKING ACT 2003 As amended 2004 ANALYSIS
BANKING ACT 2003 As amended 2004 ANALYSIS PART 1 PRELIMINARY 1. Short Title, commencement and application of this Act 2. Interpretation PART 2 LICENSING OF BANKING BUSINESS 3. Licence needed to carry on
More informationDIRECTIVE NO.DO1-2005/CDD
RESERVE BANK OF MALAWI DIRECTIVE NO.DO1-2005/CDD CUSTOMER DUE DILIGENCE FOR BANKS AND FINANCIAL INSTITUTIONS Arrangement of Sections 1. Short Title 2. Authorization 3. Application 4. Interpretations 1.
More informationInternational Monetary Fund Washington, D.C.
2003 International Monetary Fund August 2003 IMF Country Report No. 03/254 Vanuatu: of the Supervision and Regulation of the Financial Sector Volume II Detailed of Observance of Standard and Codes This
More informationSecurities and Derivatives Examination Procedures
Securities and Derivatives Examination Procedures Standards Examiners should evaluate the above-captioned function against the following control and performance standards. The Standards represent control
More informationMONGOLIA LAW ON NON BANK FINANCIAL ACTIVITIES
MONGOLIA LAW ON NON BANK FINANCIAL ACTIVITIES Important Disclaimer This translation has been generously provided by the Financial Regulatory Commission of Mongolia. This does not constitute an official
More informationCredit Management. Principles of good lending
Credit Management Principles of good lending Safety Liquidity Profitability Spread Purpose End use Need based finance Viability oriented instead of security oriented lending Own stake National priorities
More informationBANKING ACT, No. 30 OF 1988
BANKING ACT No. 30 OF 1988 1 BANKING ACT, No. 30 OF 1988 ( Incorporating Amendments up to 31st December, 1998 ) Central Bank of Sri Lanka. 2 BANKING ACT No. 30 OF 1988 Banking Act, No. 30 of 1988 Owing
More informationCredit Management Policy Checklist Tab
Part A Policy General (Class 1 Credit Unions Only) Each Class 1 credit union is required to establish and implement prudent lending policies. At a minimum, do lending policies address major lending criteria
More informationBanking and Financial Institutions (Prompt Corrective Action) ARRANGEMENT OF REGULATIONS PART I PRELIMINARY PROVISIONS PART II CORRECTIVE ACTIONS
GOVERNMENT NOTICE No. 372 published on 12/12/2008 THE BANKING AND FINANCIAL INSTITUTIONS (PROMPT CORRECTIVE ACTION) REGULATIONS, 2008 ARRANGEMENT OF REGULATIONS Regulation Title PART I PRELIMINARY PROVISIONS
More informationCapital Adequacy MANAGEMENT AND CONTROL. Weak controls may increase the bank's exposure to errors and omissions.
Capital Adequacy Standards Examiners should evaluate the above-captioned function against the following control and performance standards. The Standards represent control and performance objectives that
More informationSenate Bill No. 81 Committee on Commerce, Labor and Energy
Senate Bill No. 81 Committee on Commerce, Labor and Energy CHAPTER... AN ACT relating to financial institutions; converting state-chartered savings and loan associations to savings banks; providing for
More informationBanking and Credit Organizations in the Russian Market
20. Banking 20.1 Introduction As of 1 February 2016 there were 676 banks registered in Russia. The Central Bank of the Russian Federation (the Bank of Russia ) is the key regulatory authority for banking
More informationHow to read a standard
Standard 4.7 Reporting of liquidity risk Regulations and guidelines How to read a standard A standard is a collection of subject-specific regulations and guidelines which both obliges and guides supervised
More informationNATIONAL BANK OF ROMANIA
NATIONAL BANK OF ROMANIA REGULATION No.26 from 15.12.2009 on the implementation, validation and assessment of Internal Ratings Based Approaches for credit institutions Having regard to the provisions of
More informationBanking and Financial Institutions (Prompt Corrective Actions) THE BANKING AND FINANCIAL INSTITUTIONS (PROMPT CORRECTIVE ACTIONS) REGULATIONS, 2014
GOVERNMENT NOTICE No 295 published on 22/8/2014 THE BANKING AND FINANCIAL INSTITUTIONS (PROMPT CORRECTIVE ACTIONS) REGULATIONS, 2014 ARRANGEMENT OF REGULATIONS Regulation Title PART I PRELIMINARY PROVISIONS
More informationResolution No. 76/2010 of the Polish Financial Supervision Authority of 10 March 2010
Resolution No. 76/2010 of the Polish Financial Supervision Authority of 10 March 2010 on the scope and detailed procedures for determining capital requirements for particular risks Pursuant to Art. 128
More informationUnofficial Translation This translation is for the convenience of those unfamiliar with the Thai language Please refer to Thai text for the official version --------------------------------------------
More informationLAWS OF MALAYSIA. Act 276. Islamic Banking Act An Act to provide for the licensing and regulation of Islamic banking business.
Islamic Banking Act 1983 LAWS OF MALAYSIA Act 276 Islamic Banking Act 1983 Date of Royal Assent Date of publication in the Gazette 9-Mar-1983 10-Mar-1983 An Act to provide for the licensing and regulation
More informationNevis Financial Services (Regulation & Supervision) Department Guidelines on the establishment of an International Bank in Nevis
OVERVIEW An international bank can be established in Nevis under the Nevis International Banking Ordinance, 2014 ( NIBO ). This is the legislation that governs the operation of international banks conducting
More informationCEA proposed amendments, April 2008
CEA proposed amendments, April 2008 Amendment 1: Recital 14 a (new) The supervision of reinsurance activity shall take account of the special characteristics of reinsurance business, notably its global
More informationCredit Institutions Act 1
Credit Institutions Act 1 Passed 9 February 1999 (RT 2 I 1999, 23, 349; consolidated text RT I 2005, 8, 32), entered into force 1 July 1999, amended by the following Acts: 09.02.2005 entered into force
More informationLicense Denied, Suspended or Revoked and Appeals
Section 4 License Denied, Suspended or Revoked and Appeals Section 4 License Denied, Suspended or Revoked and Appeals This section is for people who are refused a license, and for people who have a license
More informationCREDIT REPORTING BILL, 2017
Arrangement of Sections Section PART I PRELIMINARY 3 1. Short title and commencement...3 2. Interpretation...3 PART II ADMINISTRATION 8 3. Supervisory and regulatory authority of the Central Bank...8 4.
More informationIndependent auditors report to the members of Indivior PLC
Independent auditors report to the members of Indivior PLC Report on the audit of the Financial Statements Opinion In our opinion: Indivior PLC s Group Financial Statements and Parent Company Financial
More informationPRUDENTIAL REGULATION OF MFIs
PRUDENTIAL REGULATION OF MFIs Prudential Standards and Ratios Presented by Fatou Deen-Touray, Deputy Director, Microfinance Dept. Central Bank of The Gambia 1.INTRODUCTION 1. In many, if not most developing
More informationSUPERVISORY AND REGULATORY GUIDELINES: PU LARGE EXPOSURES GUIDELINES
The Central Bank of The Bahamas Large Exposures Guidelines SUPERVISORY AND REGULATORY GUIDELINES: PU52-0310 Large Exposures Guidelines Issued: 25 th March 2005 Amended: 20 th April 2012 LARGE EXPOSURES
More informationDirective No. SBB/38/2006
Directive No. SBB/38/2006 Amendment to The Establishment and Operation of Export Credit Guarantee Scheme Directive Whereas, national exporters need to compete on an equal footing with other exporters in
More informationREGULATION ON LARGE EXPOSURES. Article 1 Purpose and Scope
Pursuant to Article 35, paragraph 1.1 of the Law No. 03/L-209 of the Central Bank of the Republic of Kosovo (Official Gazette of the Republic of Kosovo, No. 77/16 August 2010), and Articles 46 and 85 of
More informationALBERTA TREASURY BRANCHES REGULATION
Province of Alberta ALBERTA TREASURY BRANCHES ACT ALBERTA TREASURY BRANCHES REGULATION Alberta Regulation 187/1997 With amendments up to and including Alberta Regulation 239/2009 Office Consolidation Published
More informationSEYCHELLES FINANCIAL INSTITUTIONS ACT, 2004 ARRANGEMENT OF SECTIONS PART I PRELIMINARY PART II - LICENCES
SEYCHELLES FINANCIAL INSTITUTIONS ACT, 2004 ARRANGEMENT OF SECTIONS PART I PRELIMINARY 1. Short title 2. Interpretation PART II - LICENCES 3. Licences 4. Activities 5. Application for licence 6. Granting
More information) ) ) ) ) ) ) ) ) ) )
1666 K Street NW Washington, DC 20006 Office: (202 207-9100 Fax: (202 862-8430 www.pcaobus.org INSTITUTING DISCIPLINARY PROCEEDINGS, MAKING FINDINGS, AND IMPOSING SANCTIONS In the Matter of Adam M. Sanderson,
More informationBANK INDONESIA REGULATION NUMBER 4/7/PBI/2002 CONCERNING
Unofficial Translation BANK INDONESIA REGULATION NUMBER 4/7/PBI/2002 CONCERNING PRUDENTIAL PRINCIPLES FOR PURCHASE OF CREDIT BY BANKS FROM THE INDONESIAN BANK RESTRUCTURING AGENCY THE GOVERNOR OF BANK
More informationThe Sumitomo Trust & Banking Co., Ltd. Financial Results for Fiscal Year 2007 May 15, 2008
Financial Results for Fiscal Year 2007 May 15, 2008 Tokyo office : GranTokyo South Tower 1-9-2 Marunouchi, Chiyoda-ku, Tokyo, Japan Stock exchange listings : Tokyo and Osaka (code: 8403) URL : http://www.sumitomotrust.co.jp/ir/company/index_en.html
More informationBCA - Workshop on NBFC St Regis Hotel Palladium, Mumbai 4 August 2016
NBFC - Statutory Audit aspects under Companies Act, 2013 BCA - Workshop on NBFC St Regis Hotel Palladium, Mumbai 4 August 2016 Agenda 1 Key aspects of audit of NBFCs 2 Laws / Regulatory Aspects 3 Accounting
More informationOPINION OF THE EUROPEAN CENTRAL BANK. of 26 March 2009
EN OPINION OF THE EUROPEAN CENTRAL BANK of 26 March 2009 at the request of the Latvian Financial and Capital Market Commission on a draft law amending the Law on deposit guarantees (CON/2009/31) Introduction
More informationTHE BANKING AND FINANCIAL INSTITUTIONS (CAPITAL ADEQUACY) REGULATIONS, 2014 ARRANGEMENT OF REGULATIONS PART I PRELIMINARY PROVISIONS
GOVERNMENT NOTICE NO. 290 published on 22/08/2014 THE BANKING AND FINANCIAL INSTITUTIONS (CAPITAL ADEQUACY) REGULATIONS, 2014 ARRANGEMENT OF REGULATIONS Regulation Title PART I PRELIMINARY PROVISIONS 1.
More informationREPUBLIC OF VANUATU INTERNATIONAL BANKING ACT NO. 4 OF Arrangement of Sections
REPUBLIC OF VANUATU INTERNATIONAL BANKING ACT NO. 4 OF 2002 Arrangement of Sections PART 1 PRELIMINARY 1 Interpretation 2 Banking business 3 Application of Act PART 2 LICENSING OF INTERNATIONAL BANKING
More informationBANK OF MAURITIUS Guideline on Credit Concentration Risk
BOM/BSD 5/March 2000 BANK OF MAURITIUS Guideline on Credit Concentration Risk March 2000 Revised December 2008 Revised March 2011 Revised December 2011 Revised September 2013 Revised November 2013 Revised
More informationTHE KAGOSHIMA BANK, LTD. and consolidated subsidiaries
THE KAGOSHIMA BANK, LTD. and consolidated subsidiaries Consolidated Financial Statements for the Year Ended March 31, 2013, and Independent Auditor s Report THE KAGOSHIMA BANK, LTD. and Consolidated Subsidiaries
More informationPRA RULEBOOK: NON-CRR FIRMS: CREDIT UNIONS INSTRUMENT 2016
Powers exercised PRA RULEBOOK: NON-CRR FIRMS: CREDIT UNIONS INSTRUMENT 2016 Appendix 2 A. The Prudential Regulation Authority ( PRA ) makes this instrument in the exercise of the following powers and related
More informationCredit unions sector developments and supervision. June 2013
Credit unions sector developments and supervision June 2013 Contents Overview of Credit Unions sector Problems Regulatory measures 2 Supervised market participants (End of 2012) Supervised market participans
More informationLiquidity Policy. Prudential Supervision Department Document BS13. Issued: January Ref #
Liquidity Policy Prudential Supervision Department Document Issued: 2 A. INTRODUCTION Liquidity policy and the Reserve Bank s objectives 1. This Liquidity Policy sets out the Reserve Bank of New Zealand
More informationROYAL MONETARY AUTHORITY OF BHUTAN PRUDENTIAL REGULATIONS 2017
ROYAL MONETARY AUTHORITY OF BHUTAN FINANCIAL REGULATION AND SUPERVISION DEPARTMENT PRUDENTIAL REGULATIONS 2017 In exercise of the powers conferred by the Royal Monetary Authority of Bhutan Act, 2010 and
More informationSupersedes Previous Issue: Supervisory Circular No. 6 Liquidity Risk Management, June, 2004
Title: LR-1 Liquidity Risk Management Date: FINAL Purpose: To set out the approach which the NBRM will adopt in the supervision of licensed institutions liquidity risk, and to provide guidance to licensed
More informationThe DFSA Rulebook. General Module (GEN) Chapter 11 - Supervision. Appendix 3
Appendix 3 The text in this appendix has not been underlined and struck through in the usual manner. Where text is highlighted in yellow this indicates that text is either completely new or has been amended
More informationDisclosure Prudential Disclosure Report. 12/31/2017 Derayah Financial
Derayah - Pillar III Disclosure -2017 Prudential Disclosure Report 12/31/2017 Derayah Financial Table of Contents 1. OVERVIEW... 2 2. CAPITAL STRUCTURE... 2 2.1. Disclosure on Capital Base... 3 3. CAPITAL
More informationBOM/BSD 12/December 2003 BANK OF MAURITIUS. Guideline on Credit Risk Management
BOM/BSD 12/December 2003 BANK OF MAURITIUS Guideline on Credit Risk Management December 2003 Revised March 2017 Revised August 2017 TABLE OF CONTENTS INTRODUCTION... 1 AUTHORITY... 2 INTERPRETATION...
More informationINTERNAL BANK RATING CRITERIA BY THE BANKING AGENCY OF THE FEDERATION OF BOSNIA AND HERZEGOVINA
Based on Article 4, 9 and 25 of the Law on Banking Agency of Federation of Bosnia and Herzegovina (Official Gazette of the Federation of BiH No. 9/96, 27/98, 20/00, 45/00 and 58/02) in relation to Article
More informationOfficial Gazette of the Republic of Slovenia, No. 72/06 Official consolidated version BANKA SLOVENIJE ACT
Official Gazette of the Republic of Slovenia, No. 72/06 Official consolidated version BANKA SLOVENIJE ACT JULY 2006 Published by: BANK OF SLOVENIA Slovenska 35 1505 Ljubljana Tel.: +386 1 47 19 000 Fax:
More informationNotes to Consolidated Balance Sheet
Notes to Consolidated Balance Sheet 1. Amounts less than one million yen have been omitted. 2. Transactions for trading purposes (seeking gains arising from short-term changes in interest rates, currency
More informationThe State Law and Order Restoration Council hereby enacts the following Law:-
The State Law and Order Restoration Council The Financial Institutions of Myanmar Law (The State Law and Order Restoration Council Law No. 16/90) The 13th Waxing Day of Waso, 1352 M.E. (4th July, 1990)
More informationBANK INDONESIA REGULATION NUMBER: 5/10/PBI/2003 CONCERNING PRUDENTIAL PRINCIPLES IN EQUITY PARTICIPATION THE GOVERNOR OF BANK INDONESIA,
BANK INDONESIA REGULATION NUMBER: 5/10/PBI/2003 CONCERNING PRUDENTIAL PRINCIPLES IN EQUITY PARTICIPATION THE GOVERNOR OF BANK INDONESIA, Considering: In view of: a. whereas in conducting and developing
More informationLAW ON FOREIGN CURRENCY TRANSACTIONS ("Official Herald of the Republic of Serbia", Nos. 62/2006, 31/2011 and 119/2012)
LAW ON FOREIGN CURRENCY TRANSACTIONS ("Official Herald of the Republic of Serbia", Nos. 62/2006, 31/2011 and 119/2012) The present Law shall govern: I GENERAL PROVISIONS Article 1 1) Payments, collections
More information) ) ) ) ) ) ) ) ) ) )
1666 K Street, N.W. Washington, DC 20006 Telephone: (202 207-9100 Facsimile: (202 862-0757 www.pcaobus.org INSTITUTING DISCIPLINARY PROCEEDINGS, MAKING FINDINGS AND IMPOSING SANCTIONS In the Matter of
More informationDanish FSA introduces the Supervisory Diamond for banks
Board of directors and board of management of [omitted] Director General 25 June 2010 Dear Sirs, Danish FSA introduces the Supervisory Diamond for banks The mission of the Danish FSA is to work for financial
More informationNATIONAL BANK OF THE REPUBLIC OF MACEDONIA
NATIONAL BANK OF THE REPUBLIC OF MACEDONIA Pursuant to Article 64 paragraph 1 item 22 of the Law on the National Bank of the Republic of Macedonia ( Official Gazette of the Republic of Macedonia No. 3/2002,
More informationNC General Statutes - Chapter 53C Article 6 1
Article 6. Bank Operations. 53C-6-1. Loans and extensions of credit. (a) A bank may make a loan or extension of credit secured by the pledge of its own shares or the shares of its holding company, provided:
More informationAppeal of Denial of Benefits
May 2018 To All Participants: The Trustees of the North Central States Regional Council of Carpenters' Pension Fund ("Plan") regularly review the Plan and make changes when necessary. Please take time
More informationPROPOSED RULEMAKING DEPARTMENT OF AGRICULTURE
PROPOSED RULEMAKING DEPARTMENT OF AGRICULTURE [7 PA. CODE CH. 130e] Commercial Manure Hauler and Broker Certification The Department of Agriculture (Department), under the the Commercial Manure Hauler
More informationPrudential Standard GOI 3 Risk Management and Internal Controls for Insurers
Prudential Standard GOI 3 Risk Management and Internal Controls for Insurers Objectives and Key Requirements of this Prudential Standard Effective risk management is fundamental to the prudent management
More informationAGRICULTURE FINANCIAL SERVICES ACT
Province of Alberta AGRICULTURE FINANCIAL SERVICES ACT Revised Statutes of Alberta 2000 Chapter A-12 Current as of December 15, 2017 Office Consolidation Published by Alberta Queen s Printer Alberta Queen
More informationDEPOSIT PROTECTION CORPORATION ACT
CHAPTER 24:29 DEPOSIT PROTECTION CORPORATION ACT ARRANGEMENT OF SECTIONS Acts 7/2011, 9/2011 PART I PRELIMINARY Section 1. Short title. 2. Interpretation. 3. When contributory institution becomes financially
More informationNATIONAL BANK OF THE REPUBLIC OF MACEDONIA
NATIONAL BANK OF THE REPUBLIC OF MACEDONIA Pursuant to Article 47 paragraph 1 item 6 of the Law on the National Bank of the Republic of Macedonia ("Official Gazette of the Republic of Macedonia" No. 158/2010)
More informationNON BANK FINANCIAL INSTITUTIONS REGULATORY AUTHORITY (NBFIRA) DRAFT PRUDENTIAL RULES FOR LARGE MICRO LENDERS
NON BANK FINANCIAL INSTITUTIONS REGULATORY AUTHORITY (NBFIRA) DRAFT PRUDENTIAL RULES FOR LARGE MICRO LENDERS 10/12/2015 Draft prudential rules for large micro lenders with assets exceeding P25 000 000
More informationRegulations and guidelines 4/2018
Regulations and guidelines 4/2018 Management of credit risk by supervised entities in the financial sector 3 J. No. FIVA 13/01.00/2017 Issued 5 March 2018 1 July 2018 FINANCIAL SUPERVISORY AUTHORITY tel.
More informationCollective Allowances - Sound Credit Risk Assessment and Valuation Practices for Financial Instruments at Amortized Cost
Guideline Subject: Collective Allowances - Sound Credit Risk Assessment and Valuation Practices for Category: Accounting No: C-5 Date: October 2001 Revised: July 2010 This guideline outlines the regulatory
More informationTHE CAPTIVE INSURANCE. BILL (No.XXXII of 2015) Explanatory Memorandum
THE CAPTIVE INSURANCE BILL (No. XXXII of 2015) Explanatory Memorandum The object of this Bill is to establish a framework for the licensing, regulation and supervision of captive insurance business and
More informationRULE No (dated 28 th June 2000) THE BOARD OF DIRECTORS in the exercise of its legal powers, and
RULE No. 6-2000 1 (dated 28 th June 2000) THE BOARD OF DIRECTORS in the exercise of its legal powers, and WHEREAS: In accordance with Article 5 Point 1 of Decree Law No. 9 of 26 th February 1998 the Superintendency
More informationGL ON COMMON PROCEDURES AND METHODOLOGIES FOR SREP EBA/CP/2014/14. 7 July Consultation Paper
EBA/CP/2014/14 7 July 2014 Consultation Paper Draft Guidelines for common procedures and methodologies for the supervisory review and evaluation process under Article 107 (3) of Directive 2013/36/EU Contents
More informationTHE GAZETTE PUBLISHED BY AUTHORITY. VOL.XVI Friday May 26, 2017 NO. 32 E X T R A O R D I N A R Y
THE LIBERIA OFFICIAL GAZETTE PUBLISHED BY AUTHORITY VOL.XVI Friday May 26, 2017 NO. 32 E X T R A O R D I N A R Y The Government of the Republic of Liberia announces that the Central Bank of Liberia (CBL),
More informationReport on the Observance of Standards & Codes (ROSC) Accounting & Auditing (A&A)
Public Disclosure Authorized Public Disclosure Authorized Report on the Observance of Standards & Codes (ROSC) Accounting & Auditing (A&A) Public Disclosure Authorized MODULE B: INSTITUTIONAL FRAMEWORK
More informationRULES OF THE TENNESSEE DEPARTMENT OF COMMERCE AND INSURANCE DIVISION OF INSURANCE
RULES OF THE TENNESSEE DEPARTMENT OF COMMERCE AND INSURANCE DIVISION OF INSURANCE CHAPTER 0780-01-66 STANDARDS AND COMMISSIONER S AUTHORITY FOR COMPANIES DEEMED TO BE IN HAZARDOUS FINANCIAL CONDITION TABLE
More informationVIII. This chapter discusses international aspects of. Cross-Border Supervision of Banks. Evolution of Best Practices
Cross-Border Supervision of Banks This chapter discusses international aspects of maintaining banking soundness. It identifies some of the key problem issues in supervising banks and banking groups with
More informationDisclosure Prudential Disclosure Report. 12/31/2016 Derayah Financial
Derayah - Pillar III Disclosure -2016 Prudential Disclosure Report 12/31/2016 Derayah Financial Table of Contents 1. OVERVIEW... 2 2. CAPITAL STRUCTURE... 2 2.1. Disclosure on Capital Base... 3 3. CAPITAL
More informationCPT Chapter2, Unit-3 Fundamentals of Accountancy CA.S.K.Chhabra
CPT Chapter2, Unit-3 Fundamentals of Accountancy CA.S.K.Chhabra What is a Trial balance? It is a Statement prepared to ensure the arithmetical accuracy of all the accounts before the preparation of the
More informationDecree of the Minister of Foreign Trade Decision No. 383 For Year 2004
Decree of the Minister of Foreign Trade Decision No. 383 For Year 2004 Amending Some Provisions of the Executive Regulation of the Capital Market Law No. 95 of 1992. Minister of Foreign Trade: After reviewing
More informationBanking Sector Reforms in Bangladesh and Its Impact. Examination Committee Dr. Juthathip Jongwanich Dr. Sundar Venkatesh Dr.
Banking Sector Reforms in Bangladesh and Its Impact Muhammad Mustafizur Rahman Examination Committee Dr. Juthathip Jongwanich Dr. Sundar Venkatesh Dr. Sununta Siengthai Agenda of the Presentation o Objectives
More informationGuiding Principles EFFECTIVE SUPERVISION OF FINANCIAL COOPERATIVE INSTITUTIONS. Pillar I Pillar II Pillar III Pillar IV
Guiding Principles EFFECTIVE SUPERVISION OF FINANCIAL COOPERATIVE INSTITUTIONS These 23 Guiding Principles (GPs) are recommended by the International Credit Union Regulators Network (ICURN) as a framework
More informationAuditing Charities T4118(E)
Auditing Charities T4118(E) Table of contents Page hy does the Canada Revenue Agency audit charities?... 3 hat triggers a charity audit?... 3 How do we conduct an audit?... 3 hat happens when the audit
More informationRisk Management Disclosures 2013
Introduction Risk Management Disclosures 2013 Deloitte Investment Services Limited Following the provisions of Directive DI144-2007-05 (namely the Directive of the Cyprus Securities and Exchange Commission
More informationDirective #: CW Effective: July 1, 2016
Department of Community & Economic Development CENTER FOR COMMUNITY SERVICES Title: Procurement, Bidding, and Subcontracting Procedures Directive #: CW2016-01 Effective: July 1, 2016 To: Weatherization
More informationFINANCIAL STATEMENTS CONTENTS ICG ANNUAL REPORT & ACCOUNTS 2016
ICG ANNUAL & ACCOUNTS FINANCIAL STATEMENTS CONTENTS Auditor s report 103 Consolidated income statement 110 Consolidated and Parent Company statements of comprehensive income 111 Consolidated and Parent
More informationCHAPTER 85:01 FINANCIAL INSTITUTIONS ACT ARRANGEMENT OF SECTIONS PART I PART II
Financial Institutions 3 CHAPTER 85:01 FINANCIAL INSTITUTIONS ACT ARRANGEMENT OF SECTIONS PART I PRELIMINARY SECTION 1. Short Title. 2. Interpretation. PART II LICENSING OF FINANCIAL INSTITUTIONS 3. Necessity
More informationContra Costa County Schools Insurance Group Investment Policy As of June 14, 2018
Contra Costa County Schools Insurance Group Investment Policy As of June 14, 2018 I. Introduction The purpose of this document is to identify various policies and procedures that enhance opportunities
More informationReport on Internal Control
Annex to letter from the General Secretary of the Autorité de contrôle prudentiel to the Director General of the French Association of Credit Institutions and Investment Firms Report on Internal Control
More informationThe DFSA Rulebook. Auditor Module (AUD) AUD/VER3/02-17
The DFSA Rulebook Auditor Module (AUD) Contents The contents of this module are divided into the following chapters, sections and appendices: PART 1 INTRODUCTION... 1 1 APPLICATION AND DEFINITIONS... 1
More informationPROPOSALS FOR REGULATIONS
PROPOSALS FOR REGULATIONS Tier 4 Microfinance Institutions and Money Lenders Act (2016) Shared with Department of Microfinance MoFPED March 2017 PROPOSALS FOR REGULATIONS Tier 4 Microfinance Institutions
More informationGUIDANCE NOTE FOR DEPOSIT TAKERS (Class 1(1) and Class 1(2))
GUIDANCE NOTE FOR DEPOSIT TAKERS (Class 1(1) and Class 1(2)) Large Exposures March 2017 STATUS OF GUIDANCE The Isle of Man Financial Services Authority ( the Authority ) issues guidance for various purposes
More information