CM-7.1 CM-7.1 Write-offs
CM-7.1.1
All
Bahraini conventional bank licensees must notify the CBB of any write-off of an exposure of an amount in excess of BD 100,000, or its equivalent in foreign currency.Amended: October 2016
Amended: October 2015
Amended: July 2011
Amended: January 2011
October 2007CM-7.1.2
Such notification should be accompanied by documentary evidence showing, beyond reasonable doubt, that the customer does not possess the resources to fulfil the outstanding obligation.
October 07CM-7.1.3
All
Bahraini conventional bank licensees must obtain the CBB's written no-objection before writing off any of the following:(a)Exposures to or guaranteed by anyapproved person of the bank or any other CBBlicensee ;(b) [This Subparagraph was deleted in October 2016];(c)Exposures to controllers, subsidiaries, associates and SSB members of the bank;(d) [This Subparagraph was deleted in October 2015];(e)Exposures to any business entity for which the bank or any of itsapproved persons is a related party such as a board member, a shareholder owning 5% or more, a person assuming a managerial role, a guarantor; and(f)Exposures to anycontroller of another CBBlicensee (as defined in Section GR-5.2 — Definition of Controller).Amended: October 2016
Amended: October 2015
Amended: July 2011
Amended: January 2011
April 2008
October 2007CM-7.1.3A
All branches of foreign banks must obtain the CBB's written no-objection before writing off the exposures listed in CM-7.1.3 from (a) to (f) except for (c).
Added: October 2016CM-7.1.4
All
conventional bank licensees must notify the CBB of any applicableexposures outlined in Paragraph CM-7.1.3 that are classified as non-performing loans.Amended: October 2016
Added: October 2015CM-7.1.5
In order to comply with Subparagraphs CM-7.1.3 (a) and (f),
conventional bank licensees should refer to the CBB register on the CBB Website which contains a list ofapproved persons andcontrollers of all CBBlicensees .Amended: October 2016
Added: October 2015