CM-7.1.3
Past version: Effective from 01 Apr 2008 to 31 Dec 2010
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Banks should also obtain the CBB's prior written approval before writing off any of the following:
(a) exposures to any present or former Director of the bank;
(b) exposures which are guaranteed by a Director of the bank;
(c) exposures to any business entity for which the bank or any of its Directors is an agent;
(d) exposures to any officer or employee of the bank, or any other person who receives remuneration from the bank;
(e) exposures to any business entity in which the bank (or any of its Directors, officers or other persons receiving remuneration from the bank) has a material interest as a shareholder (i.e. 5% or more), Director, manager, agent or guarantor; and
(f) exposures to any person who is a Director, manager or officer of another bank licensed by the Central Bank.
October 07
Amended: April 2008
Amended: April 2008