CM-7.1.3
Past version: Effective from 01 Jul 2011 to 30 Sep 2015
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Banks must 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 CBB.
Amended: July 2011
Amended: January 2011
April 2008
October 2007
Amended: January 2011
April 2008
October 2007