CM-6.1.3
Past version: Effective from 01 Jan 2011 to 30 Jun 2011
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Banks should also obtain the CBB's prior written approval before writing off any of their following claims:
(a) Claims on present or former Directors of the bank;
(b) Claims which are guaranteed by a Director of the bank;
(c) Claims on any business entity for which the bank or any of its Directors is an agent;
(d) Claims on any officer or employee of the bank, or any other person who receives remuneration from the bank;
(e) Claims on 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), or as a Director, manager, agent or guarantor; and
(f) Claims on any person who is a Director, manager or officer of another bank licensed by the CBB.
Amended: January 2011
Amended: April 2008
October 2007
Amended: April 2008
October 2007