Ver Angola

Banking and Insurance

Banks must submit annual recovery plans by June 30

The Angolan central bank determined that banking financial institutions must present duly audited recovery plans annually by June 30th of each year, with reference to December 31st of the previous year.

: Lusa

According to notice no. 1/24 of 21 February from the National Bank of Angola (BNA), any event relating to the corporate legal organization, operational structure, business model or financial situation contributes to the review and/or update of recovery plans of banking financial institutions.

The BNA notice, published in Diário da República and to which Lusa had access this Thursday, advises that the recovery plan must provide for a comprehensive set of recovery strategies, to respond to different stress scenarios.

Strengthening the capital and liquidity situation, disposal of assets, refinancing of currencies, restructuring of liabilities, access to financial support from entities within the same group and access to liquidity financial assistance lines are assumptions that must be included in the recovery strategy.

The central bank of Angola adds that the recovery strategy must foresee measures to reorganize business lines, namely voluntary restructuring of liabilities through conversion of debt into equity, possible sales of properties, spin-off or merger of business units.

Banking financial institutions may obtain an exemption from presenting recovery plans and must, for this purpose, submit to the BNA, by April 30th of each year, a specific, duly substantiated request.

"The decision to exempt a banking financial institution from complying with the obligation to present recovery plans is in force for one year. The BNA may, at any time, revoke the decision to exempt the presentation of plans, if it considers that they are no longer in effect the assumptions that motivated the decision-making", refers in the document.

Banking financial institutions, according to the BNA, must describe in their information management policy how they ensure the availability of information, quickly and in a timely manner, to allow decision-making in stressful situations.

They must also describe in their information management policy how in a crisis situation they make the information that the BNA needs available in a timely manner, as noted in the notice signed by the governor of the Angolan central bank, Manuel Tiago Dias.

The normative instrument also provides for sanctions on Angolan commercial banks in case of non-compliance with the aforementioned provisions.

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