Providing financial support for the implementation of resolution measures adopted by the BNA and performing all other legally conferred functions is the object of the Resolution Fund, according to the information made available on the BNA website.
The financial resources applicable to the implementation of the resolution measures come essentially from revenue from contributions to the banking sector, initial and periodic contributions from participating financial institutions, amounts from loans, income from investment of resources, as well as gifts, indicates the regulator.
However, "whenever it does not have sufficient financial resources", the Fund may propose to the BNA the approval of additional State contributions, the regulation reads.
The regulation also states that "the use of the State's financial resources requires the presentation by the Fund to the member of the executive responsible for the ministerial department responsible for public finances of a reasoned proposal".
The regulation of the Resolution Fund, created in the light of the General Regime for Financial Institutions (RGIF), is contained in presidential decree no.
According to the RGIF, the Resolution Fund makes available the resources determined by the BNA for the purposes of implementing resolution measures.
The resources made available by the central bank, "that are not used for the realization of the capital stock of the bridge institution", observes the RGIF, "give the Fund a right to credit the banking financial institution subject to resolution, on the bridge institution , on the asset management vehicle or on the acquiring institution".
Partial or total disposal of the activity and another institution authorized to carry out the activity in question, transfer, partial or total, of the activity to one or more transitional banking institutions are among the transition measures when a banking financial institution "fails to comply with or is in imminent and serious risk of not complying with the requirements for maintaining the authorization to carry out the activity".
The Resolution Fund is headquartered in Luanda and works with the BNA, with its composition, functioning and powers of the body's directive committee set out in the regulations.