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Home Business News Politics

CBN ‘extends C.A.R deadline’ for Systemic Important Banks

Nairametrics by Nairametrics
April 4, 2015
in Politics
Official:  The CBN Will Approve Your Employment Letter Before You Join Any Bank
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It appears the Central Bank of Nigeria (CBN) has extended the deadline for the implementation of Framework for Regulation and Supervision of Domestic Systemically Important Banks from March 1st 2015 to June 13, 2015 according to a report from THISDAY. This is surprising considering that the CBN did not issue any official circular to this effect on its website. This from Thisday

The Central Bank of Nigeria (CBN) has extended the deadline for the implementation of higher capital adequacy ratio (CAR) requirements for systemically important banks (SIBs), THISDAY learnt on Monday. THISDAY also gathered that the banking sector regulator has also set a fresh deadline for banks that breached the minimum CAR under Basel II to submit their recapitalisation plans and execute them.  Specifically, the CBN gave the affected banks a 15-month breather. They have been given three months, till 13 June 2015, to submit recapitalisation plans and till 30 June 2016 to implement them. The CBN’s letter also affirmed the regulator’s willingness to support any under-capitalised bank and added that it may require rapid remedial actions if adequate capitalisation is not restored.

The CBN had in last September issued a Framework for the regulation of Systemic Important Bank (SIB) and gave a deadline of March 1 , 2015 for its implementation. The Framework contained regulations and guidelines that determined and outlines the implementation of Bank’s CRR and CAR requirements. The Thisday article confirms this has now being postponed to June 13, 2015. The eight financial institutions designated as SIBs by the central bank were required to hold more liquid assets and a liquidity ratio of 35 per cent. This meant the affected banks were expected to have a minimum liquidity ratio, which is five per cent above the 30 per cent requirement in the industry.

Here is a list of the 8 SIBs

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