Regulatory Alerts2009-07-15 | BSD/DIR/GEN/CIR/03/013Preparation of Financial Statements as at June 30, 2009
This is a reminder from Samuel A. Oni, Director of Banking Supervision, regarding the preparation of financial statements for June 30, 2009. The previous circular (BSD/6/2009) required banks to prepare their statements by July 15, 2009, and now an additional requirement is introduced. Banks must include a breakdown of total loan loss provisions: the existing provisions based on the last audited accounts, provisions for subsequent quarters up to June 30, 2009, and the aggregate loan loss provisions at that date. All banks, whether they have already complied with the previous circular or not, are required to meet these additional requirements by the same deadline of July 15, 2009.
09-46235433 09-46236418 July 13, 2009 BSD/DIR/GEN/CIR/03/013 CIRCULAR TO ALL BANKS RE: PREPARATION OF FINANCIAL STATEMENTS AS AT JUNE 30, 2009 Further to our circular ref: BSD/6/2009 of June 19, 2009 requiring banks to prepare their financial statements as at June 30, 2009, banks are required to take note of the following additional requirements; Total loan loss provisions should show the following breakdown: (i) Provisions (including other known losses) as at the last audited accounts.
(ii) Loan loss provisions for subsequent quarters up to June 30, 2009.
(iii) The aggregate loan loss provisions as at June 30, 2009.
While the submission deadline of July 15, 2009 remains unchanged, banks that have already complied with the circular are required to provide the additional requirements stated above.
SAMUEL A. ONI DIRECTOR OF BANKING SUPERVISION