Regulatory Alerts2015-01-08 | FPR/DIR/BDC/GEN/01/001Updated List of Confirmed Bureaux De Change in Compliance with New Requirement
The letter informs banks about a deferral of the Basel II/III capital adequacy framework regulation implementation. Banks are still required to implement adequate risk mitigation techniques for oil and gas risk exposure management, which will be reviewed during regular risk-based supervision activities. A new date for the implementation of the deferred regulation will be communicated in the future.
09-462-36401 January 7, 2015 BSD/DIR/GEN/LAB/08/002 LETTER TO ALL BANKS OIL AND GAS INDUSTRY CREDIT RISK MITIGATION Please refer to our letter titled "Oil and Gas Industry Credit Risk Mitigation" dated December 10, 2014. In view of the on-going implementation of the Basel II/III capital adequacy framework, the application of this regulation has been deferred till further notice. A new date would be advised to all banks in due course. However, the banks are required to put in place adequate risk mitigating techniques for the management of their Oil and Gas risk exposures which would be reviewed during our regular risk-based supervision activities. Please be guided accordingly. K. O. BALOGUN For: DIRECTOR OF BANKING SUPERVISION