Regulatory Alerts2024-02-23
Notice No. 01/2024 of 21 February on Recovery Plans for Banking Financial Institutions
The National Bank of Angola issued Notice No. 01/2024 to establish additional elements, frequency, and procedures for the preparation, submission, monitoring, and review of recovery plans by Banking Financial Institutions. The Notice mandates annual submission of board-approved, audited recovery plans by 30 June, outlines exemption procedures, and requires comprehensive recovery strategies addressing capital, liquidity, asset disposal, debt restructuring, and intra-group support. Furthermore, it prescribes detailed monitoring indicators, critical risk levels, information management protocols for crisis scenarios, and defines non-compliance as an administrative offense punishable under existing financial institution laws.
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