Regulatory Alerts2020-05-28
Instruction No. 11/2020, dated May 29
The National Bank of Angola issued Instruction No. 11/2020 to set the annual premium for participating banking financial institutions in Angola's Deposit Guarantee Fund at 0.076% for 2020. The directive applies to all designated participating institutions, establishes the National Bank's authority to resolve interpretive doubts or omissions, and mandates sanctions under the Basic Law of Financial Institutions for non-compliance. It takes effect immediately upon publication and governs annual contribution calculations until amended.
INSTRUCTION NO. 11/2020 dated May 29 SUBJECT: FINANCIAL SYSTEM
- Annual Premium of Contributions by Financial Institutions Participating in the Deposit Guarantee Fund in Angola Considering the terms set forth in Article 11, Paragraph 4 of the Regulation annexed to Presidential Decree No. 195/18, dated August 22, the annual premium for the Deposit Guarantee Fund is fixed annually by an Instruction published by the National Bank of Angola; Considering, likewise, that Article 6 of Notice No. 01/19, dated January 11 allows the National Bank of Angola to fix, through the publication of an Instruction, a minimum annual contribution to be made by participating institutions in the Deposit Guarantee Fund; In accordance with the combined provisions of Article 9 of Presidential Decree No. 195/18, dated August 22 and Article 69 of Law No. 12/15, dated June 17 - Basic Law of Financial Institutions, as well as Article 51 of Law No. 16/10, dated July 15 - Law of the National Bank of Angola. I DETERMINE:
- Subject Matter This Instruction establishes the annual premium of Banking Financial Institutions, hereinafter abbreviated as "Participating Institutions" in the Deposit Guarantee Fund, hereinafter abbreviated as "Fund" and the annual contribution for the year 2020.
CONTINUATION OF INSTRUCTION NO. 11/2020 Page 2 of 2 2. Scope This Instruction applies to Participating Institutions, as established in Notice No. 01/19, dated January 11, regarding the calculation for contributions by Participating Financial Institutions in the Fund. 3. Annual Premium For the purposes of Article 6 of Notice No. 01/19, dated January 11, regarding the calculation of contributions by Participating Institutions in the Fund, the annual premium to be effective for the year 2020 is 0.076%. 4. Doubts and Omissions Any doubts and omissions arising from the interpretation and application of this Instruction shall be resolved by the National Bank of Angola. 5. Sanctions A violation of the provisions of this Instruction constitutes an offense punishable under the Basic Law of Financial Institutions. 6. Entry into Force This Instruction enters into force on the date of its publication. PUBLISHED. Luanda, May 29, 2020. THE GOVERNOR JOSÉ DE LIMA MASSANO
Share