Regulatory Alerts2003-01-06
C4/03: Composition of Board-appointed committee to approve large exposures
The Registrar of Banks issued Banks Act Circular 4/2003 to define the mandatory composition of the board-appointed committee responsible for approving large credit exposures. The circular requires this committee to include at least three non-executive directors, the chief executive officer, and the heads of finance, risk, and credit. Banks must obtain prior written approval from the Registrar for this committee's composition and report any non-compliance immediately.
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