Regulatory Alerts2020-12-22
Instruction No. 21/2020 of December 23
The National Bank of Angola issued Instruction No. 21/2020 to clarify the compliance deadline for credit limits granted to the real sector under Notice No. 10/2020. Banks must align their lending requirements with Article 4 of that notice by April 30, 2021, and submit their final information report by May 14, 2021. Non-compliance triggers penalties under the Basic Law of Financial Institutions, and any interpretive ambiguities are resolved by the central bank.
INSTRUCTION NO. 21/2020 of December 23
SUBJECT: FINANCIAL SYSTEM
- Deadline for Compliance with Notice No. 10/2020 of April 3
Whereas it is necessary to clarify and publish the deadline for compliance with the limits established for credit grants to the real sector of the economy under Notice No. 10/2020 of April 3, regarding Credit Grants to the Real Sector of the Economy; In exercise of the powers conferred upon me by the combined provisions of paragraph f) of paragraph 1 of Article 21, and paragraph d) of paragraph 1 of Article 51, both of Law No. 16/10 of July 15 – National Bank of Angola Law, as well as by the provision contained in paragraph I) of Article 90 of Law No. 12/15 of June 17 – Basic Law of Financial Institutions.
I DETERMINE:
-
Object This Instruction establishes the deadline for compliance with Notice No. 10/2020 of April 3, regarding Credit Grants to the Real Sector of the Economy, and for the final reporting of information.
-
Deadline for Compliance with Requirements Banks have a period between the publication date of this Instruction and April 30, 2021 to comply with the requirements established in Article 4 of Notice No. 10/2020 of April 3, regarding Credit Grants to the Real Sector of the Economy.
CONTINUATION OF INSTRUCTION NO. 21/2020 Page 2 of 2 3. Deadline for Reporting Information 3.1 The final reporting of information on credit grants to the real sector of the economy must be submitted by May 14, 2021. 3.2 For the purposes of the final reporting, only information on credits disbursed in full and/or partially up to the date defined in the preceding paragraph shall be reported.
-
Sanctions Non-compliance with the provisions of this Instruction constitutes an offense punishable under Law No. 12/15 of June 17, Basic Law of Financial Institutions.
-
Doubts and Omissions Doubts and omissions arising from the interpretation of this Instruction are resolved by the National Bank of Angola.
-
Entry into Force This Instruction enters into force immediately after its publication date. PUBLISH. Luanda, December 23, 2020.
THE GOVERNOR JOSÉ DE LIMA MASSANO