Central Bank of Seychelles Capital Adequacy Requirements

CENTRAL BANK OF SEYCHELLES P. O. Box 701, Victoria, Seychelles Telephone: [+248] 428 20 00 Ref: FSD/BASELII Fax: [+248] 432 36 65 E-mail: enquiries@cbs.sc Date: September 30, 2020 To all Banks Capital adequacy requirements Please be advised that on September 9, 2020 the Cabinet of Ministers endorsed the amendments to the capital adequacy requirements. Consequently, this will lead to revision to the Financial Institutions (Capital Adequacy Regulations) (“thereafter referred to as the existing Regulations”) which were issued in 2010. Legal drafting to take into account the upcoming revisions will be carried out by the Attorney General’s Office. The Central Bank of Seychelles (“thereafter referred to as CBS”) wishes to inform all banks that the enclosed new Capital Adequacy Ratio (“thereafter referred to as CAR”) return and Guidelines will be used for capital adequacy purposes when the revised Regulations come into force. Accordingly, as from September 2020, reporting of the CAR will be done using the new CAR Return and Guidelines, as well as those issued under the existing Regulations. CBS will inform banks when the revised Regulations will come into force. CBS urges all banks to monitor their CAR so as to take the necessary steps or measures to ensure adherence to the new requirements when enforceable. For any queries or clarification, please contact Ms. Vivienne Volcere from the Financial Regulation Section on 4282118 or email: vivienne.volcere@cbs.sc. Yours sincerely, C. Abel (Ms) Governor Enc.