Regulatory Alerts2023-10-31
IBA Circular No. 6 of 2023: Treatment of Exposures Previously Granted Approval under Section 21(B)(2)
The Central Bank of Belize issued Circular No. 6 of 2023 to manage existing exposures that exceed the new 25% single borrower limit cap introduced by amendments to the International Banking Act. The Circular permits previously approved loans to remain in effect provided their outstanding balances reduce in accordance with agreed repayment terms and do not increase beyond levels recorded on 31 July 2023. Banks must continue to adhere to specific monitoring, reporting, and compliance conditions attached to the original approvals while other unrelated terms are no longer applicable.
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