Regulatory Alerts2007-11-26
Regulation (NAP) - Credit to Employees
The Central Bank of São Tomé and Príncipe issued this Permanent Application Standard (NAP) to regulate employee credit within authorized financial institutions. It mandates that boards establish written credit policies with mandatory limits, prohibit unlisted benefits and restrictive policy alterations, and ensure all non-related employees are covered. Furthermore, it restricts interest rates to the average cost of fund acquisition and requires biennial board reviews and post-publication enforcement.
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