BCEAO

CENTRAL BANK OF WEST AFRICAN STATES

INSTRUCTION NO. 003/03/2011 ON THE TRANSMISSION OF INFORMATION RELATED TO BANKING CONDITIONS IN WAEMU

The Governor of the Central Bank of West African States (BCEAO),

Having regard to the Treaty of the West African Economic and Monetary Union (WAEMU), dated January 20, 2007, particularly Article 34 thereof,

Having regard to the Statutes of the Central Bank of West African States (BCEAO), annexed to the Treaty of the WAEMU, dated January 20, 2007, particularly Article 62 thereof,

Having regard to the Uniform Act on banking regulation, particularly Article 56 thereof,

Having regard to the Uniform Act on the regulation of Decentralized Financial Systems (DFS), particularly Article 44 thereof,

Having regard to Instruction No. 007-06-2010 on the control and sanction procedures for DFS by the BCEAO and the WAEMU Banking Commission,

Having regard to Decision No. 397/12/2010 of December 2, 2010 by the Monetary Policy Committee establishing rules, instruments and procedures for implementing the BCEAO's monetary and credit policy, particularly Article 34 thereof,

DECIDES

Article 1: Purpose

This Instruction aims to specify the nature and frequency of information to be communicated to the Union's monetary and supervisory authorities, consumer associations and banking/financial service observatories, as well as any other similar bodies, for the purpose of monitoring banking conditions.

Article 2: Information Transmission by Credit Institutions and Decentralized Financial Systems

Credit institutions and microfinance institutions referred to in Article 44 of the law on the regulation of Decentralized Financial Systems (DFS) are required to communicate their debtor and creditor rates to the Central Bank, the WAEMU Banking Commission, consumer associations and banking/financial service observatories, as well as any other similar bodies, according to the following procedures.

Avenue Abdoulaye FADIGA BP 3108 – Dakar – Sénégal Tel. (221) 33 839 05 00 / Fax. (221) 33 823 93 35 www.bceao.int

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Upon each change to their reference debtor rate, the aforementioned institutions must communicate to all recipients referred to in the first paragraph the previous and new reference rates, the maximum debtor rate, as well as the modification date.

By the 5th day of the month following the end of each semester, banks as well as the aforementioned DFS, and for elements concerning them, banking-character financial institutions, transmit to the Central Bank and the WAEMU Banking Commission the maximum debtor rate, the minimum and maximum remuneration rates for time deposits excluding regulated savings, the date of the last modification of these rates, as well as the conditions applicable to contractual savings.

Article 3: Information Transmission by Financial Services of the Administration or the Postal Office

By the 5th day of the month following the end of each semester, the financial services of the Administration or the Postal Office communicate the minimum and maximum remuneration rates for time deposits excluding regulated savings, the date of the last modification of these rates, as well as the conditions applicable to contractual savings.

Article 4: Entry into Force

This Instruction repeals and replaces all prior provisions dealing with the same subject matter.

It enters into force as of its signing date and is published wherever necessary.

Done in Dakar, on March 18, 2011

The Acting Governor

(Signature)

Jean-Baptiste COMPAORE