Regulatory Alerts2003-12-24
COBAC Regulation R-2003/05 Amending COBAC Regulation R-98/03 on the Accounting and Provisioning of Doubtful Claims and Signed Commitments
The Central African Banking Commission (COBAC) amends its regulatory framework by inserting a clarifying paragraph into Article 8 of Regulation R-2001/03 to specify that accounting entries for doubtful claims and signed commitments reflect an accounting classification without creating legal novation. This amendment ensures consistent application of the R-98/03 accounting and provisioning rules across credit institutions. The Secretary General is tasked with implementation, and the regulation enters into force immediately upon its signature on 14 November 2003.
COMMISSION BANCAIRE DE L'AFRIQUE CENTRALE
COBAC REGULATION R-2003/05 AMENDING COBAC REGULATION R-98/03 ON THE ACCOUNTING AND PROVISIONING OF DOUBTFUL CLAIMS AND SIGNED COMMITMENTS
The Central African Banking Commission,
Having regard to the Convention of 16 October 1990 establishing a Banking Commission for Central Africa;
Having regard to Article 9, paragraph 1 of the annex to the Convention of 16 October 1990;
Having regard to Articles 31, 32 and 34 of the Convention governing the Monetary Union of Central Africa;
Having regard to COBAC Regulation R-98/03 on the accounting and provisioning of doubtful claims and signed commitments;
DECIDES:
Article 1 – The following paragraph is inserted at the end of Article 8 of COBAC Regulation R-2001/03 on the accounting and provisioning of doubtful claims and signed commitments:
« 5. Entries recorded in application of this Regulation and the provisions of the accounting plan for credit institutions regarding doubtful claims are a translation of an accounting classification and do not entail novation. »
2
Article 2 – The Secretary General of the Banking Commission is responsible for implementing this Regulation, which enters into force as from the date of its signature.
Done in Yaoundé, on 14 NOV. 2003
For the Banking Commission, The President, Jean-Félix MAMALEPOT