Regulatory Alerts2004-05-25
Added · Updated
Directive No. SBB/35/2004 Amendment of Penalty for Non-Compliance with the Directives of National Bank of Ethiopia
Directive No. SBB/35/2004 repeals Directive No. SBB/20/96 and establishes a penalty of Birr 10,000 for each violation by any bank that fails to comply with the Directives of the National Bank of Ethiopia, excluding Directive No. SBB/14/96. The National Bank of Ethiopia retains the authority to take additional measures beyond the specified penalty and may waive the penalty on reasonable grounds. These directives enter into force on March 1, 2004.
Directive No. SBB/35/2004 LICENSING AND SUPERVISION OF BANKING BUSSINESS Amendment of Penalty for Non-compliance with the Directives of the National Bank of Ethiopia Directive No. SBB/20/96
- Issuing Authority These directives are issued by the National Bank of Ethiopia pursuant to the authority vested in it by Article 41 of the Monetary and Banking Proclamation No. 83/1994 and Article 20(3) (d) of the Licensing and Supervision of Banking Business Proclamation No. 84/1994.
- Penalty Any bank that fails to comply with the requirements of any of the Directives of the National Bank of Ethiopia, excluding Directive No. SBB/14/96, shall be subject to a penalty of Birr10,000 (ten Thousand Birr) for each violation. The National Bank of Ethiopia may, in addition to the penalty indicated under 2.1 above, take any other measures it considers necessary.
- Waiver
The National Bank of Ethiopia may waive the penalty on grounds that it considers to be reasonable. 4. Repeal Directive No. SBB/20/96 is hereby repealed and replaced by these directives. These Directives shall enter into force as of 1st day of March 2004.