Regulatory Alerts2017-08-24 | 29477Added · Updated
Guideline for the Measurement, Monitoring and Control of Impaired Assets
The Central Bank of Trinidad and Tobago issued Guideline CB-G-156/2007, effective September 1, 2007, requiring all banks, non-financial institutions, insurance companies, and pension funds licensed under the Financial Institutions Act 1993 or registered under the Insurance Act to manage impaired assets in accordance with its provisions. The document incorporates existing legislative requirements and international best practices, mandating that these entities measure, monitor, and control impaired assets as specified. Licensees and registrants are expected to adhere to the guideline's contents for asset management.
[LOGO] CENTRAL BANK OF TRINIDAD & TOBAGO
Ewart S. Williams Governor
August 23, 2007
CIRCULAR LETTER TO:
ALL BANKS, NFIS, INSURANCE COMPANIES AND PENSION FUNDS
REF: CB-G-156/2007
Guideline for the Measurement, Monitoring and Control of Impaired Assets
A guideline for the Measurement, Monitoring and Control of Impaired Assets has been finalized for issue with effect from September 1st, 2007. The guideline will be applicable to institutions licensed under the Financial Institutions Act, 1993, as well as insurance companies registered under the Insurance Act, Chapter 84:01.
The guideline incorporates existing legislative and regulatory requirements, as well as international best practices, for the measurement, monitoring and control of impaired assets. As far as was practicable, the comments received from the financial sector were also incorporated in the development of the guideline.
The Central Bank expects all licensees and registrants to be guided by the contents of the guideline in the management of impaired assets. The guideline has been posted on the Bank's website (www.central-bank.org.tt) and any further queries may be directed to the Office of the Inspector of Financial Institutions.
We look forward to your usual cooperation.
Yours sincerely, [SIGNATURE] Ewart S. Williams
Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 625-4835; 5028; *Telex: 22532; 22386 *Fax: (868) 623-1955
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