RegAlert1994-07-25
Added · Updated
Instruction No. 10/94: Foreign Bank Branches and Social Capital
The Central Bank Governor of Angola mandates that foreign bank branches must directly record positive exchange revaluation gains into a special reserve account rather than routing them through standard profit accounts. These revaluation gains are strictly prohibited from distribution or allocation and must be exclusively reserved for future capital increases at the branch level. Additionally, all results from applying the revalued exchange position must flow through the designated profits and revaluation differences account while remaining subject to the regulatory limits established in prior directives.
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INSTRUCTION NO. 10/94
SUBJECT: - FINANCIAL SYSTEM
FOREIGN BANK BRANCHES
SOCIAL CAPITAL
In order to better ensure the effect that led to the publication of Instruction No. 2/93 of April 21; In exercise of the authority conferred upon me by Law No. 4/91 of April 20, I HEREBY DETERMINE:
Article 1
Upon the revaluation of the exchange position established pursuant to item b) of Article 2 of Instruction No. 2/93 of April 21, the positive result of the accrued appreciation shall be directly recorded in account "632 - Special Reserve", under a specific sub-item, without therefore passing through account "8300 - Profits and revaluation differences - foreign exchange"
Article 2
The positive result of the revaluation referred to in the preceding article shall be allocated exclusively to a future increase in the Branch's Capital, and its distribution or allocation, total or partial, under any title, is therefore not permitted.
Article 3
The results from the application of the value of the exchange position established pursuant to item b) of
Article 2 of Instruction No. 2/93 of April 21, and its respective revaluations, shall pass through
account "8300 - Profits and revaluation differences - foreign exchange" and will be subject to the established limits.
Article 4.
This Instruction enters into force immediately, with its effects applying from the date of the establishment of the Branch. PUBLISHED LUANDA, JULY 26, 1994 THE GOVERNOR GENEROSO HERMENEGILDO GASPAR DE ALMEIDA
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Lineage: In force
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Source: Banco Nacional de Angola — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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