Regulatory Alerts1999-06-10
Added · Updated
Year 2000 Compliance and Directives on the Management of Related Risks
The Bank of Namibia requires all banking institutions to manage Year 2000 risks by assessing liquidity volatility, evaluating borrower creditworthiness, and increasing provisions for doubtful debts based on uncollateralized loan values. Institutions must implement disclosure programs by June 1999 to inform stakeholders of their preparedness and submit a written report signed by the Board Chairman to the Bank by 30 June 1999. External testing with key counterparties must be completed by the end of June 1999, with a final report due to the Bank no later than 16 July 1999. Additionally, banking institutions must develop comprehensive contingency plans to ensure continuous operation on and after 1 January 2000 and return signed acknowledgments of receipt with their independent auditors.
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