On Jan. 14, AGO CB announced notice issuance re mentioned rules.
AGO BC announced issuance of Notice 07/2024, officially published on Dec. 20, 2024.
Re operational rules and prudential requirements applicable to development banks.
Follows AGO CB Dec. 2024 issued notice on banking minimum share capital #237908.
Overview
Notice 7/2024 applies to Banking Financial Institutions provided for in art 7, §2c) of Law 14/21 General Regime of Financial Institutions.
Defines development banks as legal entities under public law, endowed with legal personality, administrative, financial and own assets, with nature of a public financial entity, whose focus is to encourage and foster the country's economic development.
Rules for development banks do not apply to creation of compulsory reserves; exchange position limit; resolution regime and Deposit Guarantee Fund regime.
Development banks should provide, in medium and long term, resources needed to finance programs and projects, which aim to promote economic and social development of Angola, supporting primarily the private sector.
Whenever lines of financing aim at pursuit of public policies, these banks can finance programs and projects developed directly by the Government; further rules set out.
Effectivenes
Notice entered into force on the day after official publication i.e. Dec. 21, 2024.
Development banks currently registered with AGO CB must comply with the notice within 90 days after its publication date (i.e. Dec. 20, 2024) that is, by Mar. 21, 2025.
