Section 59, THE BANK OF SIERRA LEONE ACT 2019

(1) In exceptional circumstances, the Bank may on suchterms and conditions as the Board may determine , grant financial assistance to a bank or deposit-taking institution licensed by the Bank or for a bank's benefit against penalty interest rates determined by the Bank and for periods not exceeding 91 calendar days that may be renewed following an explicit decision by the Bank for another period not exceeding 91 calendar days. (2) The Bank shall provide such financial assistance taking into account information provided by its supervisory department on the basis of a program specifying the remedial measures that the bank concerned will be taking, provided, however, that no such commitment shall be made by the Bank unless - (a) the bank, in the opinion of the Bank, is solvent on a forward looking basis and can provide adequate collateral to support the loan, and the request for financial assistance is based on the need to improve liquidity; or (b) such assistance is necessary to preserve the stability of the financial system and the Minister has issued to the Bank a legally binding guarantee in writing securing the repayment of the loan. (3) The renewal of credit operations granted under section 64 and this section the initial 91 calendar days shall require a Government guarantee in writing securing their repayment. (4) The maximum renewal period shall be 91 calendar days upon which the credit operations shall be repaid. (5) The Board shall determine the maximum value of the collateral deposited to secure credit operations granted or renewed under this section. (6) Where, in the opinion of the Bank, the assisted bank did not implement the remedial measures, or that these measures did not achieve the results intended, the Bank shall take appropriate measures including administrative penalties. (7) The Bank may apply more intrusive supervision and conditionality to assisted banks, as necessary, and following consultation between the relevant departments. Emergency liquidity assistance Other instruments of monetary control. Secured loans. No. 5 Bank of Sierra Leone Act 2019No. 5 Bank of Sierra Leone Act 201934 35