Section 32, The Banking Act, 2019

(1) A bank or financial holding company shall at any suchtime and in respect of any such period as the Central Bank may require to submit to the Central Bank a report on its liquid assets and the Central Bank shall prescribe one or more liquidity requirements for banks and financial holding companies in the form of regulations, rules, directives or guidelines. (2) A bank shall maintain at all times the amount of liquid assets that may be determined by the Central Bank. (3) The minimum liquidity requirements shall be expressed as a ratio of a bank's liquid assets to its deposit liabilities. (4) The Central Bank may prescribe a higher liquidity ratio with respect to a particular bank, if it is satisfied that the business activities of that bank, including the operation of subsidiaries, so require. (5) A bank who fails to hold liquid assets in accordance with directives or guidelines issued under this Act is liable to an administrative penalty. (6) The Central Bank may during a period of liquidity deficiency direct that a bank or financial holding company shall discontinue or limit in a manner specified in the directive, the granting of credit, making of investments or capital expenditure and not to distribute dividends to its shareholders. (7) The Central Bank may require a bank or financial holding company to furnish within a specified date such information and in such form as it may deem necessary to ensure compliance with the requirements of this section. (8) A bank or financial holding company who fails to furnish the information required under this section is liable to an administrative penalty for each day during which the default continues. (9) The Central Bank may under subsection (8) levy on the non-compliant bank or financial holding company or its directors or chief executive, or all or any of them, an administrative penalty for each day during which the deficiency continues. (10) The Central Bank may prescribe provisions on maintenance of liquid assets for financial holding companies