Section 50, The Banking Act, 2019

(1) The Central Bank shall make rules and issue guidelineson non-performing assets, provisioning and loan write-offs. (2) A bank or financial holding company shall maintain and implement a proper policy of non-accrual of interest on nonperforming loans and provisioning for bad debts and other exposures. (3) An asset or financial exposure of a bank or financial holding company shall not be written off or waived fully or partially, without the authorisation of the board of directors and the prior written approval of the Central Bank. comply with this section is liable to an administrative penalty. Regulation of credit exposures. Asset classification, provisioning and writeoffs. No. 6 The Banking Act 2019No. 6 The Banking Act 201970 71