Section 70, The Banking Act, 2019

(1) The Central Bank shall have the power and authorityto manage and control the affairs of a bank or financial holding company and to exercise any of the powers of the governing body and the shareholders of the bank or financial holding company or any of the powers and functions set out in sections 74 and 75 for an official administrator appointed by the Central Bank (2) Notwithstanding the generality of subsection (1) the Central Bank shall - (a) facilitate a bail-in as a means to achieve continuity of essential functions within the terms and conditions as prescribed in the prudential guidelines issued by the Central (b) appoint an official administrator under section 74; (c) establish a separate asset management vehicle for a bank or financial holding Decision by to place in resolution. to manage and control affairs of banks or companies in resolution (d) prohibit a bank or financial holding company from offering shares to existing shareholders, where the Central Bank is of the opinion that- (i) it is necessary to maintain the financial stability of a bank or financial holding company, or (ii) the existing shareholders are no longer suitable to maintain a significant capital position in a bank or financial holding (iii) there has been a failure to comply timely with a remedial measure under this Act requiring an increase in the bank's or financial holding company's capital. (e) carry out recapitalisation by new shareholders and the official administrator shall - (i) if not already carried out in accordance with Section 69, determine the extent of losses and prepare the bank's or financial holding company's financial statements covering the amount of such losses through the bank's or financial holding company's profits, reserves and, if necessary, capital; (ii) if necessary to reflect losses, reduce the par value of outstanding shares, notwithstanding any other law to the contrary; (iii) determine the amount and type of funding needed to bring the bank or financial holding company into compliance with all capital requirements; (iv) cause the bank or financial holding company to issue additional shares in the amount necessary and carry out the sale of shares by the bank or financial holding company and purchase of such shares by new investors.