CRD Welcome Package

(b) whether the corporate affiliations and structure of the licensed financial institution exposes the licensed financial institution to undue risks or hinder its effective supervision; and (c) any other criteria as the Central Bank may determine.

55. (1)

Restrictions on investments in real property

A licensed financial institution shall not purchase, acquire or lease real or immovable property except as may be necessary for the purpose of conducting its business as a licensed financial institution including provision for future expansion and housing its officers and employees. (2) Where a licensed financial institution holds any real or immovable property held or leased by it prior to the commencement of this Act for purposes other than those referred to, there shall be a three year period to allow for compliance with this section.

(3) A licensed financial institution may secure a debt on any real or immovable property and in default of repayment may acquire the property for resale as soon as possible, but not later than five years after the acquisition.

56. (1)

Time limit for compliance with financial requirements

Any licensed financial institution to which sections 49 to 55 are applicable that, prior to the commencement of this Act, entered into any transactions incompatible with sections 49 to 55 shall, within twelve months after the commencement of this Act, or within any further period as the Central Bank may determine, submit a statement of the transactions to the Central Bank and shall, in respect of the transactions, take action within a reasonable time determined by the Central Bank.

44