CRD Welcome Package

PART V FINANCIAL REQUIREMENTS AND LIMITATIONS

44. (1)

Minimum paid-up or assigned capital

Every licensed financial institution shall maintain in [Territory] unimpaired, paid-up or, as the case may be, assigned capital at least equal to the minimum amounts specified in accordance with the following requirements: (a) if operating as a bank, the minimum required capital shall be not less than twenty million dollars; (b) if operating as a credit or other financial institution, the minimum required capital shall be not less than five million dollars. (2) Every licensed financial holding company shall maintain in [Territory] unimpaired, paid-up capital at least equal to three times the minimum amount applied to the licensed financial institution for which it is the holding company or such other amount as the Central Bank shall determine. The Central Bank may from time to time by: (a) written notice to the main office of each licensed credit institution or licensed financial institution in [Territory]; or (b) notice in a newspaper of general circulation in [Territory ] or in the Gazette, increase or vary the minimum amounts of required capital specified in subsection (1) in respect of all or any appropriate class of financial institution or credit institution. (4) Any licensed financial institution or licensed financial holding company which fails to maintain the minimum capital under subsection (1) or (2) is liable to a penalty of one million dollars and to a further penalty of one hundred thousand dollars for each day of default. (3)

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