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(b) allows its holdings of specified assets to be less than the amount which is fixed from time to time; or (c) during the period of any deficiency of specified assets the licensed financial institution grants or permits increases in its outstanding advances, whether by loans or overdrafts or investment portfolio other than investment in specified assets, it is liable to pay a penalty at an annual rate of eleven point five per cent on the amount of the deficiency for so long as the failure continues, and the penalty shall be payable to the Central Bank on the date as may be fixed by the Central Bank and may be recovered by deduction from any balance of the licensed financial institution with the Central Bank. 58. A licensed financial institution shall maintain information systems to identify loan exposures to single borrowers, borrower groups, related parties, and affiliates and shall record the amount of the loans and monitor and report on the loans to the Central Bank at the times and in a form as the Central Bank shall specify. Recordkeeping and reporting required

PART VI AUDIT AND INFORMATION

Annual audit, report and publication of financial statements and results 59.

Accounts and financial statements of a licensed financial institution or a licensed financial holding company, including financial statements on a consolidated basis, shall be in accordance with internationally-accepted accounting standards, reflecting additional accounting rules or standards as shall be issued by the Central Bank.

Appointment of external auditor 60. (1) A licensed financial institution or a licensed financial holding company shall appoint annually an external auditor satisfactory to the Central Bank.

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