Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)RegulationsDeposit Insurance Regulations, 2024Chapter IV: Application of fund in accordance with Section 166AA(1)(c) of Act17. Conditions for use |
If a bank is in resolution, the Corporation must apply the Fund in accordance with section 166AA(1)(c) of the Act when the following conditions are fulfilled:
| (a) | The bank is a member of the Corporation; |
| (b) | the Reserve Bank decides to enter into an agreement related to a transaction referred to in section 166S(1) of the Act, in relation to the total covered deposits of the bank in resolution; |
| (c) | the Reserve Bank formally requests support from the Corporation for a transaction referred to in section 166S(1) of the Act; and |
| (d) | the agreement related to a transaction referred to in section 166S(1) of the Act is finalised. |