Published On: Mon, Dec 16th, 2013

Central Bank: Emergency regulation Giro Bank

Giro BankWILLEMSTAD - The Central Bank of Curaçao and Sint Maarten (CBCS) announces that the Court of First Instance of Curaçao, by order of December 16, 2013, in accordance with Article 28 of the National Ordinance on Supervision of Banking and Credit System 1994 (OJ 1994, No. 4), has ruled on the emergency regulation regarding the Giro Bank.

The emergency regulations are applied to protect all depositors and creditors of Giro Bank. The application has been made especially for developments that have led to the solvency of Giro Bank which has come to be under great pressure.

Setting the emergency regulation implies that CBCS, under Article 30, paragraph 1 of the aforementioned national ordinance on the same date exercises all the powers of the directors and auditors of the institution.

CBCS wants to stress that despite the emergency regulations, the bank will continue to operate normally. However, the setting of the emergency regulations will allow the CBCS to take internal measures to ensure that Giro Bank soon meets all legal requirements and rules again which applies to a bank.

CENTRAL BANK OF CURACAO AND SINT MAARTEN

Willemstad, December 16, 2013

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