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Re: Resolution of Recapitalisation through Bridge Banks

Category: Regulators

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Re: Resolution of Recapitalisation through Bridge Banks



August 5, 2011

The Central Bank of Nigeria (CBN) is aware of, and supports, the decision of the Nigeria Deposit  Insurance Corporation (NDIC), to exercise its statutory powers under the Nigerian Insurance Deposit Corporation Act, to establish Enterprise Bank Limited, Keystone Bank Limited, and Mainstreet Bank Limited as Bridge Banks, and by Purchase and Assumption Agreements, cause all the deposit liabilities and certain other liabilities and the assets of Spring Bank Plc, Bank PHB Plc, and Afribank Nigeria, respectively to be assumed by the 3 Bridge Banks, effective 5th August  2011.
The NDIC, in its role as insurer of deposits and in pursuance of express statutory powers, acted to ensure that public confidence in the nation’s banking system is not eroded and that depositors’ funds are safe.
The CBN, as the principal promoter of a sound financial system in Nigeria, and as required under the NDIC Act, has issued banking licenses to the Bridge Banks.
Accordingly, the CBN hereby makes the following assurances to the general public:
1. That the depositors of the Bridge Banks are assured of the safety of all their deposits.
2. The CBN assures seamless business continuity and ability of the Bridge Banks to meet obligations to depositors and lender-creditors as they arise, by granting all waivers, forbearances and exemptions necessary for their operations.
3. That the CBN guarantees the inter-bank obligations of the Bridge Banks until December 31, 2011 to ensure continued operations and customer confidence.

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