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CHECK LIST OF REQUIREMENTS FROM BANKS REQUESTING FOR LIQUIDITY SUPPORT

1) A formal Application stating the Amount required supported by a Board Resolution to that effect.

2) The Purpose of the Request.

3) Repayment period.

4) Sources and mode of the loan repayment.

5) The current and projected Cash Flow, Profit and Loss Account and Balance Sheet on monthly basis, clearly stating the underlying assumptions for the projections, the impact of the expected facility and its amortisation over the period of repayment.

6) Board Resolution authorizing the request for the facility.

7) Evidence of repayment of all nonperforming insider related credits.

8) Evidence of repayment of any outstanding nonperforming indebtedness to other banks by the Directors of the applicant bank.

9) The schedule of nonperforming credits and the efforts made at their recovery.

10) Efforts made by the bank in applying its own contingency plan to address its liquidity problem e.g. cost saving measures adopted, and extent of compliance with any outstanding recommendations of the CBN / NDIC Examiners.

11) Submission of credible Turnaround Plan indicating how the management intends to address the bank’s problem, meet regulatory capital requirement, and reposition itself for future profitable operations.

12) A certified true copy of the Memorandum and Articles of Association of the bank.

13) The list of principal shareholders (i.e. those holding 5% and above) and their shareholding as well as resumes of the Board and Management of the bank.

14) Joint and several guarantees of the members of the Board of Directors and Principal Shareholders of the bank.

15) Provision of an acceptable Collateral in the form of Tangible Assets, Bank Guarantees, etc. In the case of a property, identification and description of the specific property being offered as collateral, should be accompanied with recent Estate Valuer’s Report on same, stating the Open Market and Forced Sale Values.

16) Evidence of comprehensive insurance of the property offered as collateral.

17) Submission of letter of comfort from prospective Merger Partners or Acquirer where applicable.

18) Any other information that may assist in the processing of the request of the bank.