The Banking Commission
Role of the WAMU Banking Commission
"The Banking Commission is a major component of the system designed in 1989-1990 to enhance the restructuring of the banking system which was then facing difficulties, and also to create and maintain the conditions for a good-quality banking intermediation.".
This sentence of Mr. Charles Konan BANNY, Governor of BCEAO and Chairman of the Banking Commission shows that the Banking Commission is indeed at the center of the banking system of the Union.
The WAMU Banking Commission is a supervision and control organ which was created by an Agreement that entered into force on 1st October 1990. It is governed by the provisions appended to the Agreement.
The Banking Commission carries out its mission through the following instruments: - off-site and on-site inspection of banks and financial institutions ;
- expression of views on the requests for authorisation submitted by banks and financial institutions ;
- taking of administrative measures in case applicable provisions are not respected (warning, injunctions, disciplinary procedure) ;
- disciplinary sanctions according to the degree of gravity of the infraction committed (warning, reprimand, suspension or interdiction of all or part of activities, limits in the exercise of the profession, suspension or compulsory retirement of responsible managers, withdrawal of authorisations).
The Banking Commission is an organ of WAMU. It meets at least once every three years. It has a permanent Secretariat composed of BCEAO officers, who make, for its meetings, reports and studies on the respect of liquidation procedures and international rules in respect of good management by the credit establishment operating in the Union.
Banking Commission Annual Report
November 1997
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