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Highlights – Board Meeting of 29 juin 2018

17-Aug-2018

The Board noted that the above-mentioned operation involves obtaining an insurance cover of up to US$500 million as part of the balance sheet optimization exercise. The cover should lead to the possibility of freeing up adequate resources to create an additional headroom for new financing and address major exposure constraints by creating an additional 3% margin on the Bank's financial sector portfolio limit. The Board commended Management for the series of meetings and question-and-answer sessions as well as for the innovative nature of the proposal. They appreciated the fact that this proposal will allow the Bank to free up additional funds to finance more operations. They requested Management to ensure balance in the allocation of freed-up funds and to schedule a meeting to discuss this issue. Some members expressed concern about the costs associated with the transaction. In addition, the Board asked Management to keep it informed of the implementation of the transaction and to learn lessons in terms of costs and benefits before proposing other similar transactions. It was also agreed to schedule an AMBD meeting to deepen the discussion of the issues raised on the committees. At the end of its deliberations, the Board approved the proposal.

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