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What are the conditions for a Bank applying for Financial Support from the PAGB?
The Constitution of the PAGB sets out the terms for Financial Support, these are summarised as follows:
- The Bank will be required to utilise the GGMF BaaS (“Banking as a Service”) platform, which is capable of processing both FIAT currencies and Gold Units (”GU”) as payment mechanisms;
- Promote the extension of payments using the GGMF BaaS platform and gold backed monetary units;
- Enter into a BIN Sponsorship Agreement with GGMF;
- Appoint two (2) directors to the Bank’s board;
- To avail itself of financial assistance/support the bank must be contemplating the scenario that it is about to:
- become technically insolvent;
- breach their reserve ratios; or,
- account for large losses in government bonds under a “mark to market” and consequently require financial assistance to avoid a bank failure.
- Issue shares to GGMF or its appointed nominated beneficiary, for the investment made into the bank.