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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.
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